If a house on the market for over a 1 year,shouldn't there a price reduction?

Asked by Pncoxcite, Philadelphia, PA Tue Jul 3, 2012

I have been looking at a particular house since the end of 2010,the house seem to have been sold but closing may have went bad and a new real estate Co. took over.However since the new agent has it (over 90 days) the has been reduced what so ever. Why?

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15
Carl Ben Wit…, Agent, Upper Montclair, NJ
Fri Jul 6, 2012
Try to post the address. Anyone can see from realtor.com the basic history in Lawncrest. Average list price for 3-BR house is $103,542 and sales price is $96,224. Yet Philly as a whole is the opposite- huge sales price increases over list prices. Residents post opinions about the area that are not complimentary, even here on Trulia. It could be a transitioning neighborhood, looking up from being down. Some sellers want to reap the benefits. Any realtor can discover the sales history of the house and this may tell you something of what is going on. But in a slow market, you should see price reductions over 2 years, for the same house. In foreclosed or bank owned properties, it can happen that a listing is left unchanged for an extra long time due to poor property management by the bank. But you do not reveal any useful information for us to speculate with and help you. Are you working with or in touch with a realtor? Have you made any offers? Why not?
1 vote
James Deskins, Agent, Worthington, OH
Thu Jul 5, 2012
Not if it's priced right.......however, if it's on the market for a year and the sellers hasn't dropped the price it probably ISN'T priced right. Maybe the seller can't drop it.....because they owe too much.
1 vote
Larry Lichtm…, Agent, Bala Cynwyd, PA
Wed Jul 4, 2012
That all depends on the motivating factors of the Seller. Do they NEED to sell? Or are they just testing the waters to see if they can get their asking price? Could be many factors.

Real Estate transactions are a negitation. Just because the price hasn't been reduced doesn't mean the Seller won't accept a lesser offer.

Please feel free to contact me. I can help find out the situation and may be able to negotiate a great deal for you on the home.

All the best,
Larry Lichtman
REALTOR, Property Manager
Your Real Estate Resource For Life
Cell/Text: (267) 254-7994

DJCRE, Inc.
Real Estate & Insurance
1611 Snyder Avenue
Philadelphia, PA 19145
Office: (215) 271-7070
Fax: (215) 271-7071
1 vote
Nick Sylvest…, Agent, Philadelphia, PA
Wed Jul 4, 2012
The seller should reduce the price after a year on the market. Unfortuneately some people just refuse to do it. The two biggest reasons a house does not sell is overpriced or the house is in poor condition.
Nick Sylvestro
Associate Broker
Remax Access
1 vote
Sheri Curci, Agent, Newtown, PA
Wed Aug 1, 2012
Hey Pncoxcite,

Any luck on the Lawncrest Home with movement on the price?

I shot you an email July the 5th, Feel free to give us a confidential Call or email?

All the Best John + Sheri 215-757-2889 or HomeCatch@verizon.net
0 votes
Sheri Curci, Agent, Newtown, PA
Thu Jul 5, 2012
Hello, Pncoxite, there may no be any wiggle room to negotiate from the Seller.

It all depends on what the Seller owes?

That’s when you have a Licensed Accredited Buyers Rep do the home work for you.

Sheri is an ABR ( Accredited Buyers Rep ) we've been doing this over 17 years... Full time Full service.... None of that part time Realtor stuff…. just to include a supplemental income.

If you’re serious in Buying?.......Then we are serious in helping you find you home.

If you have time... check our recommend page?


All the Best John + Sheri RE/MAX Properties 215-757-2889
0 votes
Philip J. Cu…, Agent, Feasterville, PA
Thu Jul 5, 2012
Not trying to be a wise guy but you will have to call and ask the Agent. I live in Lawndale and would be more then happy to discuss this with you in person. If you are interested in the house please call me I may be able to give you an inside line but you will have to give me the address. Call me at 215-725-5700 X49

Philip J. Cunningham
VIP Realty Corporation
7942 Bustleton Ave
Philadelphia,PA19152
215-725-5700X49
Web Reference:  http://www.GreatPaRE.com
0 votes
Benny Smith, Agent, Pittsburgh, PA
Wed Jul 4, 2012
An agent could ask the seller for a reduction but it is up to the seller. Unique homes often take over a year to sell even at the correct price.
0 votes
Timothy Garr…, Agent, Philadelphia, PA
Wed Jul 4, 2012
Hi, Pncoxcite.

Home prices are always the choice of the seller. If a home is worth $100,000, there is nothing stopping that seller for listing it at $500,000 except for knowledge of current market conditions and motivation to sell.

Price reductions are very common these days because it is still a buyer's market, but some sellers are choosing to hold firm to higher prices with the hopes of the right buyer coming along or a drastic change in the real estate market. In other words, he/she may not have to sell right away.

If you need anything else, please let me know.

Thanks,
Tim

Timothy M. Garrity | REALTOR®
U S Spaces, Inc. | #RS314897
267-879-2716 - Call & Text
PhillyUrbanLiving@gmail.com
PhillyUrbanLiving.com
0 votes
Carl Ben Wit…, Agent, Upper Montclair, NJ
Wed Jul 4, 2012
Looks like there are no buyers for this house. Except you. Something is wrong. What do you think it is?
0 votes
Phil Rotondo, Agent, Melbourne, FL
Wed Jul 4, 2012
It's a great question..... Why have you been looking since the end of 2010???
0 votes
Tina, Both Buyer And Seller, Rancho Cucamonga, CA
Wed Jul 4, 2012
Make an offer! If you look at the market analysis and his asking price is in the ballpark, offer what you think its worth to you! You might be surprised. Any seller not getting offers should be grateful that you took the time to put one together. If you can find out what the seller needs or wants and make a lower offer, but one that satisfies some of her needs, even better.

Honestly, this seller does not sound motivated at all. She doesn't seem to need to sell. Again, it never hurts to make an offer, and especially an informed one beyond market value. If you can find out what really motivates the seller beyond cash you might have a good chance of getting a lower price. Either way, I say make an offer. You might be surprised. Worst thing that happens is they say no!
0 votes
Darrell D. D…, Agent, Schertz, TX
Tue Jul 3, 2012
The good thing about a price reduction for a buyer is the knowledge that the seller is intent on selling...but even without a price reduction, the buyer can always view a fair market analysis and prepare an offer based on that. Usually, the longer a home is available for sale, the more likely a seller is to negotiate.....with or without a reduction.
0 votes
Michelle Gon…, Agent, Los Alamitos, CA
Tue Jul 3, 2012
Price reductions aren't required at any certain amount of time. It's up to the seller and the agent to discuss and see if dropping the price may help get the home sold. In this case it sounds like the seller isn't really motivated to sell. Instead of just watching the house for a year, why not put an offer in at what you think it's worth and see if the seller accepts. Don't wait for the price reduction that may never come (it's been a year and it hasn't happened).
0 votes
Michelle Spa…, Agent, Glendale, AZ
Tue Jul 3, 2012
There is no scientific answer here, too many moving parts. The pricing decision is usually made by the seller and guidance provided by the Realtor. My guess is when the listing moved to a new agent, he convinced the seller that the price was right but the property was poorly marketed previously. The seller may also be firm on their price for lots of possible reasons. If you are represented by an agent, I would have them call the listing agent and scope out the situation. Best of luck!
0 votes
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