If you are thinking about selling your home or need to sell your home but have been putting it off, then continue reading for a few good reasons to list your home now rather than waiting for spring:
- Congress has extended the Mortgage Debt Relief Act through 2013. This may allow you to have the difference between what you owe and what you can sell your home for, be an income tax free event. (This is commonly referred to as Short Selling). Always check with your financial and/or tax professionals for advice on what’s best for your situation.
- Nevada’s AB 284, which has dramatically slowed the number of foreclosures, may or may not continue in its current form. Lawmakers (being pressed by lenders) may make changes to the legislation this year. This may drive more Bank Owned (REO) properties into the available inventory and slow the increase in sales prices.
- Prices are rising. Since 2012, prices have been increasing in most neighborhoods. For example, the median price of all homes sold in the northwest Reno community of Somersett (NNRMLS Area 122) is more than $100,000 higher now over one year ago. That’s a 41% increase!
- Inventory is extremely low. Again focusing on Area 122, which includes Somersett, there are only 25 homes available as of this writing.
- Those 25 homes have:
- a low price of $167,000
- a high price of $2,379,000
- an average price of $448,227
- and a median price of $359,950 (well above the region’s median price of $187,000 as of 12/31/2012)
In today’s ever changing world, no one can be sure how long the current conditions can continue. We can only be sure of the market conditions as they stand in this moment. If you are interested in learning about the value of your home in today’s market, please contact us for a free, no obligation, and confidential market analysis. You may be surprised at how much your home is worth, and how quickly your home can sell.