A Few Good Reasons To List Your Reno Home Today, Not Tomorrow!

Today is February 2, 2013, Groundhog Day, and spring is just around the corner when the traditional home buying seasons starts. But while many homeowners will be waiting a few more months to list their homes for sale, I would like to share a few reasons why I think listing your Reno home  a little earlier this year will make more sense than waiting:

1) Demand Is High ~ Here in the Reno/Sparks area we are back to multiple offer situations. Many homes are selling at higher than asking prices. Real estate agents are bringing qualified buyers with contracts in hand when showing new listings. Buyers know the market it hot and are ready to buy today not, not tomorrow.

2) Supply Is Low ~ Low inventory is a complaint I am constantly hearing from other agents. The month of January 2013 supply of homes listed for sale was down at least 20% from the month of January 2012.

In Nevada we saw a dramatic decrease in foreclosure filings after the AB284 Bill was passed in October 2012. The Ab284 Bill made is harder for banks to foreclose on homeowners without the proper paperwork filed. This dramatic decrease in bank owned homes hitting the market caused a shortage of homes and have left many home buyers scrambling.

3) Increased Interest Rates  ~ Mortgage rates created all-time low levels in 2012 responding to fear stemming from the European Debt Crisis and monetary stimulus from the Federal Reserve. Although most experts think mortgage rates will remain near historic low levels in 2013 most believe they will increase gradually throughout the new year.

4) New Construction Homes ~ As the Reno Real Estate market continues to recover, Nevada home builders are jumping back into the market and are building new homes again.

As mentioned already, demand is high and supply is low and home buyers are back to visiting new construction communities. Builders are taking notice and are offering real estate agents incentives to get them to bring their buyers to these new communities. Reno home sellers are back to competing with new construction home sellers.

An early spring is on the way, according to groundhog “Punxsutawney Phil.”  So if you were waiting to list your home for sale, why wait? I am sure there are lots of reasons why you think waiting a few months might be better than listing now but if I were you, I would consider the above 4 reasons to list your home today, not tomorrow!

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