It has been three years since the global lockdown and record-breaking housing boom for Nevada real estate. At Marshall Realty, we watched the Reno housing market crash to rock-bottom lows and jump to all-time highs from 2021 into 2022 but now home prices seem to have peaked. The current threat of a recession has sellers asking themselves, “Is it a good time to sell?”
Looking back, the worst housing market crash took place after similar up-and-down trends in 2005 and 2007. In today’s terms, any looming recession is being intensified by rapidly rising mortgage interest rates and high consumer inflation. Multiple real estate experts continue to predict Reno real estate prices could fall by as much as 15% by the third quarter of 2023 making now the time to sell your home and get an instant cash offer.
The real estate experts at Marshall Realty continue to point toward a general level of financial health that was not present during the 2008 housing market crash. Reno homeowners have solid levels of equity, distressed properties are low, and lenders are working with creditworthy buyers. This gives Reno, NV sellers optimism that buyers are in better positions when entering transactions. However, if unemployment numbers shift, inflation continues, and buyers’ jobs and savings accounts are threatened, recessionary factors could shift quickly.
It remains unclear how quickly the Federal Reserve will gain control over inflation in 2023. There are many factors affecting buyer demand. For many Reno homeowners thinking about listing their properties, gaining a thorough understanding of the local market and pricing their property to sell fast will be the most important factor.
A positive factor to consider when pricing your home in early 2023 is that the real estate supply remains relatively low. While the ultra-competitive market behaviors between buyers and sellers of 2022 have cooled, demand still exists. Buyers are waiting for homes to come onto the Nevada real estate market and prices have not returned to pre-pandemic levels. Seasoned Reno realtor, Marshall Carrasco believes that if a home was sold in 2023 it would still bring in 150% of what it would have before the pandemic signaling there are still returns to be made for current sellers. Visit marshallsellmyhome.com for an instant Reno home value!
During these uncertain times, it is crucial to work with a real estate pro like those at Marshall Realty. The key to properly evaluating your home and pricing it to sell is partnering with an experienced Reno realtor. Marshall Carrasco and his team understands your neighborhood and its comparable property sales. They will take into consideration your property’s size, location, features, and condition to determine how to properly position it in the best way for sale.
By working with a licensed Nevada real estate team like Marshall Realty, you will gain access to sophisticated marketing tools and the Multiple Listing Service (MLS). While listing your property on your own may seem affordable, attracting the most buyers and negotiating the highest price ensures the best possible outcome during real estate market downturns. Access to valuable local Reno housing market trends and expert advice during the selling process saves you time and increases your return.