Summer is winding down and we are already welcoming fall in just a few weeks! There's nothing quite like the crisp cool air and the changing colors in the local foliage. We are back to share the latest Reno-Tahoe luxury housing market trends have arrived with all of the mid-year specifics and statistics.
Read on for all of the juicy details!
Important Mid-Year Highlights:
- We are continuing to see the effects of low interest rates, high stock market returns, low inventory and high buyer demand throughout the end of June.
- From January to June 2021, our luxury market sales increased from 98 homes sold in 2020 to 266 homes sold in 2021, for a 17% increase. The average sold price has increased by 10.4%.
- While we are not forecasting a significant change in our luxury market through the year end, we are beginning to see slight changes that may signal some emerging trends for the future.
- Even in this robust sellers market, it is still important to price your home correctly in order not to limit your home's potential.
Have You Thought of a 1031 Exchange?
Investing in property is one of the most lucrative endeavors you can delve into if you do it right. Tax rules abound for investors when it comes to selling off property, but there is a popular tool to help maximize profits and avoid capital gains tax. A 1031 exchange can do just that and is one of the best bets for building foundational real estate wealth.
What is a 1031 exchange?
A 1031 exchange gets its name from Section 1031 of the U.S. Internal Revenue Code, which allows an investor to avoid paying capital gains taxes on the sale of an investment property, as long the proceeds are reinvested within certain time limits in a property or properties of equal or greater value. In short, it’s a tax-deferring transaction that can be used in just about any property portfolio.
Click here to read more about how you can save big come tax time.
We have had many clients that have had great success finding replacement properties for their 1031 exchanges in Nevada. However, our team always advises that you seek expert counsel from a tax advisor or CPA for specific details on a 1031 exchange.
2021 Sales Summary
*These figures represent sales from 1/1/21 - 8/26/21. Thank you to every single client that has worked with us in 2021!