Home Buying in 89119>Question Details

Soomin, Home Buyer in 98512

If a house is on the market for long time, is it mean a ' BAD DEAL'?

Asked by Soomin, 98512 Thu Jul 8, 2010

My husband and I are moving to out next duty station, Fort. Bliss, TX soon. We are thinking buying a house so I've been researching. I found a pretty good house. All the conditions looks good, price, size, area, and interior. However what concerns me was that the house's been on ther market for over 230 days. Is this mean a bad deal? Can I negociate the price since it's been on the market for long period time?

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Answers

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The number one reason a home develops long market time is the listed price is in line with the market. In other words it's overpriced. Have your agent provide a buyers property analysis on this area to help determine what the home should sell for and then use this information to develop your offer.
0 votes Thank Flag Link Thu Feb 26, 2015
Sometimes if a home has been on the market for that long it is a short sale. I hate to sound like a broken record, but an agent could gather more facts for you, and help you make a good decision. I always recommend a home inspection, which could satisfy concerns about a defect in the property. I also always recommend a home warranty. Between the warranty and the inspection buyers are usually covered.
0 votes Thank Flag Link Thu Feb 26, 2015
This is true, Kevin. Just make sure you know what the home warranty covers. Make sure you go through the home warranty contract. I wrote an article/infographic about how a home warranty works that home buyers and realtors can use to better understand the process: http://blog.landmarkhw.com/post/what-is-a-home-warranty-infographic
Flag Wed Jun 10, 2015
All Real Estate Should sell if "Priced To Sell". Do you have an agent? If you do, they should be able to advise you on the facts of the property as they know it.

If you don't have an Agent and are interested in someone who will work hard to earn and keep your business, I'd be happy to have a consultation with you.

Craig Tiffee
Real Estate Masters, LLC
TCM Law Group
(702) 785-8240
0 votes Thank Flag Link Wed Feb 25, 2015
The home could be over priced, or it could started at a high price. Some times buyers over look homes that have been on the market for a long time, even with price reductions. It could mean that the sellers are very motivated and you could get a great deal!
0 votes Thank Flag Link Wed Feb 25, 2015
Not necessarily. It could be as simple as the house is over priced.

If you need any further assistance feel free to let me know.

Thanks

Becky Cordova
702-612-1584
0 votes Thank Flag Link Wed Feb 25, 2015
It means that whatever is going on, it is not priced to sell. Every house, no matter the condition, will sell at the right price.

That being said, if it is a short sale, it may have been under contract more than once and the buyers couldn't get financing, or upon inspection, discovered defects they chose not to live with.

If the house has been inspected, and defects discovered, the selling agent must disclose all 'material facts" that may affect the value of the house.

Are you using your own agent? Your agent should find get those answers for you. The listing agent works for the seller and will only tell you what they have to tell you.
0 votes Thank Flag Link Tue Dec 16, 2014
What is the typical time on market in that neighborhood?
Something tells me the home inspection might turn up some major defect. Have you asked the seller agent if they have any offers?
0 votes Thank Flag Link Thu Nov 20, 2014
When a house is on the market that long it is because it is over priced. PERIOD. If it was priced correctly it would have sold.
0 votes Thank Flag Link Thu Nov 20, 2014
Not necessarily. It probably means it is in poor condition or it is priced too high. Many buyers cannot see past cosmetic damage and do not realize how inexpensive professional cleaning, new paint, and new carpet are. If it is priced high, there is no harm in submitting a reasonable offer. The seller may
be flexible on price.

Regards,
Chad Roberts
Broker/Salesperson
Realty One Group
0 votes Thank Flag Link Thu Nov 20, 2014
Yes you can, It also depends on what sight you are looking at. some sights do not update and the house could have already been sold. It is possible that the seller is overpricing the house and not putting it on the market at fair market value. It can also depend on the condition of the home.
0 votes Thank Flag Link Wed May 15, 2013
Some good info below...also keep in mind good deals are often made, not found.
0 votes Thank Flag Link Mon Nov 14, 2011
It does not mean it is a bad deal at all. But, you should take a look into the market time. Perhap's the market is a bit depressed, it's original price might have been to high, it could have bad curb appeal or interior appeal, or ...............it could just not have found the right buyer. I have had listings............that I thought were really great.........and they slept........on the market. Terrific things, I thought about them, price, appeal........there was no technical reason they did not sell in a short amount of time. Yes, they did sell, but had some extended time on the market.

Make sure you have a home inspection. Also, check the area for possible negative factors, school systems, land fills, crime rates. You can always talk to the neighbors also.

