Real Estate

Why has this house been on the market so long?

A buyer said to me the other day they liked this one house.  I looked it up.  They then asked how long it had been on the market. As a realtor I can see this on the MLS (Multi-listing Service). I said, 4 days, which is what it said.  My buyer said, “oh no I have seen this house before. I am sure it has been on the market before.”  So, I checked the history and sure enough this particular house had been on and off the market 3 other times over the course of the last year.  My client then wanted to know what was wrong with the house.  She wasn’t sure she wanted to waste her time actually going to look at the property.  She just wanted to know what was wrong with the property because someone would have, should have bought it if it was a good house. 

In the course of my career I have heard this same scenario play out several times.  If other homes are selling in 45 to 60 days or less and the very best homes are sold in less than 30 days, why has this house been on the market for a year with three different realtors attempting to sell it. Or the other question I get is, it’s been on the market for awhile, do you think the owner will take a low offer?

As a seller you want it to sell quickly and for the most money.  The very best offers are those that come quickly.  If the house is just sitting there and not selling, buyers are going to be asking questions just like my client.  

So what is a seller to do?

Your house should look like it is the best house on the market.  You can do that by making sure it is clean and move in ready and priced correctly.  If you don’t want to make repairs and want to sell it as is, then price it accordingly.  Everything sells for a price.  If the house is priced correctly and marketed effectively, it will sell.  Overpricing the house will always cause it to sit and become stale.  Homes priced at market value or slightly under will cause buyers to make offers.  An underpriced home will cause people to see the value and create a bidding war to bring the price back up.  You cannot underprice the house provided it is listed for the market to see in the MLS and is marketed effectively.

If the house isn’t selling, it is for one of two reasons—price or condition. Feedback is a good tool to know if there are items you need to fix. And remember, price fixes everything.  Although, I still contend it is sometimes less expensive to make repairs than to drop the price so that someone else is willing to do the repairs.

If you are interested in getting your house sold, please contact me to find out how I get homes sold for the most money in the least amount of time.  Sandi Walker  405-213-2992  or www.equityhomesteam.com

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s