10930 Bettcher Court, dropped the price from $300,000 to $289,000 and it went pending, compare that home to this new listing at 170 W. Olympia for $270,000

A month ago I published the following blog post featuring 10930 Bettcher Court, and what I said then still holds true.
9/13/17 There have been over a dozen two bedroom and one bathroom Grass Valley bungalow style homes on city lots that have been listed and sold this year. I have previewed all of them, and taken notes about the condition, features, neighborhood and curb appeal. There have been a few fixers that have sold for as low as $150,000 and a wide range of modestly appointed homes from $240,000 to $280,000. In the range between $280,000 and $300,000 there have been some real doll houses, fixed up, high-end finishes, fully landscaped, rehabilitated and move in ready. Even if they have a garage, (and many don’t) the highest price paid for a bungalow this summer has been just under $300,000. But sellers have no shame when it comes to the list price. This seller has a home that compares favorably with the homes that sold for $265,000 to $280,000 all summer long. It is not one of the rarified total upgrade homes, that actually would capture the $300,000 price tag. It’s a nice home, but not $300,000 nice. It’s not a fixer, and surely it is not a $250,000 home, but buyers have laid down some markers this summer what they will and will not pay for a Grass Valley bungalow, and this home falls short of that standard.
So, what will happen here?
Well, obviously, either the seller will adjust their price to meet previously established buyer expectations, or a buyer will fall in love with this home in this fall market where inventory is declining and there are no other suitable homes for the $275,000 that comparable sales data says this home ought to be worth, and thus they pay the premium the seller is asking. Or, the home sits, unsold till the listing runs out, and no transaction takes place. I don’t have a crystal ball, and I don’t know how motivated the seller is, so predicting the outcome is not possible. What is important is that however it turns out, the sale at list, or at a reduced price, or no sale at all, tells us about the strength of the fall market and sets the table for what will happen over the winter season. As the season turns, and fewer and fewer homes are listed, the significance of any one sale takes on greater importance. It would be a big win for sellers who own similar homes if this one sold at or close to $300,000. If the seller caves to market pressure and lowers their price, it will serve as further confirmation to other sellers and their agents that $300,000 is a bridge too far for most Grass Valley bungalows.
10/18/17 Right after I posted this blog, the seller lowered their price to $289,000 and now the home is a pending sale. What about this new listing at 170 West Olympia for $270,000. The specifications of the homes are almost exactly the same, but the details of the condition are different. West Olympia is not as well maintained, need more work, has some differed maintenance.

Author: gordon

Nevada County Resident since 1988. Painting and Decorating Contractor 1985-2003 Nevada County Realtor Since 2004 Member of the Nevada County Masters Club (top producing agent) Every Year Since 2004

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