As of this morning in the Reno-Sparks market there were only 204 active/available listings of single family homes at or under our median price of $340,000. Homes that come onto the market in this price range are selling very quickly. There are 437 active/available listings between $340,000 and $600,000. So a bit more competition in these price ranges. There are 348 homes over $600,000 with an even smaller buyer pool. Considering selling? The Shocket Team can help. Reno-SparksRealEstate.com
Every summer, families across the country decide if this will be the year they sell their current house and move into their dream home.
Mortgage rates have hovered around 4% for all of 2017, forcing buyers off the fence and into the market, resulting in incredibly strong demand RIGHT NOW!! At the same time, inventory levels of homes for sale have dropped dramatically as compared to this time last year.
Trulia reported that “U.S. home inventory has tumbled 8.9% over the past year and has now fallen for nine consecutive quarters.” There is now 20% less inventory than there was five years ago.
Here is a chart showing the decrease in inventory levels by category:
Demand for your home is very strong right now while your competition (other homes for sale) is at a historically low level. If you are thinking of selling in 2017, now may be the perfect time.