Where have all the sellers gone? Long time passing….. When looking at the Reno-Sparks market the Pete Seeger song “Where have all the flowers gone?” comes to mind. As of this morning there are only 684 active listing of single family homes for sale. At the end of January last year we had 1005 active listings. With only 346 single family homes listed since January 1, 2020 the inventory numbers are remaining low. What does this mean for sellers and buyers in our market?
SELLERS – Low inventory equates to good news for sellers. With fewer competitors sellers can typically sell more quickly and often for more money. That being said we are seeing that homes need to enter the market in good condition and priced right. We are seeing buyers “waiting” for more new listings to come on if the home needs work like paint, flooring or updating. The Shocket Team works with sellers to target the right price and assist sellers with getting their homes “parade ready.”
BUYERS – Low inventory typically means fewer choices for buyers and the need to act more quickly when you see a home that you like, as there are most likely other buyers also looking at the same home. Getting pre-approved, reviewing your must have list and getting out to see homes quickly is key. The Shocket Team helps our buyers get prepared, see homes quickly and to write strong offers.
If you or someone your know is looking to buy or sell in 2020, the Shocket Team can help.