If you’re in the market to purchase a home in the $10,000 to $600,000 price ranges, we will work closely with you to give you the best chance of having your purchase offer accepted by a seller. If you are getting a loan, you will also work closely with your lender for pre-approval and throughout the loan process.
Now let’s look at sales through April 26th. 67% percent of all closed sales since January 2015 were in the under $300,000 price range! For perspective, nationally 40% of sales were in this price range. 28% of all closed sales were in the $301,000-$600,000 range; 3% of closings were for homes priced $601,000 to $900,000. And, only 1.4% of sales were priced over $900,000.
What are the reasons for our inventory shortage, especially in the lower price ranges? There are many first time homebuyers. Competing in the first time buyer price ranges are investors, who are using their capital reserves to pay cash. In some cases, these cash buyers pay over asking price and further drive prices up.
The good news is, these increased values are putting more sellers in a positive equity position. This may be you, and if you are ready to move up or down-size, the time may be right to talk to us about selling your home.
For any questions about buying or selling a home in the Reno/Sparks area, please give us a call at 775-453-0209.