Home Buying in 21811>Question Details

Mw21811, Home Buyer in 21811

I have been looking at a property it has been on the market for over a year what could be wrong with it?

Asked by Mw21811, 21811 Thu Jul 7, 2011

it is priced competitively pictures look far better than all most all in its comp set. with out going into specific detail on which property what could be causing the resistance?

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9
Maybe the price is not as competitive as you think. Send me the MLS number and I will look it up and see if I can figure out issues such as location or other details I might be familiar with.
Web Reference: http://www.LucOC.com
0 votes Thank Flag Link Fri Jul 8, 2011
There are really only three factors that affect a sale. Price, condition and advertising. If the property has been on the market for over a year it is lacking in one of those areas. Perhaps the pictures do portray the current condition of the home. It is definitely worth looking into. Any material defects have to be disclosed but not until you write a contract. Things like well, septic, foundation issues, etc can all affect offers.
0 votes Thank Flag Link Thu Jul 7, 2011
If you aren't currently working with an agent and would like me to get more information on the property for you, send me a private message.
0 votes Thank Flag Link Thu Jul 7, 2011
This is what happens in a slow market. There are not enough buyers for the inventory, and with so many buyers relying on websites to alert them to new listings, perfectly good properties that could very well have sold when they were first on the market get passed by and subsequently ignored.

So the property may be a total dog, but it could be a top dog too - it's just harder to sell houses that have been on the market for a while.
0 votes Thank Flag Link Thu Jul 7, 2011
Condition?.....no.....that can be rectified....its price.....period....
0 votes Thank Flag Link Thu Jul 7, 2011
Sometimes it may not be what's wrong with it .. but what is in it. ... floor plan, room sizes, kitchen space, number of bedrooms, lot size... or even its location.... is it at the end of a street....could be a reason why a buyer has not scooped up this property. I am curious... have you seen the property ?? The best way to have a better understanding of this particular property is to walk through it... AND then walk through some of the other properties in that neighborhood.....you may find that there is nothing wrong with the property ... just how the market is trending.
0 votes Thank Flag Link Thu Jul 7, 2011
There is probably nothing wrong with it, Ask a Realtor to show it to you, get to see the interior, then if you like it still, make an offer for 10% lower than asking, this may be accepted and you get a deal! Be sure to have the home inspected during the inspection timeline in the contract! If you find major things wrong, you can negotiate to have repairs or walk away! Good Luck!
0 votes Thank Flag Link Thu Jul 7, 2011
A house could be on the market for a long time for several reasons.

-Priced high at first and have now lowered the price
-Seller decided to make repairs to improve property showings
-The house had a contract on it that fell through after many months
-Or the seller decided to temporarily take it off the market ( vacation or death in the family) and re listed. Some sites count those days in between as “on the market”

You can learn more about this and other home buying topics on my blog below
0 votes Thank Flag Link Thu Jul 7, 2011
Hi Mw21811,

Even if it's priced competitively, it may be over-priced (if all the other homes are also over-priced). The only way to know if it is priced correctly, is to have a Realtor do a Comparative Market Analysis (CMA) on the property using Sold comps within a 1 mile radius (the closer, the better) of the property that have Sold within the last 3 months. If market value is what it is priced at, then it may be due to other factors. Is it a short sale? If it is, it has to be approved by the lender(s)/investor(s) and this could be an issue. If there have been offers and inspections done and something was 'discovered', that could also be an issue. There are several other possibilities but without more details, it is hard to speculate.

Shanna Rogers
SR Realty
http://www.RealtyBySR.com
0 votes Thank Flag Link Thu Jul 7, 2011
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