FROM THE PRESIDENT’S DESK
Why Do Some Houses Remain Unsold?
Most people think that a house stays on the market for two basic reasons: either it is overpriced or the perception is that there is something wrong with the house because of the time it has been on the market
However, there could be are many other reasons for a house not to have interested buyers:
§ The house is the most expensive house in the area
§ The school system is not very good or there is a crime problem
§ The house is located on a busy street
§ The house is next to an industrial area or next to a gas station
§ The style is not in demand (for example, a split level)
§ The landscaping is not attractive
§ In the higher price ranges, people expect modern kitchens and bathrooms
§ The style of the house differs from the surrounding houses
§ There are deed restrictions or easements
§ No sewer or city water
§ The house next door has a burnt out lawn or trash everywhere.
§ The house has an underground oil storage tank, termite and/or structural damage.
§ The house lacks a garage or adequate parking space
§ The local real estate taxes are too high
§ The house stayed on the market too long before a price reduction.
§ The house is in a flood zone or the lot size is too small
§ The house next door has incessantly barking dogs.
§ The interior has a floor plan that cannot be changed
§ Not enough bedrooms, bathrooms or they are too small.
§ Major repairs are needed (new roof or heating system)
§ An older house may have an entrance to a bedroom from a bathroom
§ The house is too far from shopping, houses of worship or work
But, if you are a buyer, you may be able to negotiate either a lower price or obtain seller financing! Dan Schwartz