How to Sell My House Fast in Reno: Cash Offer Options

Pros and cons of selling to a Reno house-buying company

Still not sure if working with a Reno house-buying company is right for you? Here’s a quick look at some of the top pros and cons to help you make an informed decision.

Pros

• Sell fast: A quick offer, often received within 24-48 hours, means you can close the deal and move on more quickly than in the traditional market.
• Skip repairs: Selling your home as-is eliminates the need for costly repairs or renovations.
• No staging or showings: You won’t need to invest time or money in staging or preparing for endless showings.
• Flexible move-out dates: You can negotiate a move-out date that suits your schedule.
• No financing delays: Cash purchases eliminate the need to wait for buyer mortgage approvals.
• Reduced or no closing fees: Many cash buyers offer to cover your closing costs, saving up to 10% of the final sale price you would have to pay in a traditional closing.
• Sale is guaranteed: A cash sale removes the uncertainty of whether your home will sell, especially due to home inspection results or buyer contingencies.
• Foreclosure solution: This approach offers an exit path for homeowners who might be facing foreclosure so they can regain some financial security.
• Less work than an FSBO sale: If you’re looking to avoid agent commissions, a cash sale is a simpler process compared to listing your home “For Sale By Owner.”
• Peace of mind: Knowing you can offload your house quickly can provide relief in stressful situations.

Cons

• Lower offers: You will typically receive offers that are below market value, meaning you could leave a chunk of money on the table.
• Less competition for your home: A direct sale means you won’t have competing offers on your house, which could drive up the sale price in a bidding war.
• No negotiations: The buying company often dictates the terms of the sale, and there’s little room to negotiate the sale price as most offers are “take it or leave it.”
• Can face hidden fees: Always read the fine print to avoid unexpected costs or hidden fees that aren’t already included in the final sale price.
• Not all companies are reputable: It’s crucial to research and verify the legitimacy of the buyer to avoid falling victim to house-buying scams.

“A lot of those investors and companies that say ‘We Buy Houses For Cash,’ they’re looking for a deal,” says Jason Lococo, a top real estate agent in Nevada who sells homes 47% faster than the average agent in his market. “It’s not necessarily the best route to go, because a lot of times they want to discount seller’s prices in order to flip it or have some equity in the house. But I don’t think it’s necessary to go that route unless the home is really, really bad. I usually have no problem financing homes that do need work, even if they have a lot of deferred maintenance,” Lococo says.

He continues that while it’s important to educate clients on their full range of options, including cash buyers, “if you put it on the MLS for the world to see, there’s a good chance we’ll get quite a bit more money on that same house even if the condition isn’t good.”

Next up, we’ll explore the benefits of working with a top-performing real estate agent in the Reno market.

Option 2: Hire a top Reno real estate agent

When time is of the essence in selling your Reno home, enlisting a top real estate agent can be a wise strategy. An expert agent boasts in-depth knowledge of the Reno housing market, which most sellers don’t have, and manages all aspects of the sale, from staging advice to masterful negotiation. Working with a real estate agent can also contribute to an increase in your final sale price, even under tight deadlines.

Now, let’s examine the current market dynamics, explore the advantages of selling with a real estate agent, and discover how to connect with professionals in the Reno area.

How fast are homes selling in Reno?

In Reno’s real estate market, homes are currently averaging 53 days on the market from listing to contract. Adding the typical 43 days needed for a buyer to close on their purchase loan, sellers are looking at just over three months to transition from listing to sale.

Here is a snapshot of current real estate conditions in Reno:

*Does not include the typical 43 days a buyer needs to close on a purchase loan.

Data source(s): Reno Realty Blog, World Population Review

“I would say, on average, [homes are selling] between thirty to sixty days in this market right now, depending on how well they’re priced. It’s pricing the homes that’s important, just because we’re kind of in a declining market,” says Lococo.

Benefits of selling with a top Reno agent

Working with a top real estate agent in Reno can significantly enhance your chances of a fast and profitable home sale. Leveraging their market expertise and skills, top-performing agents can navigate the complexities of the local real estate landscape to your advantage.

• Ability to sell for more: A skilled agent can maximize your home’s selling price, attracting higher offers through strategic pricing.
• Can generate a speedy sale: An agent’s deep understanding of Reno market dynamics enables them to effectively position your home for a quick sale.
• Accurate pricing: By performing a comparative market analysis, agents can determine the fair market value of your home, avoiding overpricing that could cause it to linger on the market.
• Professional negotiation skills: Your agent’s expertise in negotiations can secure better terms and earn you a higher price, often speeding up the selling process.
• Expert partner by your side: An experienced agent offers guidance through every step of the process, so you are never out of the loop.
• Will know what to fix and not fix: Agents can advise on which repairs and upgrades are helpful to enhance your home’s appeal without wasting time on unnecessary work.
• Elevated marketing: Advanced marketing strategies ensure that your listing reaches a wide audience more quickly, attracting buyers who are seriously interested.
• Contract savviness: Agents understand the intricacies of complex contracts like the purchase agreement, helping to facilitate a faster closing.
• Can manage documents and disclosures: Navigating the legal requirements and paperwork is much smoother when done by a professional, reducing the risk of inaccuracies or confusion.
• Network of skilled professionals: Access to a trusted network of professionals, from home inspectors to contractors, can expedite the sale process by ensuring any issues are promptly addressed.

