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Regular Contributor
Furpants
Posts: 136
Registered: ‎11-11-2010
0

Why don't sellers lower the price?

There are so few houses on the market these days and most everything goes into contract within 2 weeks. Except the overpriced homes, which have sat month after month. What is the deal? In this market, too high of a price is the only reason your property won't sell, and letting it sit on the market is not going to improve the situation. 

 

There's a run down house in my neighborhood that needs everything from the foundation up. It went on the market at a high price last summer, then was foreclosed last fall. In December the bank put it back on the market for an even higher price. It's still waiting for an offer. 

 

There is another house in the neighborhood that has a strange lot and a terrible layout. A house flipper bought that one last year,  fixed it up pretty well and has been trying to get their price ($300k more than he paid) since last summer. The kitchen and bathrooms are nice but it's still an odd house and should be priced at least $1000k less. 

 

I just don't get it. 

Platinum Contributor
elt1
Posts: 4,171
Registered: ‎01-04-2010
0

Re: Why don't sellers lower the price?


Furpants wrote:

There are so few houses on the market these days and most everything goes into contract within 2 weeks. Except the overpriced homes, which have sat month after month. What is the deal? In this market, too high of a price is the only reason your property won't sell, and letting it sit on the market is not going to improve the situation. 

 

There's a run down house in my neighborhood that needs everything from the foundation up. It went on the market at a high price last summer, then was foreclosed last fall. In December the bank put it back on the market for an even higher price. It's still waiting for an offer. 

 

There is another house in the neighborhood that has a strange lot and a terrible layout. A house flipper bought that one last year,  fixed it up pretty well and has been trying to get their price ($300k more than he paid) since last summer. The kitchen and bathrooms are nice but it's still an odd house and should be priced at least $1000k less. 

 

I just don't get it. 


 

a lot of flippers are clueless about floor plans....appraisers too....a bad floor plan is not worth fixing, in most cases it is cheaper to tear down and rebuild.

Gold Regular Contributor
sheriff
Posts: 2,050
Registered: ‎06-01-2012
0

Re: Why don't sellers lower the price?

There was a property on the market at 88 n jackson in San Jose.  It was a condo and it was priced about 100k above all the comps.  It sat on the market for 9 months (not a short sale) and someone that kept losing out on offers probably decided that they wanted a place and would pay what he was asking.  So occassionally it works.  That's why sellers do it.  It is the type of seller that is in no hurry to sell.

Regular Contributor
NoobInSF
Posts: 171
Registered: ‎12-27-2010
0

Re: Why don't sellers lower the price?


Furpants wrote:

There are so few houses on the market these days and most everything goes into contract within 2 weeks. Except the overpriced homes, which have sat month after month. What is the deal? In this market, too high of a price is the only reason your property won't sell, and letting it sit on the market is not going to improve the situation. 

 

There's a run down house in my neighborhood that needs everything from the foundation up. It went on the market at a high price last summer, then was foreclosed last fall. In December the bank put it back on the market for an even higher price. It's still waiting for an offer. 

 

There is another house in the neighborhood that has a strange lot and a terrible layout. A house flipper bought that one last year,  fixed it up pretty well and has been trying to get their price ($300k more than he paid) since last summer. The kitchen and bathrooms are nice but it's still an odd house and should be priced at least $1000k less. 

 

I just don't get it. 


People  who don't have to sell or are clueless or just don't care. 

 

I've been monitoring multi-units for sale in several Oakland zip codes for over a year.  There are complete run-down pieces of cr@p that have been for sale for over a year or are on and off the MLS constantly. 

 

If someone truly needed/wanted to sell, yes, they would lower their price.  :smileyhappy:  At least that is my 2 cents.

Silver Trusted Contributor
Michelle1x
Posts: 760
Registered: ‎02-17-2008
0

Re: Why don't sellers lower the price?

e but it's still an odd house and should be priced at least $1000k less. 

 

 


If this isn't a typo, and that flip is truly $1 million over priced, he is going to be waiting a while to sell it!

Platinum Contributor
elt1
Posts: 4,171
Registered: ‎01-04-2010
0

Re: Why don't sellers lower the price?

A house just sold off market for $1m over market value in Emerald Hills... There is a reason why people pay more here in the BA... compared to Oklahoma, for example, http://www.weather.com/health/fitness-exercise/10-most-depressing-states-20120404?pageno=9

Gold Super Contributor
norcalnative
Posts: 3,270
Registered: ‎05-04-2009
0

Re: Why don't sellers lower the price?

Clearly these comments are from buyers. LOL

 

Having sold two homes in the past two years and bought two properties in the past two years.

 

It comes down to this

 

Sellers - have the property and they can set whatever price they want. All depends on how motivated they are. Plenty of sellers out there who do not need to sell but for the right price would consider it. Nothing wrong with that.

 

You can't force someone to sell their property and thats what many of these buyer comments are suggesting. LOL

Silver Contributor
sakidd12
Posts: 442
Registered: ‎12-18-2011

Re: Why don't sellers lower the price?

There's a house in my neighbor hood that's been on the market for about a year.  Same price.  I remember seeing the listing when it first came on the market thinking I'll just wait for them to drop the price.

 

Now prices have gone up and their original  asking price isn't looking like too bad of a deal!

Regular Contributor
Rippling
Posts: 172
Registered: ‎12-27-2012
0

Re: Why don't sellers lower the price?

So why don't they rent?   I mean, it doesn't make economic sense to want to sell, and let it sit idling when you could be collenting rent?   When it gets to 1 year, you should drop the price somewhat, I'd say 15k-30k every 6 months for a million dollar home?

Gold Regular Contributor
sheriff
Posts: 2,050
Registered: ‎06-01-2012
0

Re: Why don't sellers lower the price?

He did not say the house is vacant.  It may be owner occupied.