Rising Prices: Good news for sellers and for buyers!
Market Watch
Text Shirley Larkins
Good news for the real estate market in northern Nevada … the latest reports show that home values in our area are continuing to rise. This is good for home sellers as well as buyers. Here’s why…
“Homeowners who are thinking about listing their home for sale now are reaping the benefit of holding on to their properties during the market downturn of 2008 through 2011,” said Susan Lowe, corporate vice president of Chase International.
For sellers: As the median home price goes up, it provides homeowners with the motivation to list their homes for sale.
What this means for homeowners is that the time is now. If you have thought about selling your home because you need more space, less space, bigger yard--whatever, opportunity abounds! Inventory is still low and there are many buyers out there just not finding what they want.
For buyers: More homes on the market means buyers have more options when looking for a home, whether it is your first home or your dream home. The numbers: The Reno/Sparks real estate market has experienced a slight leveling off since the boom of last summer, but we are still experiencing increases in sales prices. According to the Northern Nevada Regional Multiple Listing Service, in the first quarter of 2014, there was an 8 percent increase in the number of homes sold, and an incredible 19 percent jump in the median single-family house price over the same period last year. “Median” is the middle price--that means that half the homes sold for more and half sold for less. The median selling price within the city of Reno was $234,900. The median price in Sparks was $219,900, up 24 percent!
If you are a buyer, do not despair. The overall rise encourages more homeowners to list their properties now--which means you have a larger selection--and likely a better mix of homes to choose from. Plus, homes must pass a rigorous appraisal property to ensure they are worth the price. I will help you pay the right price for a home! If you are a seller interested in meeting for a free, no obligation marketing consultation please call or email me! If you are looking for a home, I can help you find just what you need. Call or email me! 775-379-96317 or slarkins@chaseinternational.com
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