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The market in our town seems like it's really a seller's market. Lots of houses are selling above list price in the first week after listing. We've found a house in the town that we like that has been on the market (off-and-on) since last fall. It's definitely overpriced, but we're concerned that there's something else that makes the house undesirable that we're unaware of as the agent tells us that there haven't been any offers (even lowball ones). Our agent says that the house hasn't gotten offers because it's overpriced, but another agent says it hasn't gotten offers because it's not move in ready. The first could be true, but I'm not sure if it is true. The second isn't true at all--other houses that need some TLC have gone quickly.
Is too high a starting price really a reason for a house to not sell, even in a fast market? Are there other things we should be looking at or considering before making an offer? In particular we're wondering if there is some huge red flag that everyone else can see but we seem blind to.
It is odd...sometimes a crooked storm door, an tilted old mailbox, little things makes a house
undesirable to "lazy or uncreative" people.
One time, I fixed some hinges on 2 gates, painted a screen door red, a mailbox red, staged the
backyard as if there was a party going to happen...2 years on the market.. it had a contract in 2 weeks, yay,
and 5 years later
the people are still there and love the house.
Who knows what turned people off.
Oh and I placed a vanilla plug in in a room.
Oh and placed red towels in the bathroom.
(I did this for friends that have 90 rentals and houses they flip. They asked me for help.)
You can also do some sleuthing at town hall.. or wherever property records are kept in your area.
Also look at the survey....there could be some whacky easements.
Or it is simply a case of unrealistic sellers.........with a home interior from the 70's.
When a home is overpriced, buyers looking for homes in that range disregard it because it doesn't stand up to the competition, and it doesn't show up for buyers looking in the lower range.
The sellers could have had it tied up for months with deals that fell through. Or may have been resistant to negotiating a more realistic price.
Look at it. Check out the property records. Talk to the neighbors about the neighborhood. See what you think.
You can also do some sleuthing at town hall.. or wherever property records are kept in your area.
Also look at the survey....there could be some whacky easements.
Or it is simply a case of unrealistic sellers.........with a home interior from the 70's.
This. It's called due diligence. Any time you make a major purchase, you need to do your homework. Check with various city/county offices. What is the sale history? What easements are recorded? Where are the flood zones and geohazard zones? Is flood insurance required for a mortgage? How much are property taxes? What is the building permit history? What do the neighbors say about the house? Is the seller offering a warranty deed? Does the seller know of any defects in the condition of the house?
You can find the answers to all those questions in about half a day, before you ever put down earnest money. It will give you a starting point for your offer. Many asking prices are just fantasy. After your (conditional) offer is accepted, you hire a good home inspection firm to go through the house with a fine tooth comb.
By the time your due diligence is complete, you know what you are buying and how much it will cost you. Avoid anything that requires flood insurance. The federal subsidy is ending, and flood insurance will cost as much as the mortgage.
You may have heard if it's in foreclosure but not if the owners are in bankruptcy and would require an approval from a judge to effect the sale. This can sometimes draw things out and also scare buyers.
Have you asked the nearby neighbors? Could be a bad inspection. Hey, could be the neighbors.
Once again, google can be your pal. Google the address and see if anything comes up. If you know the owners' names, try that too.
I guess you'd have to ask local law enforcement/courts about any neighbor problems/ issues. That's what I'm going to do with my next house.
There was a guy in my neighborhood who had been in jail. He was an older guy (now deceased).
He fixed up his house and was very polite to me.
However, some of the other neighbors were bent on getting rid of him, even if he did seem to be making a fresh start.
They wanted me to spy on him (illegal cameras, etc).
When I wouldn't they made my life pure hell.
Another neighbor complains about everything from fabric softener to my kitchen light(which is blocked by a huge hedge and a fence) . The previous owner of my house had her banned from the property.
Oh suburbia.
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