Are you thinking about how to buy a new home in Reno before you sell your current house in Sparks?
Many folks in Northern Nevada run into this when they want to move or get a bigger place. It can feel tough, but there are smart ways to handle it. In spots like Carson City, Dayton, and Fernley, the real estate market gives you choices that match what you need. At Craig Team Realty, with Cassie Craig leading the way, we guide buyers and sellers through this all the time. We stick to Northern Nevada, covering towns such as Fallon, Minden, and Genoa. This article shares real facts and helpful info just for Nevada to make the process clearer.
Getting to Know the Northern Nevada Real Estate Market
In 2025, the real estate scene in Northern Nevada keeps evolving. For Reno, the median home price hit $607,500 in June. In Sparks, it was around $528,000 that same month. Carson City saw median sales at $570,000 recently. These figures show homes hold strong value, but more are hitting the market now than before. This change can help buyers in places like Gardnerville, Mound House, and Sun Valley.
With more inventory, sellers in Silver Springs, Stagecoach, and Silver City might wait longer to close deals. Homes in Reno take about 46 days on average to sell. Similar patterns show up in Virginia City and Verdi, pointing to a market that's balancing out. This setup can ease buying before selling, as sellers accept contingent offers more often. Keep an eye on updates, since markets shift.
Ways to Buy a Home Before Selling Your Current One
Several paths let you purchase a new house in Northern Nevada while still having your old one. Each has steps and points to think about. At Craig Team Realty, we break these down for your specific case in Nevada.
Going with a Contingent Offer
A contingent offer links buying the new home to selling your current one. In Nevada, contingencies often cover financing, inspections, and appraisals. A sale contingency specifically waits for your house to sell.
Today's market makes sellers in Reno and Sparks more willing to take these offers with extra homes available. Say you're selling in Carson City and eyeing Dayton—this gives time to line up both sales. But in busy spots like Fernley, non-contingent bids might win out. Team up with a realtor to boost your offer, maybe with a solid earnest money deposit. In Nevada, this is often 1% of the price or around $1,000, showing you're serious.
Taking Out a Bridge Loan
A bridge loan is short-term financing to buy now and sell later. It taps into your current home's equity. In Nevada, these loans usually run 6 to 18 months, with higher interest rates than regular mortgages—often 1-3 points more.
Lenders across Northern Nevada, from Fallon to Minden, provide bridge loans to cover the timing gap. You may need 30% equity or more to qualify. This is handy if you spot a perfect house for sale in Genoa or Gardnerville. Check with a lender for exact rates and rules.
Using a Home Equity Line of Credit (HELOC)
A HELOC lets you borrow from your home's equity for a down payment on a new place in Mound House or Sun Valley.
In Nevada, HELOCs come with variable rates, starting as low as 8.50% APR, sometimes with intro deals. It's a good pick if you've got equity and aim to sell soon, avoiding two full mortgages long-term. For tax or budget impacts, speak with a financial expert—we don't advise on that.
More Ideas to Try
Some sell first and rent briefly while hunting in Silver Springs or Stagecoach. Others seek extended closing times to sync everything.
- Rent-back deals: Stay in your sold home as a renter for a bit.
- Low down payment buys: Dip into savings for the new home while listing yours.
These fit smaller markets like Silver City or Virginia City. Stick to Nevada regs, such as signing a buyer representation agreement before home tours, per the 2024 NAR settlement changes.
Step-by-Step Guide to Buy Before Selling
Follow these steps for Northern Nevada:
- Secure pre-approval for a mortgage or bridge loan to set your budget.
- Pick a real estate agent skilled in dual deals, like our team at Craig Team Realty.
- Evaluate your home's worth with a comparative market analysis.
- Search houses for sale in target areas, such as Reno or Verdi.
- Submit an offer, adding contingencies if needed.
- List your home once the new one's under contract.
- Manage inspections and appraisals for both.
- Close on the new home, then the old, or simultaneously if it works.
Always share required details under Nevada law, like using the seller's real property disclosure form for property conditions.
Benefits of a Local Realtor in Northern Nevada
A local realtor understands the ins and outs in cities like Reno, Sparks, Carson City, Dayton, Fernley, Fallon, Minden, Genoa, Gardnerville, Mound House, Sun Valley, Silver Springs, Stagecoach, Silver City, Virginia City, and Verdi. Cassie Craig and Craig Team Realty bring deep experience in buying and selling here.
We walk you through choices like contingent offers or bridge loans honestly. We comply with all Nevada real estate standards from the Nevada Real Estate Division. Our aim is a seamless process with full info.
Potential Pitfalls to Avoid
Two mortgages can tighten finances, so budget well. Northern Nevada market swings might slow your sale. Appraisals need to align with prices for loans to go through.
Inspection finds could lead to repair talks. For legal or tax matters, reach out to qualified pros like attorneys or accountants.
Buying before selling in Northern Nevada is doable with good planning. If you're in Reno checking homes in Sparks or shifting from Dayton to Carson City, knowing options is key. At Craig Team Realty, we're ready to support your real estate journey. Reach out at (775) 306-7591 to discuss buying and selling in Northern Nevada.