Once again the case of the mixed message. Buy me dont buy me? Thats crazy-making

Good for you keeping your clients options open.

Susan, welcome to AR and for the feature. That was clever to open the cap and see an opportunity where others just thought an issue. Your buyers were very happy to get an updated unit in their price range and the sellers would have been happy to finally get it sold

Overpriced listings and long time on market listings are sometimes great opportunities for buyers. 

Too many others like it waiting in line. Be proactive, reduce that price. Don't wait for a buyer to come along and try to whittle it. If you are very negotiable, highly motivated to sell, don't keep the price parked with all kinds of wiggle room!

I met with some staging clients last night who had been looking to move to Austin, but everything was selling so quickly that it was hard to find something from California.  The wife decided to drive the area she had narrowed her search down to, and she found a For Sale sign for a nice home that had been on the market for 700 days!  The agent didn't know how to get it properly photographed and online, so no one knew it was for sale.  The put an offer in and it was accepted.  Now they're quickly getting their current place ready to sell and they will be off to Texas!

We tend to look at the LP/SP ratio to find the sweet spot for each neighborhood.  Ours can range anywhere from from 89% to 97% generally.  Exceed those parameters by too much and the waiting game begins Susan.

Susan, good work. I've had listings where sellers think they need to  price it this way because they expect buyers will offer much less. 

You never know the real reason as this demonstrates.  Seems a remodeled home would have warranted a removed and newly listed campaign though. Nice job and feature!

Susan,  Congrats on the feature!   I don't discount homes with long DOM either, at least not until I find out why.   Your buyer was very lucky she had such an astute agent.  

Great post and I like the photo of the house also. You're right, we need to stay open minded.

JC in Vegas

What a great post today, I had a pleasure reading it, cannot wait for the next one, have a great day!

Great post Susan!  There are many reasons why a home is on the market for a year or more.  Yes, I agree that being overpriced is the most common reason, but there may be something else. 

I saw that difficulty showing was a reason.  I remember seeing one home that could only be shown 3:00-5:00 in the afternoon.  I had a client that worked 3:00-12:00, so he couldn't see it from 3:00-5:00.  the listing agent said, "Sorry, that is the only time the seller will allow it to be shown."

Another reason that I am very familiar with is a custom built home, where something is not normal about it and it would take a certain person to want to buy it.  One odd thing was a condo that was literally in the kitchen, not off the kitchen, but in it.  Another one I have shown was when you went in the master bedroom, you walked through a hallway with a closet on each side to get to the bathroom and on the other side of the bathroom was a full size room , which was 12' X 12".

Sometimes you just don't know why a home isn't selling. On my very first listing, some 22 years ago, I had a pretty nice home in a fairly active market that we just couldn't move. I called every showing agent for feedback and those that did give any usually said "It was nice but they liked something else better". Every agent in my office and my QB said lower the price. We were at the high end of the neighborhood range but it was the biggest floor plan they built there and had a 2 car garage where 90% had a 1 car. Finally an agent I called for feedback said "They just didn't like the appartments behind it." Sitting at the dining room table, with the sliding door blinds open, you could see 2 fourplexes across the street. I asked the seller if they bothered him when he bought and he said there was a tree there but I took it out because it died. That weekend he bought the biggest tree he could find, planted it and by the end of the week we had two full price offers, one for cash

Great story and a good reminder for us all to think outside the box! I know I commented on this earlier, but seen a re-post of this by Winston Heverly today.

It depends on the price and uniqueness  of the property as well. 300 DOM for high end property is not a big deal. But if it is an enry level property, it still might be nothing wrong with the property. I can give you countless reason why.