As of this morning there are 418 active listings for single family homes. We have seen a steady inflow of new listings over the past several months – April 636, May 589 and June 634. But these new listings were for the most part very quickly snapped up by buyers leaving available inventory low at the end of each month – April 295, May 300, June 312. As we approach the end of July we could see the number of available inventory a bit higher than the last 3 months. 400 homes for sale is still a very low inventory number, but it’s better than the 187 active listings we wrote about back on April 27th.
What does this mean for buyers and sellers.
Buyers – this means that it may be a bit easier for a buyer to secure a home. There may be fewer offers on each property increasing buyer odds. A strong, well written offer is still very important. Buyers should continue to get pre-qualified and work with an experienced agent when writing offers. Your agent should have strategies to help you structure your offer as strong as they can given your financial situation.
Sellers – this means more competition and more scrutiny from buyers on pricing. We are starting to see a few more price reductions. This signals that sellers need to work with an experienced agent to price their homes to attract the highest number of buyers. Overpricing a home for sale at the start of a listing can result in a seller leaving money on the table. Your listing agent should be able to show you strategies to position your home for a strong sale.
The Shocket Team has 18 years experience in the Reno-Sparks market and we can help. Contact us today.