There are a number of reasons properties don’t sell. The main one, however is price. It would behoove New Jersey residents to know some of the other reasons homes languish on the real estate market and how they might view them differently. Since homes have been selling pretty quickly, generally, homes that stick around for more than 90 days get a bad rap.
Why doesn’t a home sell?
There are some obvious reasons a house is not selling, but there could also be reasons that aren’t so obvious like a seller who has a for sale sign on the lawn, but is too emotionally attached to actually sign on the dotted line. The location might be a little less than appealing — close to a busy road or to a cemetery, for instance. The style could be outdated or the paint colors used no longer in fashion or the home is not being marketed properly. The bottom line is a prospective purchaser needs to look at these homes differently and realize there may be a real deal in one of these properties.
Working with a vendor
Chances are, the seller of a property like this is pretty motivated and a purchaser may be able to use that to his or her advantage. There may be bargaining room in these instances. For example if a home needs a new roof, perhaps the seller would consider doing that if a purchaser pays the listing price, or a new furnace, or whatever. Nothing helps more, however, than the price of the home. Real estate agents are quick to say that there are three reasons a property doesn’t sell: price, price and price.
New Jersey residents buying or selling real estate should have some knowledge about what the market is doing at any given moment. Getting a positive outcome on both the selling and buying ends of a deal means doing some homework on what fuels the industry. It means looking at all angles and not discounting a property simply because it hasn’t sold overnight amid multiple offers.