I wish you the best
From the looks of it you have had similar questions about several properties in the area and as Bo and Jim have stated a buyer's agent can assist you with assessing properties to give you a better idea of what the history is of a particular home.
That said, let's speak in generality. Area 7, which is the MLS area that this home is located in, is a large area that has several price points and neighborhood styles. This area draws many different buyers in different price points, but like many areas of the Triangle homes over $500k tend to stay on the market for a little longer than others. This has to do with several different aspects of our market. Mt. Vernon Crossing is a neighborhood that I am familiar with and have listed and sold two homes in 2007 that were roughly the same size and these sold at over $600,000. Prices have come down though and the amount of inventory available to buyers has increased. This means that it is very competitive between the available homes. Two of the four items that you asked about, fireplace and floor plan, are subjective things that not all buyers will like or dislike. Schools can influence the likability of a property but this again can be a subjective thing as every buyer may look for different qualities in a particular school. Price can always make or break a property and since I have not looked specifically at this home I can not comment on what may be a market value, but what I can see is that the seller has reduced in an effort to find that magic number.
I know that there is a fear among buyers about homes that have lingered on the market for a lengthy period of time, but sometimes this is a little unfounded. What is needed is a critical look at any individual property and scrutinizing facts rather than assumptions. I think that the concerns that you have raised are reasons why you have not purchased this home and why others have passed it buy. These same factors may draw another buyer into purchasing. Thanks for the question and I hope I can help you in the future.
Kelly R. Smith
Weichert, Realtors - Columbus Associates
Triangle Smith Team
Your assumptions about the price are probably correct. As you most likely know, the house was originally listed at $620k, and was reduced to its current price on 4/13. If you are not currently working with an agent, I, as well as the other posters, would be happy to discuss the opportunity with you.
Foreclosure and Short Sale Specialist
If you don't have an Agent, and want to see the home - then as Jim says - you should have an agent represent you and go see the home.
agent costs you nothing and has someone looking out for your best interests. A good buyer's agent can help with the questions. If you are not working with someone I will be glad to discuss agency with you.