Top Four Reasons to Sell Your Reno Home Right Now
The economic downturn that began in the mid-2000s hit the Reno real estate market especially hard. We were one of the last areas to begin to pull ourselves out of the Great Recession. But, we have recovered…with a vengeance. In fact, we topped the list of the fastest-growing states in the US. Several big companies relocated to Reno over the past few years. With them, they brought workers who need homes. That’s great news for sellers. If you decide that 2018 is the year to sell your property, you shouldn’t hesitate. Here are the top four reasons to sell your Reno home right now.
Why You Shouldn’t Wait to Sell Your Reno Home
Reason #1 – Rates Remain Extremely Low…for Now
One of the reasons you shouldn’t wait to sell your Reno home is because of the interest rates. They hit historic lows a couple of years ago. But, they’ve been steadily increasing lately. While the 3% rates we previously experienced may be a thing of the past, they remain really low (4.38% for a 30 year fixed-rate loan, according to Bankrate.com). Financial experts believe we could easily hit 5% by the end of this year. With the 0.25% increase in just this past month alone, it might go even higher than that. Buyers will want to get in on the lower rates now. So, they’ll be scrambling for a home earlier in the year rather than waiting. And keep in mind that, when you sell your Reno home, you’re most likely going to want to buy another one. Do you want to pay more in interest?
Reason #2 – High Buyer Demand
As I mentioned above, people flocked to Nevada and Reno in droves last year. And it doesn’t show signs of stopping. These people need places to live. Buyer demand is high which put a strain on Reno inventory levels. They hit their lowest levels ever at the end of 2017 (1.3 months available). While we expect to continue to experience tight inventory for a while, some experts believe we should begin to see more homes come onto the market by the end of the year. If you sell your Reno home right now, more buyers fighting over less inventory could mean a bigger sale price for you.
Reason #3 – Price Increases Expected to Slow Down
The average sale price for a Reno home hit its highest mark ever last summer ($357,500 in July 2017). While the year ended slightly less than that ($345,000), they’re still up there. And they may continue to climb. However, they won’t be climbing at the rate we’ve seen lately. Instead, these increases will start to slow down as the year progresses.
Reason #4 – Buyers Have More Money to Spend
Finally, you shouldn’t wait to sell your Reno home because people have more money to spend. Recent cuts to income taxes, low unemployment, and strong consumer confidence encourage even the timidest buyers to consider homeownership. That means more traffic to your door when you sell.
When you’re ready to put your Reno home on the market, contact me. I’ll help you put together a plan of action to get your home sold quickly and for as much as the market will allow.