Randy Reynolds

Reno Real Estate Agent

Randy Reynolds

Reno Housing Market Forecast as Residents Return to Work

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Everyone wants to know where the Reno housing market is heading… if I could tell the future I would be very rich! However, there are metrics that can provide us with insights of where the real estate market is headed in the next 30-45 days. That is what the #ActiveAgent Update will cover this week.

Stick around to the end of the article to get access to all the new and sold listings in our local market.

Forecasting the Reno Housing Market

The best way to forecast the Reno Housing Market is to look at pending sales, property showings, and withdrawn listings. All three metrics can be tracked daily and provide insights into market activity, competition, and the possible number of sold homes in the future.

Pending Home Sales in Reno-Sparks, NV

What a difference one week can make as homes under contract surge to 144 pending sales. Our local market is on the right track considering the recent hardships. As more people return back to work I would expect to see a growing number of mortgage applications. As COVID-19 restrictions continue to be lifted more qualified buyers will begin to view properties and ultimately I would anticipate an increase in the number of pending sales.

New Pending Sales Reno Nevada

Property Showings in Nevada

Last week there was a 2.2% increase in property showings in Nevada. Nothing to write home about. With this level of showings it is unlikely we will see prices continue to rise if more homes start to come on market. I am curious to see the impact on property showings as people become more comfortable leaving their residences.

Property Showings in Nevada

Homes Withdrawn from the Multiple Listing Service (MLS)

Withdrawn listings has normalized back to coronavirus anticipated levels. After further review, last weeks surge in withdrawn listings were more of an outlier. Resulting from new construction listings with builders, that haven’t even been built yet, being taken off market. Although the number of sellers withdrawn listings is historically high, it isn’t surprising due to the lack luster number of property showings.

Reno Housing Market Withdrawn Listings

Reno Housing Market Median Sold Price

The median sold price for single family homes in Reno-Sparks is $414,300 for last week. Prices remain fairly stable and time will tell where they are headed. There are many factors that would suggest prices would drop, such as high unemployment numbers and the impact of COVID-19 on the World economy. However, much of the World has also been implementing quantitative easing which is meant to stimulate and bring stability to the markets. This same quantitative easing resulted in the longest bull run in stock market history. Hard to say what its impact will be this go around.

Reno Median Sales Price

Weekly Homes Sold in Reno/Sparks, Nevada

Last week there were 78 homes sold in the local market. Weekly homes sold remain relatively flat for April. Remember, the homes sold metric is a lagging indicator due to the closing of property taking roughly 30 days or more. Looking at the pending sales data increasing since the beginning of April, I would expect to see an increase in the number of homes sold as well.

Reno Housing Market Forecast Number of Homes Sold

Average Days on Market

Average Days on Market for homes sold in Reno-Sparks remain fairly low. The statistics suggests a fast paced market. However, as we know less homes are being sold.

Average Days on Market Reno-Sparks Nevada

If you are considering to buy or sell, I would love to talk…

Please respond with any questions.

This Weeks New Residential Listings & Closings in Reno-Sparks, Nevada

New Homes for Sale

HOMES UNDER $400,000

HOMES OVER $400,000

New Condos & Townhouses for Sale

CONDOS & TOWNHOUSES

Home, Condo & Townhouse Closings

HOUSE CLOSINGS

CONDO & TOWNHOUSE CLOSINGS

I would be happy to provide a custom search tailored to you.

Hope You Enjoyed the Reno Housing Market Forecast

If you enjoyed this weeks #ActiveAgent update please let me know by commenting and following me on social media at the bottom of the page. I am always available.

Randy Reynolds

775-301-1990

Is The Reno Real Estate Market Slowing Down?

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Is the Reno Real Estate Market is slowing down?

I believe that the Reno Real Estate Market is slowing down. There are several factors for this.

  • Many people believe home showings have been postponed due to COVID-19. However, in Nevada real estate agents can still show property in person to potential buyers.
  • Home closings in general are taking longer to process and underwriting standards have risen. Many applicants that were qualified previously may be required to have a higher credit score to move forward today.
  • More people are now unemployed but still require financing to buy a home.
  • Several local Brokerages are requiring paperwork be filled out regarding COVID-19 prior to home entry.

For more information regarding the bullet points read the article below.

