As of today in the Reno-Sparks market there are 908 active/available listings for single family homes. Of those 498, or 55%, are under $500,000. Of the homes listed under $500,000, 51% of those have been on the market 30 or more days. Given the strong sellers market we are in perhaps these homes are over priced based on condition or location? This shows the importance of pricing your correctly even in a seller’s market. The Shocket Team can help you analyze the market and price your home to sell. Reno-SparksRealEstate.com.
The residential housing market has been hot. Home sales have bounced back solidly and are now at their fourth highest pace over the past year. Demand has remained strong throughout spring as many real estate professionals are reporting bidding wars with many homes selling above listing price. What about your house?
If your house hasn’t sold, it could be the price.
If your home is on the market and you are not receiving any offers, look at your price. Pricing your home just 10% above market value dramatically cuts the number of prospective buyers that will even see your house. See chart below.
The housing market is hot. If you are not seeing the results you want, sit down with your agent and revisit the pricing conversation.