What I'm seeing VS. What the data says

 All of my clients making offers on properties over the past 6 days have been in multiple offer situations. Meanwhile, the headlines say price growth has slowed to its lowest level since the summer of 2023. How can there be such a disparity between what the news reports and what I’m actually seeing as boots on the ground? Well there are multiple reasons, so let’s dive in. 

It could be coincidence, it’s definitely anecdotal but I want to talk about the fact that for the past few months my clients have been negotiating the shit out of this market. We have been getting seller concessions that make my heart soar and using them to cover closing costs or subsidize mortgage payments. Last weekend, I was ready to use my usual tactics and stopped dead in my tracks. Now this is typical for my market. Reno is highly reactive so any national trend, you’re gonna see it here on a bigger scale. I’ve learned to never get comfortable and stay nimble as a ninja. Not one, not half, but every single one of my clients who’ve made an offer over the weekend and into this week have faced competition on that listing from other interested buyers. 

Localized Bubble? 

As mentioned, the national trend does not suggest a shift to more of a seller’s market. While we have seen lower interest rates boost mortgage applications, which speaks to my point, we’ve also seen price cuts and an increase in days on market. Here’s what I think is going on. Mortgage rates are definitely boosting activity from the buyers out there who do still qualify to buy. However, I think sellers and listing agents are getting strategic. It took a few months, but most seem to have sharpened up to the characteristics of today’s market. So listings that check certain boxes – they are in good condition with strong marketing and intelligent pricing – are attracting multiple offers even in a market that is softer on the broad level. Meanwhile, listings where the seller wanted to “test” the market are still sitting. 

Timing? 

Rumor has it this week was the single best week of all of 2025 to buy a home according to Realtor.com. Based on cooler interest rates plus inventory growing while price increases slowed…it did present a rare but powerful window. Maybe everyone read that article and jumped in headfirst which ended up making it not the best week to buy but the best week to end up in a bidding war. 

Nuance is key. 

For those of you active in the market right now, it’s important to note this trend. As a seller, this reaffirms that your strategy needs to be dialed in and that with the right strategy, you could net more in proceeds by pricing your property competitively. As a buyer, do not assume that because you were looking at numbers based on a 25k seller concession that you’re going to get it. I also want to be clear that you should also not assume that because you lost a home of interest last weekend in a bidding war that this weekend you need to make only full price offers. There is nuance to this whole game – every home is its own market, and we need to run the numbers every single time. I’m going to give away my magic here but the mindset strategy that always helps my borrowers win is to treat every home as if it could be competitive but expect to negotiate.  

What does that mean? 

Play to win! Come in as a fully underwritten buyer who knows the max limits they can stretch to and who can close quickly with clean terms. Always. Always. Always. But also know what you want from the deal. Do you want help with your payment? Do you want to be contingent? Do you want the lowest price? Be clear on your ideals not because you’re guaranteed to get them, but because you definitely won’t get what you don’t know you want. 

Oh, and the government is still shut down. 

This is not ideal guys. Properties in flood zones are not closing. Key housing market and economic data releases are not happening. This has so far contributed to a slight improvement in mortgage rates because US Treasury Yields are down. This is a signal of investor concerns about growth and inflation…so stay tuned.