Yes is a market when sometimes you stumble across a listing that seems familiar, and yet you cannot believe the home has never sold since the last time you've shown it. It is kind of scary when you think about it. You have no psychic abilities, yet something seems to be warning you subtly that something is amiss. The familiar home may be a new listing, and it may just be an updated entry in the MLS to notify you there is a change in the listing. Perhaps the listing expired or was withdrawn many times ...over and over again, and still no sale!
The problem with homes like this they are losers. There is either something wrong with the home, or the seller will not budge on price and terms. It is marketed as ‘New,' it should be known to all that you cannot market a home that was built in 2006 or 2007 as "New construction!" It was not built in 2009. It was built under different standards a few years ago and has yet to be occupied. What bothers me most is that this has become a common occurrence in many markets. New homes that were overpriced at 699K 3 years ago are not a better value today at 899K! The reason the home did not sell 3 years ago is that it was overpriced in value then, and most certainly is today.
Sellers need to become more realistic in their approach to selling a home in today's market. They must realize that buyers and their agents are not fools. The word is out,and the only person that is uninformed is th e seller. You have a listing that is not worth what buyers thinks its worth. You are in need of an intervention! Your agent needs to break it to you gently, that if your home has expired many times, and has been withdrawn from the market...there is a problem that needs to be addressed. It's called "Denial!" I personally know of homes in the Atlanta market that are now on the market in their 4th year. That is just ridiculous!
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4 years on the market. That's an awfully long time to sit and wait in a state of denial. I bet the sellers wish they could turn back time and get realistic from the get-go!
Jim - With everything that's going on locally in our own indvidual markets and overall nationally, there are still some sellers who will just not take off the blinders and open their eyes to the true realities of the housing market.
Ellie McIntire Real Estate in Howard County Maryland (The McIntire Team of Long & Foster) Actually it is longer. The homes were built when I was looking for my last home. I lived in that 3 years, and I rented for 2 years after that sale. What does that tell you?
Donna Bigda Realtor® CDPE ABR SRES e-PRO Branford Connecticut Real Estate (RE/MAX Alliance) Donna, if most agents do not get it...their clients will not get it. There is no urgency for foolish people.
That is happening more and more these days. I had a listing one time for 2 years until it finally sold.
June Piper-Brandon, CRIS, ePro, Broker (Advance Realty Anne Arundel Inc.) I guess it is just asign of these times.
Jim, I think I'm selling a listing today that I've had for 10 years. Yes, 10. Vacant land. Was involved in a lawsuit for access and we kept marketing throughout the ordeal. They led (not followed) the market up and have followed it down. There is a great offer on the table - if they don't take it we will release them ... finally. Interesting- we started at $275,000 - went up to close to a million and will sell just above $500k. Not our normal business conduct and I've heard about it for years from the wife ... will be nice to be done with it.
I found your comment of new homes built in 2007 and 2008 interesting. We see that a lot here with builders that got caught with inventory - even to 2006. They are vacant homes being sold as new. I hadn't thought that they weren't "new", just old new. Maybe thats a new category. thanks for the awareness.
There are those sellers that are not in a big hurry to sell and are just holding out. Depending on the situation, I will tend to advise them to keep their home off the market right now. In our 2nd home market, appraisors tell me that days on the market really isn't all that important in the overal scheme of things but true or not, buyers do pay attention to that. I know I would.
Jim Valentine (RE/MAX Realty Affiliates) Wow that is an interesting real estate story. I would love to hear how it turns out! The older new homes can show up in several ways...one in the tax records, and two as inspection item (older appliances, not up to current code etc). Buyers should know what they are getting into.
There are also problem homes. Cracked foundations, effervescence in the slab, stigmatized properties, lengthy litigations... etc. These can all sit on the market forever and normally someone from out of state will rush in and buy, or their new agent with little or no experience will sell it.
Donna Yates, Georgia Realtor North Georgia Homes, Blue Ridge Mountain (Coldwell Banker High Country Realty) I would definitely pay attention to the accumulated days on market from all the previous listings, expireds, withdrawns and market time outs! LOL! They can add up big time into years! When they do, something very wrong!
"You have a listing that is not worth what buyers thinks its worth. You are in need of an intervention!"
This is so true. I think there are two parts of this problem.
1.) Listing agents that don't want to have the conversation because they simply want the listing.
2.) Sellers that can't list their home at market price because they don't have the equity.
Mark MacKenzie Real Estate Planning Mark you are so right. This is a market that on the consumer side can best be described as being betweena rock and a hard place, and on the agent side inexperience and not even understanding the real dynamics of real estate.
Jim - I had a listing a year ago which expired and is on it's 4th agent. I gladly walked away when I realized that with the seller's particular mindset that it just ain't happening.