One question that I’m asked all the time by home buyers is, “What will the seller take?”. In all honesty I don’t know and neither does the listing agent. The seller may be willing to accept list price or they may not. You see our market is in a mini bubble. Many homes are selling for at or above list price if they’re in good condition and priced correctly.
The table below shows the sale price to list price ratio for all sold single family homes in Reno and Sparks for March of 2012. The ratio is the sale price divided by the list price at time of acceptance. A sale price of $90,000 for a home listed at $100,000 has a SP/LP ratio of 90%.
The stats take into account properties in all kinds of condition. Some that need many repairs may go for less than list price with the more desirable going for at or above list price.
What does this mean for home buyers in Reno and Sparks?
Have your agent run a CMA on the property to see if it’s priced correctly. If the comps say it’s priced right but you don’t agree then offer whatever you feel the value is. Just don’t be surprised if other buyers offer more than you.
For more information on buying a home in Reno or Sparks contact Ricky at Ricky@Resnv.com or (775) 750-1437.