You may have been hearing rumors that we are now in a “seller’s market.” It’s true. As of right this minute there are only 193 stick built homes for sale in all of the Sparks/Spanish Springs areas in MLS. That’s not very many for the number of buyers out there looking. Inventory levels are low. Of the 193 homes for sale 70% of them are traditional sales (not distressed properties). Here’s the other issue I see. Of the 193 homes for sale only 60 (31%) are under $200,000 and with an area median at $152,000 the under $200,000 price point is where the bulk of the buyers are looking. We are seeing buyer frustration on getting overbid in multiple offer situations. Buyers with cash or conventional financing (with 20% down) are beating out those buyers with FHA, VA and Rural financing.
So if you are a seller and have been considering selling your home, even if it’s a short sale now may be a good time to list. This is not saying you will get top dollar, but you could get multiple offers and get more than you might think. Also, who knows how long this inventory issue is going to last. A lot of that hinges on what happens with the bank’s ability to foreclose due to AB284 and when the find a solution to providing the required documents which they most certainly will.