Monday, 17 July 2023 10:49

Now is the Time to Sell Your Reno House

Many homeowners waiver about the timing when listing their Reno, NV house for sale. While timing depends on various factors, it's generally agreed upon that late spring and summer are the optimal times to sell a house. In this article, we will explore why now is the best time to sell, along with key takeaways for homeowners contemplating a sale.

Historically, low mortgage rates and short supply have made late spring and summer an attractive time to sell a house. However, the current real estate market dynamics are creating a seller’s market too. Although mortgage interest rates remain high, low inventory levels are keeping sellers in the driver's seat in the Reno market.

Home Price Increases and Low Inventory

The housing market has experienced volatility due to the pressures of the pandemic, but things are starting to ease. While April saw a decline in median home prices, recent data indicates that housing prices have increased for two consecutive months after a seven-month stretch of declines. Moreover, the overall housing inventory is still at a very low 2.9-month supply, indicating a seller's market.

Considering these market conditions, now is most definitely a great time to sell with many Americans in agreement. According to Fannie Mae's Home Purchase Sentiment Index,

  • Respondents believe now is a great time to sell.
  • Respondents believe home prices will continue to increase.
  • Respondents have favorable views about mortgage rates.
  • Respondents report significant increases in their household income as compared to one year ago.
  • Respondents are not concerned about losing their jobs.

Given these statistics, consumer sentiment and optimism appear to contradict high interest rates and low inventory leading experts to believe the current seller’s market will continue through the summer.

Signs of a Looming Recession?

There is always the possibility of a recession in 2023, making it important to evaluate your personal circumstances. Whenever consumer optimism contradicts economic realities, a bubble can occur. Selling before a recession may be beneficial. Job losses and tightening budgets during economic downturns can limit the number of potential buyers.

Once you have decided to sell your home, there are several steps you can take to maximize your chances of selling your house fast for top dollar.

  • Find a premier Reno real estate agent and gain valuable advice and guidance, especially in a competitive or uncertain market. The Marshall Real Estate Team offers a full-service approach including thorough market research, massive marketing, access to the MLS, and expert negotiation.
  • Make necessary repairs, declutter, stage your interior, and enhance your home’s curb appeal. The Marshall Realty approach includes its exclusive repair program allowing homeowners to make necessary repairs upfront to maximize profits and then pay for the repairs upon closing.
  • For those seeking a quicker sale, Marshall Realty specializes in instant cash offers. They will negotiate an instant cash offer that beats written cash offers in a matter of hours. These options offer speed and convenience unrivaled by other Reno real estate agents.

While current mortgage rates remain high, low inventory levels continue to favor sellers in the Reno, NV market. The time to sell is now. The Marshall Realty team offers innovative solutions like its pre-close repair program, instant cash offer strategy, and massive marketing method to sell houses fast for top dollar. Please do not hesitate to find out how this premier Reno real estate company can maximize your profits today.