If supply of homes stay the same. We will run out of homes to sell.
Months supply of inventory:
Reno:
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Sparks:
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What does this mean for you?
Buyers: If you're buying a home in the $200,000 and below price range, don't be surprised if you would need to add $10,000 + in order for your offers to get accepted.
Sellers: I know it's next to impossible to compete with short sales and bank foreclosures due to their unbelievably low prices. But if there is a good time to compete with them, I think now is the time--you will get more attention because supply is extremely low.
Don't forget to price your home at the best price you can and make it look as pretty as can be. Buyers, have been known to pay tens of thousands more for homes they really really like.
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