Updated over 3 years ago on . Most recent reply
Reasons Properties Stay "on the Market"
Good evening fellow investors and community members,
I am wondering what are some of the obvious and not so obvious reasons that properties sit on the market for extended periods of time.
For example, sometimes when looking on Trulia, I see small MFHs (or other property types) that seem to have potential, yet it's been a few months and they're still on there. It makes me think - should I even bother looking at or considering it or running the numbers? What's wrong with the property or area? Is it a red or yellow flag?
Some thoughts are - the neighborhood or block may be high crime / poverty even if the overall area is considered nicer (like a D block in a B area), the property is overpriced and the seller won't budge / low motivation, liens on the property (I'm not really familiar with tax and title and legal stuff but maybe something like that?), the property needs major rehab and simply no one willing or interested has come along, there are current tenants and the seller won't deliver vacant (and interested buyers only wanted vacant), or maybe it's a crappy house in a nice area and those types of buyers aren't interested and investors aren't looking in those typically overpriced areas?
What else am I missing?
Why would a B/C property in a B/C neighborhood remain for sale for months in areas with investors?
Most Popular Reply
The price.
I could sell a rat-infested single-wide trailer up-river if the price is right. Conversely, if the price is not right I cannot sell your multi-million dollar luxury home. The short answer? There may be a million "reasons" why the house you're looking at hasn't sold. The actual answer? The price is too high for the property given all of those "conditions".
Did I mention the price was the problem?
By all means, after checking things out.....make an offer that works for you!