Sellers who let their house sit on the market for months without price adjustments

[Anonymous]

How can they afford to sit on a house assuming they must move? I’m seeing houses that are way overpriced sitting on the market and they have little to no price drops like the seller isn’t that serious about selling. No, a $2500 price drop on your 1.2m dollar home isn’t going to make me look at it. Given so many people have very low mortgage rates I would think sellers outside of flippers/investors are selling their house for a good reason with some urgency like a job relocation (why else sell the house?) but they let the house sit. Some even try to fudge the days on the market by delisting the house for 2 weeks and putting it right back on. Give me some insight please.

[Anonymous]

They're idiots.

[Anonymous]

Just make an offer.

[Anonymous]

Sometimes the sellers are warring heirs or divorced couple and someone is refusing to let go.

[Anonymous]

They don't need to sell.

[Anonymous]

Anonymous wrote:They don't need to sell.

+1. Almost always a version of this.

[Anonymous]

Or, house is paid off, relatives of owner (maybe passed away?) are in no rush and want to get a certain amount of money.

Or, like one of my relatives with 4 homes, they can wait it out to get the number they want

[Anonymous]

They only need one buyer and are in no rush

[Anonymous]

Anonymous wrote:

Anonymous wrote:They don't need to sell.

+1. Almost always a version of this.

My cousin is a realtor and he calls it “Looking for stupid money.” Meaning they don’t have to move but for the right price, they will.

[Anonymous]

Anonymous wrote:They don't need to sell.

This!

[Anonymous]

What about when it’s developer owned? There are a couple of houses like this in my neighborhood and it seems like the developers would want to offload them, but they’re just sitting at ridiculously high asking prices.

[Anonymous]

Is it in DC and is it vacant? Because the tax rate is insane on vacant properties, but not if its for sale, so they probably just want to keep it vacant without paying the vacant property tax rate.

[Anonymous]

There's a house a couple doors down from me that has sat empty, on the market for years. It's interior looks straight out of an Eddie Bauer catalog and its got a Brady Bunch amount of bedrooms. It's got so much square footage it's almost repellant, and no pool. People looking to buy in that price range are mostly in their 40s and have 2-3 kids tops so they have no buyers. None. I asked a neighbor who knows them why they don't just sell and he said it's completely paid off and the family doesn't give a crap. It's owned by a famous person who lives someone else. I just see crews go into take care of it. The don't even bother with a "for sale" sign anymore.

[Anonymous]

The house on Wisconsin Ave MD that has been listed on and off for years for $2.5 and have never lowered price.

[Anonymous]

Usually owned by a real estate agent or very rich who have no mortgage. They wait for the dumb money.

Economists found that real estate agents keep their own home on the market for something like 2.5x times as long before they do a price cut vs. regular sellers using an agent.