Neighbors still won't drop their price after 3 months

[Anonymous]

Some neighbors of ours have had their home on the market for 3 months at a price that seemed too high from the outset. Three months later, the property is still sitting on the market with not even a tiny price-drop.

We live in an area where houses usually sell quick; theirs isn't selliong at their desired price for a number of reasons they know about. Mainly, it just isn't worth what they priced it at - there are better properties on the market for that price. Now, if they ever want to sell, the property will probably go for far less than it could have gone for if it had been priced appropriately from the beginning.

While this isn't going to impact me much since we aren't planning to sell soon, I just point it out to emphasize, sellers, price your homes appropriately. If you are greedy and irrational, you may come out with LESS at the end. Price it a little lower than expected, and in our area you'd have multiple offers. When a property sits on the market, people start to assume there is something wrong with it that is not visible. And buyers, some sellers are just stubborn.

[Anonymous]

By chance do you live on Hesketh Street in Chevy Chase, MD?

[Anonymous]

Why do you care? If anything it will make your house sell quicker

[Anonymous]

Nosey Parker.

[Anonymous]

On the other side of the coin, the few blocks around us have been hit by people needing to move for work and selling their homes well under what they could have gotten if they were willing/able to wait. Makes all the other reasonably-priced houses in town look over-priced and leads to them sitting on the market while buyers who are trying to move into our area hope for them to drop.

I do agree with OP, though. In that seller's case I'd take the house off the market and relist later, either after some work or at a slightly lower price. Of course, most people can't afford to do that.

[Anonymous]

Anonymous wrote:Some neighbors of ours have had their home on the market for 3 months at a price that seemed too high from the outset. Three months later, the property is still sitting on the market with not even a tiny price-drop.

We live in an area where houses usually sell quick; theirs isn't selliong at their desired price for a number of reasons they know about. Mainly, it just isn't worth what they priced it at - there are better properties on the market for that price. Now, if they ever want to sell, the property will probably go for far less than it could have gone for if it had been priced appropriately from the beginning.

While this isn't going to impact me much since we aren't planning to sell soon, I just point it out to emphasize, sellers, price your homes appropriately. If you are greedy and irrational, you may come out with LESS at the end. Price it a little lower than expected, and in our area you'd have multiple offers. When a property sits on the market, people start to assume there is something wrong with it that is not visible. And buyers, some sellers are just stubborn.

My, what a fountain of wisdom spews forth for your neighbor's benefit. My intuition tells me that had your neighbor done as you suggested they should have (listed their house for far less three months ago), you'd now express dismay that the neighborhood's comp values suffered a loss due asking too little for their home. I do hope their home sells soon- if only to move to have nicer neighbors.

[Anonymous]

Why are they selling? Do they have a compelling reason to move, or could they just be testing the market?

[Anonymous]

3 months is not a long time for a house to not be sold

[Anonymous]

Especially the last 3 months, Thanksgiving to President's Day, hardly a time when buyers are flocking to open houses

[Anonymous]

Anonymous wrote:Especially the last 3 months, Thanksgiving to President's Day, hardly a time when buyers are flocking to open houses

Exactly.

Also, they might just be testing the market. Several people in my neighborhood have their houses listed and will not sell unless they get the price they want. It really costs them nothing to test out the market this way, and they don't need to move for any reason.

Finally, 90 days is not a lot of time. Buyers love to point out that it isn't the bubble area anymore. Well, that goes for DOM as well.

[Anonymous]

Buyers can ID an "unmotivated buyer" after about 2 or 3 questions to the listing agent. I wouldn't worry about this place doing anything. And if something new comes to market more in line with 'true values', this listing will actually HELP other sales by being a good decoy.

[Anonymous]

Anonymous wrote:Some neighbors of ours have had their home on the market for 3 months at a price that seemed too high from the outset. Three months later, the property is still sitting on the market with not even a tiny price-drop.

We live in an area where houses usually sell quick; theirs isn't selliong at their desired price for a number of reasons they know about. Mainly, it just isn't worth what they priced it at - there are better properties on the market for that price. Now, if they ever want to sell, the property will probably go for far less than it could have gone for if it had been priced appropriately from the beginning.

While this isn't going to impact me much since we aren't planning to sell soon, I just point it out to emphasize, sellers, price your homes appropriately. If you are greedy and irrational, you may come out with LESS at the end. Price it a little lower than expected, and in our area you'd have multiple offers. When a property sits on the market, people start to assume there is something wrong with it that is not visible. And buyers, some sellers are just stubborn.

I disagree. If you price your home higher at the outset, you take the chance that someone will pay more for it. If you price it lower at the outset, you still might not have a buyer, and then people will think it's priced too high when it isn't, and then you're screwed.

[Anonymous]

OP, MYOB. Maybe they are moving because of you.

[Anonymous]

It's there house so they can decide how long it sits on the market and at what price.

[Anonymous]

Anonymous wrote:3 months is not a long time for a house to not be sold

correct, if you sell your house in a week you priced it TOOO low. The average days on market are 80-90 Days in FFC, in maryland its higher.

http://www.fairfaxrealestateblog.com/category/fairfax-county/statistics/days-on-market/