Thinking of buying a two story home?
Sounds innocent enough. Your kids may be teenagers and you need the space (mine are teenagers now and I need the space and peace of mind at times..). On a price per square foot basis, you will get a lot more for your money too!
Reno-Tahoe Area Home Buyers - Beware
Here's what you really need to know before you buy a two story home in this area.
- If and when you want to resell your home, you will eliminate over 80% of the potential buyers in this area. Yes, 80%+.
Remember, prices in any free market are determined by supply and demand. By eliminating a large chunk of potential buyers (demand), you will either need to lower your home price to sell it OR be at the mercy of a savvy buyer if we are in a buyer's market like we are right now.
Why is demand so low for two story homes?
A good portion of our home buying audience here are baby boomers who are "escaping" the higher density/higher intensity lifestyles of major California markets. These folks do their homework and most of them plan on being in the home they purchase for the rest of their life. While nobody likes to envision themselves as old and immobile, most people realize that at some point climbing up and down stairs multiple times a day could be a problem - images of walkers, wheelchairs, etc...
The one footnote to this rule is when a two story home has the master bedroom on the first floor with the kitchen and living areas - this is tolerable and many people will consider this. [Many real estate agents may not know how to effectively search the MLS for such properties - beware again...]
In my experience, I have found that people with small children don't want the two story (visions of babies falling are not pleasant) home either.
This leaves potential buyers who are young and kid less - we used to call them DINKs (Dual Income - No Kids) or families with a bunch of kids who are probably 5 years old and above. Soon after the kids are out of the house, the parents are right back to the top of this post - projecting out further into their life.
I hope this information is of value to you if you are contemplating a home purchase in this area.
Curious about other local home features that may limit your resale potential in Greater Reno-Tahoe? Leave a comment - I'll get you an answer!
Broker - CalNeva Realty