It has to be rebuilt, redesigned or just become obsolete.
There is a foot for every shoe.
Great information. All along I thought many homes weren't selling because they were over priced and people could not get financed due to the "Mortgage Meltdown" of 2007. I thought the housing market had to due more with supply and demand.
There are still many owners who feel they need to price it high in order to negotiate with bargain hunters. This theory may push the house out of the price range of its competition and often prevents customers from making any offer at all. The biggest risk when you price your home at the top of the market is the potential that it will be completely ignored and will not be shown. Better to price it right and be less flexible.
Tammy Hayes, Realtor
RE/MAX Palm Realty
Typically there are two factors that can and will determine if and when a home sells and those are price and marketing. It is a numbers game and it is no different in real estate than it is in other industries. The more people that know about your property, the more showing requests you may have. The more requests you have, the greater chance of an offer or multiple offers. Ultimately price is the last thing that is determined once a property is selected, but the current market (based on sales) will determine what the property is worth. If the properties are priced right and the EFFECTIVE MARKETING is in place, they should sell sooner than others. There is a buyer for every property and it is a matter of time which many people don't have. The right buyer, the right property, the right time and the right price. That is what we all strive to achieve. Don't forget that there are still individuals who are unrealistic and there are agents who simply take a listing that isn't sellable and sit on it for six months. It can be homely, comfortable and a great place to live, but if it's too high, it's too high. The sooner everybody faces reality, the sooner we will either sell or eliminate the 60 - 70% of homes on the market that won't sell. It's tough, but not impossible.
And as most Realtors now, bad ch'i is often caused by... yes, you guessed right, bad pricing! There you go, that is the secret, now it's out.