home buying 101: why do [seemingly good] homes sit on the market?

[Anonymous]

I am guessing some fee simple homes, that have sat on the market but otherwise look attractive, have something wrong with them.
My question is: who knows that? Is it the potential buyers that know what to look for (water damage, mold, something wrong with the neighborhood)? Or is it when a potential buyer talks to a realtor about a contract that the realtor gives up some information previously unknown to the potential buyer?

I have been casually looking at listings and open houses and have come across some listings that look great. Some are affordably priced but some are not - and yet, these houses sit for 3 weeks, 3 months, and on.
After due diligence on some of these homes (check on schools, sex offenders, etc.) I cannot determine what makes them so unattractive that someone else hasn't put a contract in.

Thoughts?

[Anonymous]

Bad yard
Bad neighbors (the house for sale may look great, but sit next to an eyesore)
Problem with foundation/other structural problems
Priced incorrectly
Etc. etc.

[Anonymous]

If it's currently rented, it can be very hard to move. We got a great deal on a house that was being rented. DC law requires a lot of hoops that must be met, and some buyers aren't willing to wait as it can take up to 6 months to remove tenants.

[Anonymous]

My initial reaction is price. When we were looking that we'd see a house that seemed reasonably priced, but when our realtor ran the comps in the area they were overpriced.

[Anonymous]

Part of the problem may be that the real estate market is imperfect. Even if a house is considered affordable by your standards, the potential buyers may have other choices of similar houses in similar locations that are more affordable. Or offer something better. Each buyer only ends up with one house, so houses don't always get the perfect buyer right away unless they lower the price. A house needs to be priced correctly to sell, and because its a unique market, its sometimes hard to tell what that price is.

[Anonymous]

A house will sit on the market forever if it is priced too high, and that seems to be happening a lot lately. We had a nice house in our neighborhood on the market for months, and then when the owner finally dropped the price to a more reasonable level, it was snapped up in a week. Sellers have been slow to adjust to changing market conditions.

[Anonymous]

In this market, depending on where you are, it is sometimes the buyers and not the houses. It is a buyers market and in some areas around here there are lots of choices. Money is also tighter and so many buyers are looking for perfection (or as close to what they consider perfections as they can get) because they may not have the money to make the changes they want right away. Many of them also realize that they will likely need to live in the house for several years before they build up equity so they want to love the house, the neighborhood, the schools, etc.

[Anonymous]

In all of our houses, it was the neighbors being overly involved, and stupid enough to show the potential buyers how nosy (the neighbors) are. We learned the hard way.

[Anonymous]

PRICE

[Anonymous]

A lot of it does have to do with whether it is priced appropriately for (a) the neighborhood and (b) how it looks inside. There are 2 houses in my parent's neighborhood that are for sale, 1 of them has been on the market for a few months now. Another one just went on the market last week and had a contract 2 days later. The one that has been sitting for months is priced way too high for the lack of improvements inside (I was curious and checked the online listing). The kitchen hasn't been redone, many areas are lacking hardwood floors, bathroom hasn't been renovated, backyard needs work, etc. It's fine that these things haven't been done, but they need to knock the price down if they really want to sell it.

[Anonymous]

Some souls don't make their way to heaven, but are trapped on earth. Many houses have these presences trapped in them, and that can unnerve many people.

Some tragic events happened in the house we bought, which is why it stayed on the market for so long. After communing with the spirits here I was able to make peace with it.

[Anonymous]

PRICE IS TOO DAMM HIGH

[Anonymous]

Anonymous wrote:PRICE IS TOO DAMM HIGH

And I bet if they rented it out, they would make the rent too damn high.

[Anonymous]

In our neighborhood, which is transitional, it is often the neighbors. Even if the house itself is nice, unless the price is great, no one is going to want to live next door to a yard full of junk and a small house crammed full of dogs and random screaming kids.

[Anonymous]

Anonymous wrote:Some souls don't make their way to heaven, but are trapped on earth. Many houses have these presences trapped in them, and that can unnerve many people.

Some tragic events happened in the house we bought, which is why it stayed on the market for so long. After communing with the spirits here I was able to make peace with it.

To a limited extent I agree with you. This house is on the market now, and I cannot imagine buying it no matter how well-priced.

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