Here in Melbourne located in Brevard County Florida, several times a week I drive by 2 different homes that are listed for sale. I have been driving past these same properties for over 2 years now.
Both homes are an eyesore. The real estate signs are sagging in the front yards. Is this a sign of the times?
The listing data and the tax roll info indicate that these homes are both currently owned by private individuals. There are no comments about short sale or foreclosure in the listings. The homes were purchased over 6 years ago, pre 2005 boom. The reasons that the homes haven't sold are for a different day and different blog article.
There is something that I don't understand...don't these types of properties eventually 'hurt' the listing agent. After so many months, does the thought become...why won't that house sell? It must be a dump. That agent can't sell that house.
We all know that there are so many factors involved in why some houses sell and some don't. Isn't it typically the listing agent's 'fault' that the home hasn't sold? After so many months it hurts the listing agent to have a sign 'sag' in the yard of an unsold property.
I know that we are currently in very trying times. I also understand that we have never really experienced a market like this, and none of us knows what the future may hold.
I have heard some say that having a listing is like having money in the bank. Well, I'm not so sure that I agree, in today's market. That is not always the case!
If I don't feel that I can sell a home in a 6 month period of time, I don't take the listing. It costs me and the seller money. It costs in time, headaches, unnecessary stress, gas, miles on my vehicle, phone calls, advertising dollars and my reputation. For the seller it costs in taxes, insurance, mortgage payments, utility payments, and all other misc holding costs.