To get local market insights for Reno and Sparks, Nevada keep reading. The market may be slowing down but that doesn’t necessarily mean prices are going down.

READ THE ARTICLE HERE

If you are considering to buy or sell, I would love to talk…

Please respond with any questions.

This Weeks New Residential Listings & Closings in Reno-Sparks, Nevada

New Homes for Sale

HOMES UNDER $400,000

HOMES OVER $400,000

New Condos & Townhouses for Sale

CONDOS & TOWNHOUSES

Home, Condo & Townhouse Closings

HOUSE CLOSINGS

CONDO & TOWNHOUSE CLOSINGS

I would be happy to provide a custom search tailored to you.

It’s Best to Look at Leading Indicators to Determine if the Reno Real Estate Market is Slowing Down

Let’s look at pending sales, property showings, and withdrawn listings as indicators of where the market is headed. From what the data is telling us below it is clear the Reno real estate market is slowing down.

Pending Home Sales in Reno-Sparks, NV

Pending sales are homes that are under contract in Reno-Sparks, Nevada. It is fairly common for a home to close in 30 days but some could take longer. I was hoping the positive growth on pending homes from the week of March 29th to April 18th would continue but no such luck.

Reno Real Estate Market Slowing Down based on pending sales.

Property Showings in Nevada

Last week we saw the pending sales numbers decline which isn’t that surprising with showings remaining low but trending slightly upward since mid April. Home showings in Nevada are down -52.3% from this same time last year.

Reno Real Estate Market Slowing Down based on the lack of property showing data.

Homes Withdrawn from the Multiple Listing Service (MLS)

A withdrawn listing is a home that was taking off the MLS. Having a certain number of withdrawn listings is normal, however what we are experiencing is not. COVID-19 is a big problem for the real estate market. Many people don’t want to leave their homes to view a stranger’s property and/or are no longer qualified to purchase a home due to underwriting standards being raised or changes in employment.

Fewer sellers want to open their doors and less buyers want to view property which results in huge jump in withdrawn listings. Only one of the 83 listings withdrawn last week was classified as temporary off market. Not good.

Reno Real Estate Market Slowing Down with a steep increase in withdrawn listings.

Housing Market Statistics

To get an idea of how the Reno-Sparks housing market is trending over a greater period of time I have selected a few key factors to analyze. These are the median sold price, average number of days on market, and the number of homes sold. All data is based on single family homes and was obtained through the Northern Nevada Multiple Listing Service (NNRMLS).

Median Home Price

Just because the market is slowing down doesn’t mean prices are declining. The median sold price for single family homes in Reno-Sparks is remaining relatively flat. No one knows for sure where prices are headed.

In my opinion, I would expect to see prices gradually decline. However, with all the World banks printing a large amount of money it may prop up home prices along with other market prices. One thing I feel for certain is that the currency is being devalued… So the amount of dollars it takes to purchase a home may stay roughly the same, but the dollars will be worth less.

Reno Real Estate Market Slowing Down but Prices remain flat.

Monthly Homes Sold

A great health indicator of the housing market is the number of homes sold. Remember, the homes sold metric is a lagging indicator due to the closing of property taking roughly 30 days or more. Moving forward we will start to see the affects COVID-19 has had on the real estate market. We are already seeing a slow down in homes sold for this time of year.

Reno Real Estate Market Slowing Down based on new data on sold homes.

Average Days on Market

The Average Days on Market for homes sold in Reno-Sparks has been declining coming out of the winter season. The statistics suggests a fast paced market. However, we now know there are fewer deals happening. Days on Market is the average number of days between when a property is listed and the contract date when an offer is accepted.

Reno Real Estate Market is still fast paced for days on market

Looking for the Reno Real Estate Expert?

I am always available.

Randy Reynolds

775-301-1990

How is the Reno Real Estate Market

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Reporting the Reno Real Estate Market Conditions
Randy Reynolds Weekly Look at Reno-Sparks, Nevada Residential Buying Market

When Will Reno Businesses Open?

Earlier this week, Governor Steve Sisolak said he will be sharing some details on Nevada’s plan to reopen businesses slowly and safely. Hopefully some businesses will reopen in Nevada starting May 1st.  However, with the experts and healthcare professionals anticipating a possible surge next week nothing is set in stone.

