For many home buyers running across a home that has been on the market for a long time can be a blessing or a warning. Houses that haven't sold are often a red flag; there is a chance that the reason they aren't selling isn't just because of a slow housing market, but because of greater structural problems. Here are a few reasons to consider buying houses that aren't selling as you may just find your dream home in the process.
1. When houses don't sell for a long time the owners or real estate agency get anxious. If you find a house that you really like that has been on the market for a while you may be able to negotiate a lower selling price as the owners will be more likely to accept any reasonable offer they have. The owners may have inflated the price originally hoping to attract buyers who could pay more than the house is worth, but due to the job market and uninterested buyers they were unable to sell the home at a profit. Do a bit of research to determine if the home you are thinking of buying is priced reasonably based on the surrounding housing market and, if it isn't, consider going to the owners to negotiate a lower selling price. Having reasons why you are willing to pay a lower amount is much easier to hear as an owner than simply demanding a lower price because the home hasn't sold yet.
2. Secondly, the house may have potential that other people have simply overlooked. Take a closer look at the house you are interested in to see if it is just minor condos aesthetic damage, an unmaintained yard, or other small problems are the likely reason this house hasn't sold yet. If you aren't afraid of the challenge of a fixer upper and can foot the bill for some minor things that need adjusting around the property you could turn around this house to make a profit should you eventually choose to put it back on the market again. There may be unseen potential in a home that you need to unlock in order to make it a home.
3. Finally, another reason that a home hasn't sold might be because of its un-ideal location. It might be near an airport, port or train tracks which make lots of noise at odd hours during the night and day, or it simply might be in an out of the way neighborhood with a less than stellar reputation. No matter where this house is there is likely something about it that makes it worth buying- it may not be near your job, but it does have many parks and green spaces where you can walk and play on sunny afternoons.
In the end buying the home that is right for you is much more important than anything else. No matter how long a house has been on the market choosing it because you see its potential is the greater goal!
1. When houses don't sell for a long time the owners or real estate agency get anxious. If you find a house that you really like that has been on the market for a while you may be able to negotiate a lower selling price as the owners will be more likely to accept any reasonable offer they have. The owners may have inflated the price originally hoping to attract buyers who could pay more than the house is worth, but due to the job market and uninterested buyers they were unable to sell the home at a profit. Do a bit of research to determine if the home you are thinking of buying is priced reasonably based on the surrounding housing market and, if it isn't, consider going to the owners to negotiate a lower selling price. Having reasons why you are willing to pay a lower amount is much easier to hear as an owner than simply demanding a lower price because the home hasn't sold yet.
2. Secondly, the house may have potential that other people have simply overlooked. Take a closer look at the house you are interested in to see if it is just minor condos aesthetic damage, an unmaintained yard, or other small problems are the likely reason this house hasn't sold yet. If you aren't afraid of the challenge of a fixer upper and can foot the bill for some minor things that need adjusting around the property you could turn around this house to make a profit should you eventually choose to put it back on the market again. There may be unseen potential in a home that you need to unlock in order to make it a home.
3. Finally, another reason that a home hasn't sold might be because of its un-ideal location. It might be near an airport, port or train tracks which make lots of noise at odd hours during the night and day, or it simply might be in an out of the way neighborhood with a less than stellar reputation. No matter where this house is there is likely something about it that makes it worth buying- it may not be near your job, but it does have many parks and green spaces where you can walk and play on sunny afternoons.
In the end buying the home that is right for you is much more important than anything else. No matter how long a house has been on the market choosing it because you see its potential is the greater goal!