Spring housing market trends and what buyers and sellers need to know

Published: May. 3, 2023 at 5:49 AM PDT
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RENO, Nev. (KOLO) -To those looking to buy a home, the median price in the Reno-Sparks area is $540,000.

Since February we’ve seen the market make significant changes.

The market crash that was anticipated has leveled out, the market has rallied, and interest rates have calmed down.

This season started off with houses going faster and in half the amount of time than they were before. Now, the housing market is consistently seeing multiple competitive offers.

Dickson Realty shared the homes being sold on the market are selling at or over-asking price. Agents say if you plan on purchasing a home this year do it sooner rather than later.

Sellers are advised to not view these trends as an opportunity to over-price their homes. Relators share that homes that are priced correctly will sell the fastest and the highest amount.

Kayla Dalton, Realtor with Dickson Realty said,

“The biggest thing on the buy side is just the competition. People are not necessarily ready for it, and they’re surprised by it when we’re going to see a house and it’s been on the market for two or three days and there is an offer or two on the table. People are super surprised and discouraged by it. I advise just to have your agents ask a lot of questions to the listing agent, so you can make the best-educated offer on that property.”

It will continue to get more competitive as rates come down.

Overall, buyers and sellers in this current market– they should be prepared for fast or slow things move.

For more information on selling your home, click here.

If you are buying, click here.