In the Reno-Sparks market there were only 468 new single family listings that came on the market in October. This is down 14.4% from October of last year, and down 12.4% from September. As of today there have been only 262 single family homes listed in November. Why is this?
Traditionally the time period between Thanksgiving and Christmas is not a time most sellers are focused on listing their homes but on celebrating the holidays. Does this present an opportunity for buyers?
LESS COMPETITION – Many buyers are also not focused on looking for homes during this time so there is less competition for the homes that are available.
MOTIVATED SELLERS – As of today there are 1072 active single family homes listed. They have an average of 91 days on the market which is much higher than we see in June for example when the average was 76 days. Sellers are sitting on the market longer and are anxious to entertain buyer’s offers.
LOW INTEREST RATES – Interest rates last Fall and Winter were over 5%. This year we are seeing rates in the high 3’s and low 4% range. This is a big advantage to buyers.
If you are considering purchasing a home now may be the time to get out and shop. The Shocket Team can help with a customized home search. Contact us today!