In the Reno-Sparks market as of this morning there are only 537 single family homes for sale. Of that only 132 are under $359,950 median price (end January). There are just more buyers than there are sellers. This simple economic principle is why we continue to see multiple offers and prices continuing to rise. If you want to beat the Spring rush of new listings as competition contact the Shocket Team today. Reno-SparksRealEstate.com
As you can see from this graph the number of new listings traditionally increases in the Spring. In 2017 new listings peaked in June.
The price of any item (including residential real estate) is determined by ‘supply and demand.’ If many people are looking to buy an item and the supply of that item is limited, the price of that item increases.
According to the National Association of Realtors (NAR), the supply of homes for sale dramatically increases every spring. As an example, here is what happened to housing inventory at the beginning of 2017:
Putting your home on the market now instead of waiting for increased competition in the spring might make a lot of sense.
Buyers in the market during the winter months are truly motivated purchasers. They want to buy now. With limited inventory currently available in most markets, sellers are in a great position to negotiate.