We’ve all seen them…
We all drive by them everyday…
We all feel for them…
Those stale listings that just sit and go unsold…
But why? Why are they still for sale?
Over priced? Poor location? No curb appeal? No staging? Poor condition? Knee high grass? Or just plain old bad luck? Which is it? Or is it a different situation for every one of them?
Well, frankly for me…I feel for the sellers… but, let my clarify myself……I feel for the sellers that truly have an interest in selling their home…BUT CAN’T!
Everyday I drive by the same 4 homes that have been for sale for over a year and one for over 2 years now. Let me use one as an example…
This particular home first went on the market here in Melbourne Florida in Brevard County. Our market
peaked in 2005 and began a steady decline in 2006.
- Listed for sale in June 2006 with a real estate company for $269,000. In my opinion, 10% too high for the market.
- Home withdrawn.
- For sale by owner for 6 months at $259,000.
- Real estate company #2 listed it at $239,000. I viewed the home at an open house…the agent asked what I thought…I told her it needed new carpet, fresh paint inside, the rooms needed to be cleared out and opened up to get that ‘musty’ feel and smell out. The price was again 10% high for the current market. Remember, our market was continuing to decline.
- The listing expired and company #3 took it at $199,000. They had an open house and I visited. The agent asked me what I thought and I told him, the items from the previous company open house had not been been corrected. The listing expired.
- A discount company has the listing now. The price has been dropped from $199,000 to $188,900 to $164,900 and the house is still sitting on the market since June 2006 PRICED $105,000 LESS THAN IT WAS THEN!
- Today’s list price is less than what similar homes in the area are selling for and no one is biting!
- The location is good, the floor plan is good, the curb appeal is attractive and there have been no less that 8 houses in this area that have come on the market and sold since this seller placed her home on the market.
We see it everyday, that home that doesn’t get the careful consideration it needs; all the work MUST be done before the sign goes up. And the property should be priced carefully for current market conditions.
Visit my website at www.SandyShoresMelbourne.com