Our officials are watching it closely. Many are more worried about the risk of bankruptcy over the virus.

Read The Article Here

If you are considering to buy or sell, I would love to talk…

Please respond with any questions.

This Weeks New Residential Listings & Closings in Reno-Sparks, Nevada

New Homes for Sale

Homes Under $400,000

Homes Over $400,000

New Condos & Townhouses for Sale

Condos & Townhouses

Home, Condo & Townhouse Closings

House Closings

Condo & Townhouse Closings

I would be happy to provide a custom search tailored to you.

Big Thank You to Guy Johnson, the author of Reno Realty Blog for assisting me with this report.

How is COVID-19 Affecting the Reno Real Estate Market?

To understand the impact of COVID-19 on the Real Estate Market it is important to analyze leading indicators. The two factors that may suggest future impact are “pending sales” and “withdrawn” listings.

Pending Home Sales in Reno-Sparks, Nevada

Pending sales are homes that are under contract in Reno-Sparks, Nevada. It is the pipeline of sales that are anticipated to close in the next month or two. Although there was a dip in new pending sales beginning the week of February 29th to March 28th, we are beginning to see an influx of homes getting into contract.

How is the Reno Real Estate Market Pending Home Sales

Homes Withdrawn from the Multiple Listing Service (MLS)

A withdrawn listing is a home that was taking off the MLS. Having a certain number of withdrawn listings is normal, however these times are not normal. With COVID-19 and the Governor’s Stay at Home Order issued on March 12, 2020 we have see an increase in the number of listings taken off the market. This comes to no surprise as many people continue to isolate themselves and prefer to keep from showing their homes.

If you are looking to list your home but want to limit the amount of foot traffic Virtual Tours are an option.

How is the Reno Real Estate Market Weekly Withdrawn Listings.

Housing Market Statistics

To get an idea of how the Reno-Sparks housing market is trending over a greater period of time I have selected a few key factors to analyze. These are the median sold price, average number of days on market, and the number of homes sold. All data is based on single family homes and was obtained through the Northern Nevada Multiple Listing Service (NNRMLS).

Median Home Price

The median sold price for single family homes in Reno-Sparks is remaining relatively flat. We have been seeing greater volatility in the market since the start of 2020. Although the March median sold price was 5.8% higher than February, I would expect the market to remain relatively flat due to economic conditions. “Median” means “in the middle”, so half of homes sold for less and half sold for more. Selecting the median is preferred to the average as it better accounts for outliers at the high or low end of the price range.

How is the Reno Real Estate Market Median Sales Price

Monthly Homes Sold

A great health indicator of the housing market is the number of homes sold. As you can see from the graph below, March home sales were up 10.3% over February’s homes sold. One thing to consider is the length of time homes take to close. Generally a timely close would be 30 days or less. So many of the homes sold in March are from homes that went into contract in February or even January. This was before Nevada was put on notice to stay at home.

How is the Reno Real Estate Market Homes Sold

Average Days on Market

The Average Days on Market for homes sold in Reno-Sparks has been declining coming out of the winter season. The statistics suggest a fast paced market. However, with COVID-19 concerns here in Washoe County many people are staying home or temporarily taking their property off the market. Days on Market is the average number of days between when a property is listed and the contract date when an offer is accepted.

How is the Reno Real Estate Market Average Days on Market

Looking for the Reno Real Estate Expert?

I am always available.

Randy Reynolds

775-301-1990

Listing Your Home For Sale By Owner

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List Your Home For Sale By OwnerListing your home for sale by owner can be overwhelming, however some people are up for the challenge to do it themselves. I often get the question, “What can a real estate agent really do for me?” I will show you what I do for my clients so that you have the knowledge and tools to sell your home yourself. It takes a considerable amount of time, energy, finance, and expertise marketing your home to maximize satisfaction and minimize worry. The ultimate goal is to create a front of the store listing for you that will drive as much exposure as possible to your home with qualified buyers for an on time closing. Let me show you a list of all the things I do to make this happen:

PREPARE A CUSTOM, PROFESSIONAL, AND STRATEGIC MARKETING PLAN TO SELL YOUR HOME YOURSELF

Tactical Pricing

Pricing your home is based on performing a competitive market analysis (CMA). A CMA consists of researching all sold like properties from the past 3 to 6 months in and around your area. I look for properties that have similar number of stories, bedrooms, baths, parking spots, and square footage among other factors.

