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Sometimes you will just never know! We bought in a seller's market, with most homes receiving well over a dozen offers, with well over asking price and often even all cash offers; all within days of listing. Our house sat on the market for a lengthy two weeks when we put the offer in at slightly less than full price (we had to try!). It was rejected, we looked around another week, put in another offer on our home this time at full price. I really was very worried we had missed something about the house or neighborhood b/c it really was unheard of. Even after inspections, moving in and things seem fine, I wondered and wondered. 18 months later, I still wonder, LOL, but clearly it wasn't something enough to bother us b/c we cannot figure out why no one else put an offer in on it. It was probably a combination of factors adding up but overall I think we were just really fortunate!
I bought a short sale that had been on the market for over a year. It took 2 months to get through escrow, and it turned out to be my best performer. Appraised at $6.5K over contract. I paid $215K and I get $1,575/month rent. I don't need a calculator to see the nice ROI.
Funny, a neighbor said he had been thinking of buying the house for a rental. His window looks out over my back yard. He had a year to get it done. I had the vision to do it NOW!
Our immediate next door neighbors currently have a property languishing on the market. Asking $40k above what we paid for our house a little over two years ago. Their house isn't that much nicer than ours, and they have a much smaller back yard. This is a hot market right now, but they are unwilling to drop their price. Oh well.
Our immediate next door neighbors currently have a property languishing on the market. Asking $40k above what we paid for our house a little over two years ago. Their house isn't that much nicer than ours, and they have a much smaller back yard. This is a hot market right now, but they are unwilling to drop their price. Oh well.
There are lots of sellers who add their sentimental price to the actual fair price. You can find them by looking for 180 DOM properties.
Being stupid is its own punishment. Sad to say that in many cases it is inherited.
There are also a lot of people who are in no hurry to sell. It could be the situation where if they get a bite and it sells, then that's great. If it doesn't sell at their asking price, oh well, they'll just hang onto it until the market catches up with their asking price.
Do you know if the house has been under contract? Ours got an offer immediately and went to escrow. A month of escrow and two extensions later it fell through. So we had been on the market for four days and under contract for two months and when we went back live suddenly got lots of comment about our stale listing and what must have been wrong with the house. Sounds sort of similar. Neighbors made comments to us about wondering why our house didn't sell and agents brought in lowball offers because of our time on the market.
Almost every house eventually sells to a buyer who sees value where others have not, at a price they consider reasonable.
Houses that remain on the market longer than others, generally belong to sellers who see value and price through their own biased filter, and not through the eyes of potential buyers.
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