Things are looking up for Nevada real estate–thankfully!–as evidenced by the uptick in building permits, housing starts and median home prices in 2013. Building permits authorize the construction of new structures on a specific lot and housing starts calculate the number of new homes constructed. In 2013, the Reno/Sparks area saw a 60% increase for single-family housing permits and a 601% increase in multi-family housing permits according to the National Home Builders’ Association.
Prices also increased according to the Northern Nevada Regional MLS:
• The fourth-quarter median sales price was $222,000, a 20 percent jump from the October-December period in 2012.
• The December median sales price was $229,500, representing a 23 percent rise from December 2012.
It’s great to see that our community is recovering and that people are realizing the value in home ownership again.
Buyers are already out this year looking for their next dream home prompted by low interest rates, more equity based sales, and warm winter weather. These are trends I’ve begun noticing with my clients and I have three words for you: upgrades, upgrades, upgrades.
What they want to see: Good condition houses, new paint, newer carpet, pavers, updated kitchen and bathrooms.
What they don’t want to see: Dirty, foul-smelling, cluttered fixer-uppers and overpriced homes without upgrades.
Buyers are smarter now; they’re doing their research before they view their first home and know what they want. If you don’t have much to invest in upgrades for your house, the most cost effective ways to add value are a fresh coat of paint, new carpeting and a clean looking front yard. Keep in mind these are trends I’m noticing this year, but every buyer is different and the buyer for you is out there somewhere!