I was just discussing the sale of a home in Cherry Hill, NJ that has been for sale for over a year. The seller has used two different real estate companies to market the home, and both listing contracts have expired without recieving any offers. The home is a 3 bedroom 1.5 bath with a garage in a nice area.
The home needs a little work, but I believe that the asking price reflects this quite well. At first, I was baffeled. Why hadn't this home sold?
It does have tenants, but their lease is month to month so a potential buyer could move right in after settlement. The real problem, in my opinion, is that the current tenants make the property extremely difficult to show. It took my 5 days and several phone calls to finally see the inside, and while I was there, there were 6 or 7 tenants there, and I was told that more actually lived there. They haven't damaged the property any, but the shear number of people and the clutter that comes with so many people living there, made it difficult to feel comfortable as I walked through. I'm sure that many potential buyers have been turned off by this same experience. That is if they were actually able to get into the house to begin with.
My suggestion to them was that if they really were serious about selling, they should consider getting the tenants to move out prior to putting it back on the market. I realize that this may create a short term financial problem, and that decision is not mine to make, but I do believe that in the long run they will be much better off.
Joseph Cacciapaglia, MLERE
Realtor Associate®
R&I Realty
15 Potter Street
Haddonfield, NJ 08033
Office: 856.795.3111 x268
Cell: 979.218.2286
Jcacci1@gmail.com
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