Today I spent the day with an out-of-town buyer looking to relocate from Southern California. So we did the usual newer home mid-range overview… Double Diamond, Caughlin Ranch, New Northwest, Spanish Springs.
I noticed right away that Double Diamond pricing in the $400K-$500K range has softened quite a bit from December when I was last out there showing property. This was also true for Spanish Springs. In fact, in a couple of cases, I realized I was showing the same property again, price reduced, still unsold!
Unlike most of my relocation buyers, this one is willing to do a little renovation. But after seeing a nearly new, highly upgraded home on Village Parkway in Caughlin Ranch in the low fives, needing almost no work, compared to a fifty year-old outdated grandma smoker house on Idlewild Drive for the mid-fives… well, trust me. The Caughlin Ranch home seems like a much better deal.
My point? Sellers, when pricing your house in this market, don’t just look at the asking prices for homes in your neighborhood. Active listings are failures until they sell. Look at homes that actually SOLD in the last three months. And, look at similarly sized homes throughout the Reno Sparks area. There are fewer buyers now, so you are competing with neighborhoods all over town.
It’s all about value, people. Offer the best value citywide, and your house will sell.
