We have seen a large number of similar homes in and around Grass Valley neighborhoods over the last year, and there one other very similar home sale at 2625 Ridge Road, just one block away, that is listed for $289,000. How does this home compare? The lot size is a bit bigger, but the house has the same floor plan, and this house on Slate Creek has no garage, all though there is a Tough Shed in the garden area. What strikes me about this home is the list price pushes right up against that $300,000 mark that typically indicates the top of the price range for homes with this floor plan, and usually homes in the $300,000 range are in tiptop condition. This home is, generously only rated “fair” in the condition, with some obvious deferred maintenance, no buyer should offer to purchase this home without a full regime of inspections. The heating and plumbing systems are suspect, and there is no evidence of any upgrades done in the last five years.
A year ago a home like this would have been $250,000 or less. The market has not risen 20% since last year, al though it up 10%, and perhaps this home will sell at or near $275,000 which would be about right. But what does it say that seller even thinks they can get near $300,000 for this house? Is the market really on that much of a rocker ride up? Are prices, already up 10% from last year about to jump another 10% in the spring of 2018? It seems unlikely that buyers will agree that homes like this are worth 20% more than a year ago. Most buyers have choked down the increase of last year, but piling on again this spring with a new increase in value seems far fetched. Then again, I don’t have a crystal ball. We will watch this house and record when it sells and what price buyers finally decide to pay for it.