This is great news for home owners in the South Reno community (Double Diamond, South Meadows Pkwy. and Damonte Ranch Pkwy.) currently in the market or those who are thinking of putting their homes in the market.
To be clear, my experience of buyers running after resale homes is solely based in South Reno.
It all started when a few new home builders (Toll Bros., KB homes and Lennar) here in Damonte Ranch (our office) started building and selling homes for much less than what resale homeowners were selling their homes.
I figured why would a person buy a resale 2,000 Sq. Ft. home for $250,000 when he can get the same home (even newer,more upgrades etc.) for $220,000--simple math: $30,000 savings and brand new!
Apparently, this is not how all buyers think. I can't pinpoint the exact reason; my guess is people still like established neighborhoods and bigger lots--both can't be found in new homes.
My Experience
I got a listing in the South West-Damonte Ranch area on February 20, 2009. Three days and ten showings later I got a full offer with a backup.
I got another listing not too far from it--actually a few meters from the new homes. I put it in the market on March 15,2009, and I as I write this it has gotten thirty showings.
The same trend is happening from all the other agents in my office. The common denominator is price. If you price it well and have a good showing, you will get an offer.
Leave a comment