Home Buying in Raleigh>Question Details

BSD, Home Buyer in Raleigh, NC

Why hasn't the home at 7100 Saratoga Springs Lane, Raleigh, NC 276123 sold since it has been on the market from last July, 2009?

Asked by BSD, Raleigh, NC Sun May 9, 2010

Is it because of the price being too high and reduced three times already, the fireplace that is in the middle of the wall, the schools, or the lack of openess from the family room to the kitchen? Really could use your professional help.

Help the community by answering this question:


Homes sell when they are priced correctly and in the best condition. Remember it has too be a value to the consumer, not the seller. There is alot of competition out there. So if the seller wants it sold it needs to be in better condition than it's competition and the lowest price.
1 vote Thank Flag Link Mon May 10, 2010
I do see that within a 1 mile radius of the home, there are far more listings than sales within the past 6 months. This is pretty common for that price point. Your questions as to why the home is on the market are valid but what may not fit one family would be perfect for another. Evaluate this on your personal family needs. It seems that for whatever reason, the price continues to adjust and that could mean value for next buyer if that home is a fit. I have more specific thoughts and data around this home that I would love to share with you if you are not currently under an exclusive buyer agreement. Feel free to contact me if your are interested. You can also keep track of sales activity and listings in that area by going to http://www.RaleighNCPropertyValues.com.

I wish you the best

Reginold Jones
0 votes Thank Flag Link Sun May 9, 2010
Hello Homebuyer That Is Fed Up,

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.

Kind Regards,

Kelly R. Smith
Weichert, Realtors - Columbus Associates
Triangle Smith Team
Web Reference: http://www.WRCASold.com
0 votes Thank Flag Link Sun May 9, 2010
Home Buyer,

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.

Kind Regards,
Drew Ludlow
Foreclosure and Short Sale Specialist
Web Reference: http://www.drewludlow.com
0 votes Thank Flag Link Sun May 9, 2010
It sounds as if you've seen this house yourself. I assume this means that you have a Buyer's Agent already. If both of these are correct, then what does your Agent say? If you like the house, and can afford the house, and your Agent can help you arrive at the market value (assuming perhaps current asking is still a little high, I don't know) - then I wouldn't worry about it. The market of more expensive homes north of 540 is far different - slower - today than it was in the summer of 2008.

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.
0 votes Thank Flag Link Sun May 9, 2010
There are many reasons why a particular home does not sell. By law in North Carolina an agent represents the seller unless that agent has a buyer agency agreement in place with you. Having a buyer's
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.
0 votes Thank Flag Link Sun May 9, 2010
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