Why hasn't this house sold yet?

By
Real Estate Agent with William Pitt Sotheby's International Realty CT RES.0783448

When I am showing properties to buyers, the first thing that they ask me is how many days the house is the on the market for. Often times, they are wondering why the house is still on the market. A number of things are determine how long a home is on the market for. 
-The house could have a previous deal fall through because of mortgage issues, inspection items, buyers couldn’t their home required to purchase this home or any other of issues.
-The seller could have had previous offers that were not accepted.
- The home doesn’t show well due to clutter, deferred maintenance, a smell or any other potentially negative thing with the house.
-The home is difficult to show.
-The listing is not being marketed properly.
-Difficult property for potential buyers to obtain financing on.
-Property is being marketed at above market value by owners that won’t reduce their listing price.
-Oversupply of inventory

In the Danbury area, the average days for homes currently on the market is about 120 days. I won’t be afraid to look at look at any homes that are on the market for more than 6 months. I have shown great homes in the last couple of weeks that have been on the market for more than 6 months that have me confused why the house hasn’t been sold yet that are priced right and show well. Sometimes it’s just a matter of waiting for the right buyer to come along.

The only way to find out what is ‘wrong’ with the house is to look at it. If you were further interested in the home, we would determine what fair market value is and look over the property disclosures. On top of that, to protect you, your offer would be subject to contingencies such as inspections,appraisal and obtaining financing, so in case something comes up you will be protected.

Posted by

Jonathan Hall, Realtor Serving Greater Danbury & Candlewood Lake
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This information is provided by Jonathan Hall,Realtor  with William Pitt Sotheby's International Realty in the Greater Danbury & Candlewood Region of CT. For additional information, please call him at 203-417-0523,203-796-7700X305 or email me at danburyrealestate@gmail.com . Unless indicated, all content is the property of Jonathan Hall. If you would like to use any of this information, please contact me for permission. He is a licensed CT Salesperson License #RES.0783448 with William Pitt Real Estate LLC License # REB.0751698. His office is located at 112 Federal Road,Danbury CT 06811.

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Rainmaker
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Ryan Jennings
Keller Williams Realty-Wellington - Wellington, FL
"Buy With Confidence...Sell With Trust"

I get that question alot as well and agree totally with your post!  The DOM is too often used as a "how much of discount off the list price do I get" number.  Many other factors like you mentioned could cause a high DOM number.

Oct 17, 2011 10:56 PM #1
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Praful Thakkar
Keller Williams Realty - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Jonathan, all good reasons for a home NOT to sell - at times it's too difficult to show the homes to buyers, thanks to strict showing instructions.

Oct 17, 2011 10:57 PM #2
Rainmaker
297,801
Jonathan Hall
William Pitt Sotheby's International Realty - Danbury, CT
Realtor - Danbury,CT Area Real Estate~203-417-0523

Ryan,

You are correct. Only location, space and condition determines market value.  Days on market only means the house hasn't sold yet. It  doens't mean you get can the house for 25% below fair asking price since it's been on the market for 8 months.

Oct 17, 2011 11:04 PM #3
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Rainmaker
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Jonathan Hall

Realtor - Danbury,CT Area Real Estate~203-417-0523
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