Lococo emphasizes that working with an agent will help sellers take advantage of the current market and maximize their sale price.

In his opinion, one of the top benefits of hiring an agent is “capitalizing on the market right now, because I think prices are still holding their value, but we have seen certain price points come down that I think we could see [have a] further reduction.” Having an experienced agent in your corner will help you fight to maintain the best sales price, even in a fluctuating market.

How to find a top Reno real estate agent

Want to begin your search for a top agent but don’t know where to start? HomeLight’s tailored Agent Match platform is here to help. Utilizing data from over 27 million transactions and reviews, we can connect you with multiple vetted and qualified agents in your Reno neighborhood. Whether selling or buying, HomeLight can help guide you to the perfect agent for your unique situation and needs.

Expert agent tips to help sell your Reno house fast

You can also take advantage of several DIY tips to make your home more appealing to buyers. Consider trying these expert suggestions, recommended by top real estate agents, to help speed up your sale:

• Price it right from the start: Don’t overprice! This can deter potential buyers and lead to your home sitting on the market. Consult with an experienced agent to set a competitive yet reasonable list price.
• Highlight outdoor living: With Reno’s picturesque landscapes, outdoor spaces like patios and gardens are a huge sell. According to Michael Wood, a top-performing agent in Nevada, “The whole indoor/outdoor concept is in demand.”
• Stage for the Reno lifestyle: Promote your home’s appeal to remote workers by staging an extra room as a dedicated home office space.
• Focus on curb appeal: A well-maintained exterior creates a strong first impression and draws buyers in. Consider sprucing up your landscaping and touching up your front door’s paint.
• Make your home weather-ready: Reno experiences a range of weather conditions. Demonstrating how your home is prepared for both hot summers and snowy winters can offer a great selling point.
• Offer a home warranty: Providing a home warranty can ease certain buyers’ concerns about maintenance and repairs, especially if they are working with a tight budget.
• Use professional photography: In the competitive Reno market, high-quality photos can make your listing stand out on the MLS and attract more prospective buyers.
• Leverage social media reach: Share your listing through social media to capture the interest of a broader audience, potentially speeding up the sale.
• Consider timing: The Reno housing market can fluctuate seasonally. Use HomeLight’s Best Time to Sell calculator to decide the optimal time to list your home.

Lococo emphasizes the marketability of turnkey homes in the Reno market. “People don’t want to do repairs,” he says. “So having a home that’s remodeled and move-in ready, that’s also priced right makes it easier for people to stomach these new interest rates.”

He also recommends that sellers offer buydowns in certain cases. “Offering any seller credits to help buy down the interest rate is popular,” he says. “Obviously, everybody’s trying to negotiate a deal right now on the buying end… it makes or breaks the whole deal, buydown and interest rate. $10 or $15,000 helps people qualify.”

Lastly, Lococo emphasizes the importance of strong online exposure and a good listing description to draw buyers in.

“There’s a lot of people that just kinda throw stuff together, but you’ve got to have a well laid out description to bring people into the house…I think that would help sell fast in this market.”

By tailoring your selling strategy to incorporate these tips, you can enhance your home’s marketability and potentially expedite the sale process.

Ready to sell your Reno house fast?

Whether you’re leaning towards a cash offer or thinking of enlisting the help of a real estate agent, the right choice is whatever works best for your individual home-selling situation.

• For those under a time crunch, a cash offer via HomeLight’s Simple Sale platform may present the most straightforward and speedy route to sell your home.
• On the other hand, collaborating with a seasoned real estate agent ensures that your property is expertly marketed and priced for a quick sale. HomeLight can connect you with a premier agent in the Reno market.

If you’re torn between the two options, why not explore both? Evaluating a cash offer from Simple Sale alongside an agent’s market analysis offers a comprehensive overview of both options, allowing you to make a fully informed decision.

While selling your home quickly in the Reno market can be intimidating, the process doesn’t have to be difficult or time-consuming. HomeLight is here to help you out every step of the way. Equipped with the expert insights, tools, and resources in this article, you’ll be well-prepared to achieve a successful, swift home sale in Reno.

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