Home prices in the Reno/Sparks area have increased by 26.8% in the third quarter of 2013 to $224,800 according to the National Association of Realtors. While much of the rest of the economy continues to stutter, real estate in Northern Nevada is chugging along. In September there was a 5% increase in existing home purchases from last year, although sales slipped from August by 21% which can be attributed to the seasonal drop off of sales according to the Reno/Sparks Association of Realtors.
Sellers still have a lot to gain from listing even in the winter because of several factors; demand is high and inventory is low with only 3.4 month’s of inventory in August (6 months is considered normal), buyers are still looking for good deals and probably being motivated to act now because of rising interest rates. According to Realty Today and USA Today, the average 30-year mortgage rate jumped to 4.35 percent this week from 4.16 percent the last week and the 15-year mortgage rates also went up to 3.35 percent from 3.27 percent.
What will get you off the sidelines and buying or selling in the next few months?