We are back with another Monthly Newsletter! As we roll into fall, our Reno/ Sparks market is showing some exciting shifts. In this post I will be touching on our market insights from last month and what that could mean for buyers and sellers. As well as current events that are happening in Reno that you don't want to miss!
August Market Snapshot
Median Sales Price of a Single Family Residence or Condo/Townhome in Reno/Sparks:
$548,437 UP 1.6% from July.
What does this mean for buyers?
Right now prices are high, but negotiations are strong. A house at a higher price point shouldn't deter you as a buyer. Most sellers are giving closing credits up to 5% of the purchase price. This is huge for buyers, that could cover things like all closing costs, repairs and inspections.
Homes that aren't priced properly and sit longer have more room for the buyer to be aggressive with their offer.
What does this mean for sellers?
Price your home competitively! We are still seeing homes priced right move off the market super quick with multiple offers. Prep yourself for negotiations and asks for seller credits. Tip: Setting up your home to look move in ready boosts your homes appeal to buyers and can really make the difference!
Active Inventory: 1,716 Homes
Down 6.8% from July
We have officially entered into the fall listing season! For some sellers this might sound scary and that it is a buyers market. However, this is your chance as a seller to price competitively with less inventory, giving you a higher chance.
Median Days To Contract: 35
Up 11.6% Since July.
We got a boost of inventory in June/July so it is common to see properties sitting on the market longer due to higher demand. Sellers: Just because your house is sitting for 20 days doesn't mean it wont sell, rethink strategies with your realtor and and get that home sold!
New Listings: 609
Down 14% From July
This is common for new listings to drop this time of year. Again, this doesn't mean there is no opportunity. For a first time home buyer who might have less requirements, a buyer who is wanting to get in to a home to stop paying rent, this is your time. Take a look at the inventory that is available again and shoot an offer at a seller and see if it sticks!
Our Personal Success Story This Month
My Husband and I are in contract on our first home in our dream neighborhood with seller credit and $50k under original asking! Here is how we did it.
We started the conversation with our lender 3 months ago thinking we were a year away or more from buying a home. When our lender came back with different ways we could get a mortgage we were comfortable paying we began our home search right away.
The market was COMPETITIVE, peak July/ August market, we had put in two offers on homes in our price range and got beat out instantly. Flash forward to the home we are in contract on, we had loved it from the moment it hit the market but was $50k over our budget and needed a complete master bed and bath remodel.
We watched this home sit for 25 days before the seller lowered the price $15k so we decided to shoot an offer to the seller at a price we were comfortable paying. As the agent here I was able to provide the seller and sellers agent with our story as a young family and let them know our offer was up for negotiation. A few phone calls and counters passed back and fourth and we landed on a price everyone was happy with. We were even able to squeeze in a $4k credit to help buy our rate down so we could afford more renovation materials our first year in the home!
Stories like ours show that with the right strategy , it is possible to find a home you love and walk away with the terms that work in your favor. This is YOUR home after all.
September Is A Busy Month In Reno, Don't Miss Out!
September is full of community events from football games to light festivals. Check out the schedule below!
Stay up to date sooner, with local event updates on my Instagram!
September Event Calendar:
September 5th through 7th:
The Great Reno Balloon Races are back and better than ever! Start time for dawn patrol is 5:30am at Rancho San Rafael Park. Enjoy watching the balloons take off while drinking a cup of coffee, cocoa or a Bloody Mary. Head out to a local spot for breakfast afterwards like Squeeze In, Two Chicks or Doughboys Donuts!
September 5th through 7th:
Saint Anthony's 2025 Greek Festival is here! Enjoy authentic Greek Food, Live Greek music and other vendors with a $5 entry fee. The event takes place at 4795 Lakeside DR RENO NV 89509 and goes from 2pm to 9pm.
September 6th:
First Home UNR Wolf Pack Football Game! Grab your friends and some hot dogs and pull down that tailgate because football season is here! Get out there and watch the Packs first game against Sac State at 2pm. GO PACK!
September 20th:
The Sparks Water Lantern Festival returns. Enjoy food trucks, music and other fun before you launch your lantern over the sparks marina. You can decorate your lantern as you please then once the sun sets you release it into the air! Grab your tickets online at waterlanternfestival.com/events/reno-sparks
September 22nd:
The Reno Philharmonic is back! Grab your tickets at the pioneer center to watch a night of unforgettable music. Makes for a great date night or a time to spend with a loved one.
September 26th Through November:
A Reno Favorite, The Dragon Lights Festival hits Rancho San Rafael again! This event is timeless, every year it gets bigger and better and more creative. I cant wait to see what they do this year!