A couple weeks ago, Neighborhood of the Week focused on a midtown section of Coeur d’Alene with a pocket of homes that had recent price cuts. It resulted in pandemonium.
OK, not really, but it did highlight a common market occurrence we often see each fall season. Listings tend to explode in the spring and summertime in North Idaho, and even in a good market, a few of those properties don’t sell as quickly as others.
Some homes don’t sell because they’re overpriced, but that isn’t always the case. In fact, many factors can be in play when a property sits on the market longer than expected. A pending sale might have fallen through, or perhaps previous listing photos didn’t depict the home in an ideal way.
Or sometimes a home can sit for no good reason. It happens. Whatever the case, sometimes a price cut, even a modest one, can result in more success.
From a buyer’s perspective, autumn can be a great time to find a good deal, especially if homeowners want to make a sale before the real cold weather arrives. On many of the various real estate apps and websites, you can filter searches based on price cuts. For this space, we’re focusing on a couple of conveniently-located neighborhoods in Post Falls. As always, we won’t be listing the specific address of any of these reduced-priced homes here. We do this so not to favor one particular listing over another.
The first pocket in Post Falls with a few recently-reduced homes can be found south of Poleline Avenue between Greensferry Road and Highway 41. Obsidian Acres has a great-looking listing with three bedrooms and more than 2,300 square feet listed for just under $330,000. It dropped $30,000 late last month. A similarly-sized home nearby is now listed as “offer pending” after a $15,000 drop in the same time period.
A little closer to 41 is a four-bedroom home with a little more than 1,500 square feet, priced at $259,000, down about $7,000 in September. Just a few blocks south, a four-bedroom with 1,800-plus square feet and a 30-by-30 shop on the property just dropped $15,000 this week to $315,000. Might want to move on that one soon.
Pocket No. 2 takes us just north of Poleline and flanking both sides of Greensferry Road. The lowest priced is a three-bedroom, 1,150-plus-square-foot single-level home priced at $245,000, down $5,000 just this week. Need just a little more space? A 1,400-square-foot three-bedroom rancher with a great-looking backyard and a covered patio area is down $8,000 to $287,000.
These two properties aren’t far from two larger homes with price cuts. A four-bedroom plus bonus room home with almost 2,500 square feet includes a living room with a fireplace and some nice surrounding built-ins priced at $320,000, down $5,000 at the start of October. Then the biggest property in the area comes in at almost 2,900 square feet with four bedrooms, and the listing touts its layout as an ideal situation for a mother-in-law quarters. Don’t get any ideas, Mom. Anyway, it dropped $14,000 last week to $325,000.
Neighborhood of the Week will take a look at a few more price cuts in ideal neighborhoods around North Idaho in the coming weeks.
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Let us know about more standout neighborhoods and developments that we may feature in an upcoming Neighborhood of the Week. Contact Tyler Wilson at firstname.lastname@example.org.
Real Estate Agents, take advantage of Neighborhood of the Week by sending in your suggestions for featured areas, including sites outside the normal confines of Coeur d’Alene, Post Falls and Hayden.