In the Reno-Sparks market we are experiencing a record breaking market. The highest median prices on record. The lowest available inventory levels on record. Very low interest rates and low number of days to contract are also factors. With all of this, is it possible for a home to be overpriced given this crazy, hot sellers market? ABSOLUTELY!
As of the writing of this blog, there were only 414 active single family homes for sale in the Reno-Sparks market. To give you some prospective, at the end of September 2019 there were 1,410 active listings on the market. So we are faced with almost 1,000 fewer homes to sell. So every listing that comes on the market should sell, right? For the most part homes that come on the market that are priced right and in decent condition sell quickly. But there are some that don’t.
What keeps a home from selling quickly? Price, location and condition. If a home is priced significantly over market value it could linger on the market. If a home’s location is less than desirable – backs to a busy street or noisy commercial location – the desirability may be affected by this. If a home’s condition is not optimal – needs full updating, lack of maintenance, poor landscaping – this can be factor. A seller cannot fix a property’s location and may not have the funds to fix condition, so these things can only be fixed by adjusting the price. There are pricing strategies to address all of these issues.
In our 17 years in this business we have not experienced a market where so many factors have worked in a seller’s favor. We have a saying “price fixes everything.” If you have considered selling, or are listed but not selling, contact the Shocket Team today and we can help you with a pricing strategy to sell during this historic time. Happy shopping.