Having a filtered list of only the most comparable homes with pictures and stats create a foundation for the pricing of your home.

Listing your home for sale at fair market value will help you drive exposure and reduce time on market.

Staging

You only get one chance to make a first impression online so it better be a phenomenal one. “Staging” your home to enhance its appeal will give you a competitive edge against all the other homes in the market. You can stage your home with physical items or virtually through photography to make your home shine online.

It is usually the $500 that you spend on the right paint, cleaning, and minor repairs that pays you back $5,000 in a higher sales price and faster sale.

Professional Cleaning

When buyers can feel a sense of pride in the home’s upkeep and cleanliness they can visualize themselves in the home much easier. If necessary, hire a professional cleaning service to attend to the details that will put your house over the top for prospective buyers.

Professional Pictures

The pictures people see on-line and in marketing material are crucial to increasing your chances of multiple showings. Hire a professional photographer to take and prepare premium digital pictures of your home.

Property Showings

This is one of the largest headaches in real estate transactions. Manage all the property showings through a centralized showing agency to coordinate the times on a day to day basis. Look for a flat fee MLS listing provider that offers a showing service as well. Invest in putting a lock box on your door so as to allow real estate agents and their clients to come and go freely so you don’t have to be home.

When communicating, be careful what you share with Realtors as they may use it as leverage when negotiating.

Multiple Listing Service (MLS) For Sale By Owner

Get listed on the MLS as a for sale by owner. There are brokers who will get your home listed on the MLS for a flat fee and syndicate with other sites such as Zillow, Trulia, and Realtor.com among others. Sit down and put together all the information needed to put your home on the MLS. Utilize the MLS remarks and extended remarks to write professional, strategic, and error free comments that will represent your home in the best light possible.

Open Houses

If you elect to, hold at least one open house on the first Saturday afternoon after your home goes live on the market and make sure to market the open house in the local newspaper and MLS.

INCREASE YOUR ODDS OF FINDING A QUALIFIED BUYER

Pre-qualify any buyers that present offers by insuring they provide a preapproval letter that covers the offer being presented. Stay in constant contact with their lender to avoid surprises.

WRITE A LEGALLY BINDING, WIN-WIN AGREEMENT THAT WILL BE MORE LIKELY TO MAKE IT THROUGH THE PROCESS.

Obtain proper contract knowledge or enlist someone who does. This will help you avoid the many pitfalls people can make when dealing with the vast number of contract pages and details in real estate transactions.

Know the fees associated with the transaction and who customarily pays for what and how to possibly use a seller’s market to favor your side of the transaction as much as possible.

OBTAIN ALL THE NECESSARY FORMS AND DISCLOSURES THAT NEVADA LAW REQUIRES WHEN SELLING YOUR HOME.

HANDLE ALL NEGOTIATIONS OF THE SALES PROCESS AS A PROFESSIONAL.

Objectively evaluate every buyer’s proposal without compromising your marketing position.

The initial agreement is only the beginning of a process of appraisals, inspections and financing – and a lot of possible pitfalls.

BE AT EVERY HOME INSPECTION AND HOME APPRAISAL TO MAKE SURE YOUR SIDE OF THE TRANSACTION IS REPRESENTED.

STAY UP-TO-DATE ON WHAT IS HAPPENING IN THE MARKETPLACE AS WELL AS THE PRICE, FINANCING, TERMS AND CONDITION OF COMPETING PROPERTIES DURING THE PROCESS.

These are key factors in getting your property sold at the best price, quickly and with minimum hassle.

OPEN ESCROW WITH A RELIABLE AND CAPABLE TITLE  COMPANY AND MAKE SURE THEY PROVIDE YOU WITH UP-TO-DATE INFORMATION FOR A TIMELY CLOSING.

AS A REALTOR® AND MEMBER OF THE RENO/SPARKS ASSOCIATION OF REALTORS I SUBSCRIBE TO A STRICT CODE OF ETHICS.

I am expected to maintain a higher level of knowledge of the process of selling real estate and so will be the case in my dealings with you.

I appreciate your time spent in reading over this material and hope you choose to meet with me. I look forward to helping you in any way possible and becoming your family’s life long real estate professional by providing the many services discussed in this document and beyond.