I am interested in a property that has been on the market for several months. Is something wrong with it that?

Asked by M, Brooklyn, OH Tue Jan 13, 2009

I may not realize (it appears to be in good condition) or are lots of homes on the market for a long time now? Or is it that the house is over-priced? Since no one else seems interested in buying it, is it safe to assume the owner would accept significantly less than the asking price? Should I get an appraisal or inspection before proceeding? Or should I make an offer? Thank you for any help/advice.

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John Wirsing, Agent, Pepper Pike, OH
Tue Jan 13, 2009
Hi M,
The average days on market for homes is up over historical standards. Many factors influence the time that a home is on the market. Very often, the Sellers have an unrealistic opinion of their home's market value in todays market.
The easiest way to determine the fair market value is to contact me. Our first step would be to view the property and get a feel for its condition. Do you like the home enough to want to buy it?
Next, we would do a market analysis of the neighborhood to determine what comparable homes in the area have sold for recently. We don't care about what homesw sold for a year ago-we want to study the past 3 months.
If these things line up, then we would put together an offer to purchase. Within this offer, we would have inspection contingencies built in that would protect your interests.
It is in your best interest to have a REALTOR working to represent YOU!! When you use the Realtor that has the listing, it is important to remember that the listing agent is representing the SELLER.
As a Realtor, a major part of my job is to represent my client's interests before, during & after the sale! Best of all, my services will COST YOU NOTHING! My fees are paid for by the Seller.
I would appreciate the opportunity to work for you>
John Wirsing
Keller Williams Realty Greater Cleveland
0 votes
David Wakeman, Agent, Strongsville, OH
Tue Jan 13, 2009
Are you looking at a property in Brooklyn, Ohio? If you are and want more information on the property you are considering, email me and I will be happy to help you.

David Wakeman
RE/MAX Classic
Web Reference:  http://wakemanrealtors.com
0 votes
Carol Burns,…, , Dover, DE
Tue Jan 13, 2009
In Todays market, it is not uncommon for homes to be on the market longer than usual. Speak with your local real estate specialist about the average time on the market in the area you are looking to purchase.
0 votes
Dana Schuster, Agent, Slidell, LA
Tue Jan 13, 2009
i suggest you contact a local agent who can guide you through this process. your agent can arrange a showing and provide comps which will help you determine whether the property is over priced or not. An inspection can't be scheduled until after you have an accepted offer--otherwise you would be trespassing. After you have an accepted contract--your lending institution will order the appraisal.
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