Sellers faced with longer time on the market, lower sale price

Fewer Carson City homes sold in August than a year ago, according to a database for Realtor sales. The data also shows houses are spending more time on the market and costing 11 percent less than a year ago.

The median cost of a single-family home in August was $309,000, compared to $348,500 the previous year. Real estate agents call this a buyer's market.

"There are more houses to show and sellers are more negotiable," said real estate agent Kathy Tatro.

The price frenzy started in Carson City in 2002 and peaked in 2005. In 2005 the median cost of a single-family home jumped 34 percent to $348,500. Industry analysts predict prices will continue to decrease as sellers become more desperate and buyers hold out for more competitive pricing while interest rates for a 30-year mortgage stay under 7 percent.

The number of Realtor sales decreased in Carson City in August, despite the falling prices, according to the Northern Nevada Regional Multiple Listing Service. Forty nine homes sold, compared to 68 in August 2005 and 82 in August 2004.

Sellers are also waiting longer to sell their homes. The average number days on the market is 128, compared to 81 in August 2005 and 59 in August 2004.

These statistics do not include owner sales, which are becoming more popular because of real estate Web sites that charge cheaper fees than the average real estate agent but offer fewer services. Those sellers are also feeling the effects of the market. Donaldo Palaroan, who is using one of those Web sites, said he's reduced the price of his home on Taylor Way in the Silver Oak subdivision from $479,000 to $474,000.

"We've been in the house for two years and we bought it in a seller's market, now we're selling in a buyer's market," Palaroan said. "We're not in a hurry to sell."

Another house is for sale around the corner and down Flintwood Drive.

The home overlooking the 18th green has been on the market for about a month and its asking price is $510,000, said real estate agent Bill Dooley.

This price isn't a problem for potential buyers Doug and Patti Eisner, of Walnut Creek, Calif., who want a retirement home on the golf course.

"It's a good time to buy," said Doug Eisner. "I don't think it's ever a bad time to buy."

The sellers are building a new home, so they would like to sell as soon as possible, the agent said.

• Contact reporter Becky Bosshart at bbosshart@nevadaappeal.com or 881-1212.