By Sara Beth Williams–
In recent months, several high-priced homes listed for sale have experienced multiple price reductions in Citrus Heights.
While Citrus Heights only has a handful of homes listed for sale over $700,000, a 2,400-square-foot home on Woodlock Way was first listed in May for $850,000 but has since dropped in price four times and now sits at $749,000. The 4-bedroom, 2.5-bath home sits on a third-of-an-acre and features a 3-car garage, fruit trees, an outdoor deck, and an in-ground pool with a waterfall.
Similarly, a 2,700-square-foot home on Glen Canyon Court is currently listed at $799,000 after five price drops. The house was previously listed for sale in April 2023 for $899,000, taken off the market, then relisted in April 2024 for $849,000. The property is tucked away on a dead-end court and features a long private driveway with a gated entrance.
Related: Two Citrus Heights homes over $800k see multiple price drops – Citrus Heights Sentinel
Real estate appraisal expert Ryan Lundquist said in a June 12 blog post that 36.2 percent of active listings saw a reduction in price in the region. Lundquist added that buyers are picky about price, location, and condition.
In a chart on his blog, Lundquist compared the dollar amount in price reduction to the number of homes that successfully found a buyer in the first two weeks of June. Lundquist said based on the chart, reducing the listing price by $10,000 does “very little,” but homes that reduced their price somewhere between $10,000 and $25,000 have seen the greatest success in attracting buyers. Properties that reduced the listing by $50,000 also saw more success.
“If you’re overpriced by $80k, then a modest $10k reduction likely won’t whet the appetite of buyers,” Lundquist said, adding that sellers need to look at the comparative prices of other homes in the area to know how much to price their home to sell.
Lundquist also encouraged homeowners who are selling to not get stuck on the original list price and to review mortgage calculators to help price homes for sale appropriately so that the transaction can “feel like a win” for both the seller and buyer.
“If you plan to sell, you need to be in the zone of what buyers are willing to pay,” Lundquist said.
While some high-priced properties have had difficulty selling recently, other high-priced homes like a 3,600-square-foot home on Kingswood Drive sold for $800,000 in May after its price dropped by $50,000. Another home on Cottingham Way sold in February for $843,000 after several months on the market and three price drops.
