Economic changes in mid-year 2022 cooled off many hot markets nationwide. However, there doesn’t seem to be any signs that Reno, Nevada’s housing market, has succumbed to the slowdown that many seller markets are facing. For those who want to sell a house fast in Reno, this market is still undeniably a seller’s.
So, as a buyer, you’ll have to approach the market as one that is much more favorable to the seller. Keep this in mind, particularly if you are buying and selling a house simultaneously. Here are a few tips to keep in mind when purchasing a Reno home this winter.
Hire a Top-Rated Real Estate Agent
The current supply of housing in Reno is very low. So, affordable housing will be scarce. Therefore, it will be in your best interest to work with a top-rated agent to help you find your dream home. They will know where the best deals are within your budget and help you work quickly to put in an offer and close on the home you want.
Winter Buying May Benefit You
Although buying in Reno may be challenging because the market is still favorable for the seller, winter home buying may work to your advantage. Fewer buyers are looking for homes in the winter months. So, the buying pool may be less competitive. And with less competition, you may be able to get the home you want for less money. Additionally, you may also get a better deal and close on a sale faster because sellers may be motivated to sell as much as you are motivated to buy.
Take a Little Time To Decide on The Home
Even though Reno is still a seller’s market, if you buy a home in winter, you may not be under pressure to buy as much as in peak season. So, it may behoove you to take time to observe the house with more scrutiny than during peak season. Make sure appliances are working well, particularly the heating system.
Get Pre-Approved Quickly
Once you’ve decided that you want to buy in winter and you hire a qualified real estate agent, it is critical that you get the ball rolling on pre-approval. This will show a seller that you are serious about buying. It will also let you know how much house you can afford right away through the lender and will enable you to make plans on coming up with additional funds in case the lender doesn’t provide as much money for the home as you’d like due to lower appraisals.
Don’t Beat Around the Bush With Your Offer
Since Reno is still a strong seller’s market, it isn’t a good idea to lowball the seller. Instead, go in with your best offer, which should be at least slightly over asking. But just because it is a seller’s market, don’t overpay for your home. Instead, work with your agent to determine the best offer, so you won’t lose money on purchasing your new home.
Avoid Including Contingencies
While it is a good idea to include a contingency to protect yourself and have some wiggle room to back out of an offer, this could backfire in a seller’s market. Instead, you may want to put in a firm offer without contingencies to have a seller consider your bid.