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

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Or, house is paid off, relatives of owner (maybe passed away?) are in no rush [b]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[/b][/quote]

OK, but this doesn’t work! The longer a house sits, the less attractive it becomes to buyers because they correctly assume there’s something wrong with it or others have deemed it to be overpriced.[/quote]

This has been on my mind lately. We're not looking to sell anytime soon, but our next door neighbor put his house on the market several weeks ago, and it's still an active listing. Based on comps in the area, I believe the house was initially listed at a fair price...but due to rising interest rates, there was a very modest price drop (less than $20K). In the past several months, most houses in our area go pending in less than 2 weeks and sell over list. I think my neighbor is in a position to hold the house till a good offer comes in (not some low-ball investor offer)...I'm just hoping that's the case and not because our location or house layout is not desirable. We're in one of the few decent areas where you can get a SFH for less than $700K and be close to a Metro....with all the whining about "no SFH under $1m" I am just shocked it was not snatched up or there were offers way over list...[/quote]

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