You can definately try to negotiate the price. It does not mean the seller will accept it. They may be willing to go lower though since it has been on the market for 230 plus days. You won't know until you make a offer. Good Luck and I hope this helps you.
0 votes Thank Flag Link Sat Jul 10, 2010
No, it doesn't mean it is a bad deal. I would recommend depending on your state laws getting a home inspection. Some homes just take a little more to sell...remember not all homes are created equal...there could be a million reasons why it hasn't sold yet.
0 votes Thank Flag Link Thu Jul 8, 2010
Answers below are good.

However, if the house really is still active, and has been on the market for over 230 days, then likely it's priced too high. Have a Realtor do a CMA (comparable market analysis) on the property to determine what it's really worth in today's market. Pay no more than that figure. Likely offer less.

And that answers your question about negotiating. Of course you can negotiate. You usually should. Your Realtor can give you some strategies for doing so. Repeat after me: Everything is negotiable.

Another possibility for long days on market is that the house doesn't show well, or there's some major problem with the house or location.

Sometimes the problems are just cosmetic--poor curb appeal, green shag carpeting, too much furniture, strong pet odors, etc. All those can be fixed, some without too much effort. But many potential buyers can't see past the surface. I've seen houses priced $100,000 under the market when all it would take would be $10,000-$15,000 to fix the problems.

And sometimes the problems aren't correctable. Maybe it backs up to a highway. Maybe it's underneath high power lines. So, in that case you have to buy cheaply, recognizing that when you sell the problems will still be there and your pool of potential buyers will be much smaller.

What you need to do is to find a Realtor (NOT the listing agent) around Ft. Bliss to do a CMA and to give you his/her opinion of the property.

Hope that helps.
0 votes Thank Flag Link Thu Jul 8, 2010
Don Tepper, Real Estate Pro in Burke, VA
MVP'08
Contact
There are many reasons why it may appear to have been on the market for a long time. A good agent will look at comparable sales AND go over the property history with you in much greater detail than you can find on public internet sites. If the property has really been on the market for that long without other explanation, then yes, I would aggressively negotiate price. However, my guess is that you're missing part of the picture and need to take a closer look at the property history.
0 votes Thank Flag Link Thu Jul 8, 2010
Hello Soomin,

That is a great question, but one that does not have such a simple answer. The property could have been on the market for a long time due to:

1. It is a short sale property and the lender is dragging their feet in the negotations, or the buyers have backed out and their is new buyers, and the process starts back over again.

2. It could have been priced too high and the agent has been catching up to the market, but once you start behind the market it is hard to ever catch up.

3. It could be a property that has been sold, and not changed status yet.

4. It could be in bad condition that is not represented by the pics.

As far as negotaiting the price it would be best to consult a buyer's agent in Texas and get their opinion of the value of the property.

What are you doing with your house here in Vegas?

Thanks,

Jason Allen Gardner, SFR
Exit Realty Imoti
702-806-6968
jagsellslvre@yahoo.com
http://www.jagsellslvre.com
0 votes Thank Flag Link Thu Jul 8, 2010
Have you checked on the pricing history? If a house is always above the price curve, it can continuely be overlooked by buyers looking for the best deal. However, when the house is finally priced at market value and all other considerations being equal it could be a great deal. One can always try to negociate the price for various reasons.
Good Luck!
0 votes Thank Flag Link Thu Jul 8, 2010
Hi Soomin - I agree with Mark that there are lots of reasons for a house to be listed for a long time on Trulia. The best way to know is to email me the address so I can actually check to see the status.

Its not uncommon for agents to list the property on Trulia then not know how to cancel it as being available. The property could either be under contract, have expired, been foreclosed on or even has already sold.

My contact info is below. Shoot me an email with the address and I'll be happy to check on it for you. If for some reason this one doesn't work out, I can help you find something else.

Heather Peck
Sellstate NRES
VegasCastles@gmail.com
http://www.HeatherPeck.com
0 votes Thank Flag Link Thu Jul 8, 2010
Yes you can, if the local comps support you coming in with a lower price.
Make sure you are being represented by a local Realtor, who is qualified to run those comps and advise you on what kind of offer to make.
Thank you and good luck.
If you haven't found a local Realtor yet, please let me know and I will refer one to you.

Chantella Brimhall
"Short sale Specialist"
702-630-5618
cbrimhall09@gmail.com
Web Reference: http://www.cbrimhall.com
0 votes Thank Flag Link Thu Jul 8, 2010
This could be for several reasons... very common, it could be a short sale that has been through many stages of sales, if you found it on Trulia, it could still be under contract or even already sold... it could be over priced, the condition could be bad, and there could be something wrong with the property that causes banks to refuse lending...
0 votes Thank Flag Link Thu Jul 8, 2010
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