The Reno housing market in Northern Nevada has had a healthy run over the last few years, experiencing unprecedented growth in both home values and skyrocketing prices.
But through the end of 2022, many Reno property owners have noticed home prices beginning to taper off. The consensus amongst the best realtor and housing professionals is that homeowners should sell now, as this may be the calm before the storm in which home values suddenly drop.
The U.S. economy is positioned to enter a recession in 2023, the severity of which can be debated. Nevertheless, many economists agree that a national housing correction is almost explicitly assured, given current economic data, which will ultimately impact Nevada real estate home prices.
Why is Now the Right Time to Sell?
Trends data indicated lower home prices for November 2022, alongside fewer home construction starts nationwide and weaker appetites amongst institutional homebuyers to purchase inventory.1 Specifically, Reno property sales dropped off in December 2022, with the median sales price for a home hitting $495k, or a 2.9% decrease from the year prior.2
Granted, most experts agree that a sudden crash to the housing market is unlikely, they also believe that a 10-15% hit to home prices is not out of the realm of possibility. Uncertainty about the economy and spiking unemployment are definitely contributing factors that can hasten a larger market correction.
The next housing correction has the potential to be the biggest correction post-Word War II, aside from the 2008 financial crisis.1 As real estate markets begin a downward shift throughout the Reno housing market and Northern Nevada, Marshall Carrasco and the Marshall Realty team recommends that homeowners sell now while property values are still elevated.
Capturing pandemic and pre-pandemic fueled equity will be crucial to selling your home for more money. Reports verify that most homeowners are still in the black, despite slight market changes. Most homeowners have gained an average of $92,000 in equity since the start of the COVID-19 pandemic.3
Another reason Marshall Carrasco and the Marshall Realty team advises homeowners to sell now is the lack of available inventory. Currently the Reno-Sparks supply sits at around 2.5 months.4 A healthy market typically has a 4–6-month supply of homes for sale. Get an instant home value at www.marshallrealtyteam.com.
Buyer affordability continues to be one of the biggest struggles. While Reno is doing better than other areas across the country, the average mortgage payment has still increased by around 50%.4
Tactfully approaching affordability issues can help you sell your home faster. Offering the funds to buydown a buyer’s mortgage interest rate, or help covering closing costs with a seller’s credit, can be the extra boost needed to help push your sale across the finish line and put more money in your pocket.
Tips to Sell Your Home Fast
Reno property owners need to act quickly to leverage current seller advantages before the market inches even closer towards normalization. Reno real estate is still in high demand but implementing the rights sales strategy to sell your house fast can sometimes be tricky. Let’s take a look at a few ways to develop your sales strategy that will allow you to sell your Nevada real estate in a pinch.
- Know How Much Your Home is Worth
Knowing how much your Northern Nevada real estate is worth is one of the biggest factors effecting how fast you can sell your home.
It’s important to know what your home is worth so that you can price it correctly when you go to list it. You want to price your home in a way that both attracts buyers but also maximizes your overall net profit.
If you price your Reno real estate to low, you may be losing money. If you price your Reno real estate to high, you may not attract as many buyers. Another factor to consider is that home values and prices are continuously shift throughout the Reno housing market. That means it can be harder to pinpoint your home’s true value and an appropriate listing price.
The best way to figure out just how much your home is worth is to get a home valuation by a Reno agent. Marshall Carrasco is the Reno real estate guy that can help you figure out how much your home is worth to help you properly price your property.
- Understand How Long It Takes to Sell a Reno Property
It’s important to understand the typical timeline for selling Reno real estate so that you can set clear expectations and even take steps to help get your home sold faster.
In 2022, the average Nevada home sale took over two months to close after it was listed.5 Nevertheless, utilizing the right real Reno agent can help cut that time significantly. Realtors have varying networks, marketing strategies, and pricing tools that can expedite the sales process.
Marshall Realty’s unique, multilayered sales strategy has seen results that far exceed the national average and can help streamline the time it takes to sell your Nevada real estate. If you are really in a bind or simply don’t want to wait to get the money you need from your home, there are even instant cash offer options.
- Utilize the Best Reno Realtor Available
If you want to sell your house fast and for more money, you must partner with the right local real estate guy that can get you the most bang for your buck. You want the best real estate agent with a proven track record for selling home quickly at above asking price.
Whether you have a traditional single-family home, luxury condominium, or multifamily property, Marshall Carrasco can help you sell now.
Marshall Carrasco and his Marshall Realty team have over 20 years of experience helping sellers protect their equity and aggressively negotiate terms that allows you to sell your home for an above-market rate. Whether its through a traditional listing or via a cash offer, Marshall Carrasco will make sure you get the most money for your home before the real estate market shifts further in Northern Nevada.
1 Allcott, D. (2023, February 8). 2023’s Housing Correction Could Be The Largest Since Post-WWII. Yahoo Finance. Retrieved February 15, 2023, from https://www.yahoo.com/now/2023-housing-correction-could-largest-165335648.html
2 S-Ehrlich. (2023, January 17). Is A Crash On The Horizon For The Booming Reno Housing Market? Retrieved February 15, 2023, from https://www.s-ehrlich.com/is-a-crash-on-the-horizon-for-the-booming-reno-housing-market/
3 McMillin, D. (2022, November 28). Homeowner equity data and statistics. Bankrate. https://www.bankrate.com/home-equity/homeowner-equity-data-and-statistics/#five-years
4 Hidalgo, J. (2023, January 10). Reno median home price falls to lowest point in year and a half; Sparks dips below $500,000. Reno Gazette Journal. Retrieved February 15, 2023, from https://www.rgj.com/story/news/money/business/2023/01/10/reno-median-home-price-falls-to-lowest-point-in-year-and-a-half/69795975007/
5 Ayers, J. (2023, February 3). Average Time to Sell a House in Nevada. Clever Real Estate. https://listwithclever.com/real-estate-blog/average-time-to-sell-a-house-in-nevada/