The March 2016 Reno Market Report shows a rise in home values. Sales are up. Prices are on the rise. Buyers are starting to feel the pinch of a Seller's market when looking for their next Reno home. What can Buyers and Sellers glean from this latest report?
March 2016 Reno Market Report
The Reno/Sparks Association of REALTORS® recently released their statistics for the March 2016 Reno Market Report. The percentage of Reno homes priced between $150,000 to $250,000 that went under contract in March rose from 65% in February to 72% in March. That's quite a jump in just one month. New listings are up 28% from February and 13% from March 2015. The median price for a Reno home came in at $296,000. This is 8% higher than the same time last year. While new listings were up, inventory levels actually declined to 2.8 months of supply on hand. That means that it would take 2.8 months to sell all of the homes currently on the market if no other homes were listed. A Seller's market is considered anything under four to six months of inventory.
You may be coming to Reno because of a job opportunity. If you are coming from a less expensive area, the March 2016 Reno Market Report may scare you a bit. I understand. However, there are a couple of things to consider. Our real estate taxes tend to be some of the lowest around. They could be much lower than what you are currently paying now in your state. In that case, take what you currently pay in property taxes and move it over into your principal/interest payment. Lower interest rates have made many Buyers consider a 15 year note on their property. You may want to consider a 20 or 25 year note instead. If you split your monthly payment in half and pay it every two weeks, you will have made one extra month's payment by the end of the year. This will help pay down your note in less time.
Is affordability a main concern for you? It is more important than ever that you have the right REALTOR® on your side. You need someone who is knowledgeable in the Reno real estate market as well as someone who is tenacious enough to negotiate on your behalf. You can contact either me or my assistant Crystal Reilley at (775) 741-7337 or (916) 712-2589 any time.
Charlene Hamilton, Your Reno Real Estate Specialist
Originally posted on my Reno real estate blog here: http://charlenehamiltonrealestate.com/reno-market-reports/march-2016-reno-market-report.
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