Spring brings buyers…but what about inventory?
Spring has sprung, which means it’s home shopping season for buyers! The problem? Inventory! What does this mean? It’s a seller’s market and now is a great time to sell. But it also means frustrating times for buyers. Prices could continue to rise, with multiple offers on properties, creating bidding wars and homes selling for more than asking price.
As of March 20, 2016, in Carson City we have less than 2 months of inventory for homes that are currently not under contract. In all of Douglas County, we have less than 3 months of “active” inventory. More of the same for Reno too! Only 740 “active” homes on the market for all of Reno, which is less than 2 months supply.
Inventory levels at six months is considered a “balanced market.” Six or more months is considered a buyer’s market, which means plenty of homes for sale and prices are likely to drop. Less than six month’s is a seller’s market. We will see increasing inventory levels now that winter is over. Many seller’s wait until Spring to list their home. If you’re looking to purchase or sell, it’s important to understand what kind of market you’re in.
If you’re thinking of buying or selling or if you know of someone who is, contact RCM Realty Group