Right now, our Reno market is shifting from a seller’s market to more of a balanced market.
If you’re a buyer, this is good news. It means you’ll have a better opportunity to find the home you like. There are more homes to choose from, and you’ll be less likely to deal with multiple-offer situations.
If you’re a seller, this means it’s very important that you price your home correctly the first time you list it. You won’t be able to add $20,000 on top of your asking price as a negotiating cushion, because that will just make your home sit on the market without any offers.
Moving forward, I’m recommending to all my buyer clients that they purchase as early as possible in 2019. The Federal Reserve is expected to raise interest rates two or three times next year, so you want to buy before that happens.
For my seller clients, I’m recommending that they list as early as possible in 2019 as well. Since rising interest rates hurt buyers’ purchasing power, that will impact sellers as well, and the earlier you list in 2019, the less competition you’ll have to deal with.
If you have any more questions about our Reno market or you’re thinking of buying or selling a home, don’t hesitate to reach out to me. I’d be glad to help you.