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]You couldn’t be more wrong.

About half my neighborhood is elderly people and half young families.

When the old people want to downsize they find a house they want to buy somewhere warm and slowly move. They can afford both because the family house has been paid off for years. Spending a year snowbirding in the warm climate and coming home a few more times is not unwelcome—it probably sounds kind of nice.

Realistically, the old people are not going to care of their house sits on the market for a year or two if there’s any chance that they could get top dollar for their property.

Only the young families relocating feel pressure to sell quickly so they can roll over equity into their new house.

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Seeing a house that's on the market for over a year is a serious turn off. Most buyers will assume something is wrong with it or the sellers. If the property is vacant because the sellers have moved out already I would also not touch it because long vacant properties tend to develop problems that aren't addressed fast enough. I would never touch a property that was on the market for more than 3-4 months at this point. [/quote]

NP.  This is not necessarily the case.  There are people who don't need to sell, but live in a desireable neighborhood and can sit on their home.  As has been pointed out, this is frequently older people who have no fixed timeline for moving, often people who migrate back and forth (snowbirds and other dual household families) and are willing to wait for the market to come to them.

Although a long listing will discourage some, there are also some people, who will visit the listing and then schedule an inspection of the property to determine if there really is something wrong with the property before they make that judgment.  The older people have it listed high because they are expecting that they will get a lowbid offer and they are trying to provide insulation for the lower offer to accept.  It's like any negotiations, you never go in with your final offer or acceptance because you expect the other party to negotiate over it.  They don't want to list near where they are willing to accept because they don't want to get offers below their bottom line.

While having a high price and long listing is a red flag, it is not a death knell for the listing.  I think it's worse to see a listing go under contract and then get relisted than to have a long listing.  If it goes under contract and then comes back on the market, the buyer is more likely to have found something wrong.  A long listing without offers is often passed over by people who thought the property was overpriced rather than people who found something wrong.  But all it takes is the right buyer to enter the market and look at that neighborhood and be wiling to pay the higher price to get into the right location.[/quote]

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