On the market for over 7.5 Years

[eKwatee]

I've been selling real estate for just over 8 years now. Not too long after starting out in early 2004 I appraised this property 13 Elmwood Rise Golden Grove. Never got an exclusive listing and looking back am glad I didn't as would you believe it has been on the market continuously without ever selling since being first listed in March 2004 SEE HERE. That's 7 1/2 years on the market.

I have never seen another house on the market for this length of time. Just sharing this just out of interest but would also be interested to know if anyone else has ever seen a property on the market as long as or even longer than this one.

 

[JWR]

In your opinion Matthew, what is the reason it hasn't sold?

Overpriced, bad marketing, little land, rent too low to a long term tenant, vendors not willing to negotiate, other...

My guess is that the rent is too low on a long term lease and therefore not appealing to investors - and not appealing to homeowners either since they can't live there.

 

[eKwatee]

In your opinion Matthew, what is the reason it hasn't sold?

Overpriced, bad marketing, little land, rent too low to a long term tenant, vendors not willing to negotiate, other...

My guess is that the rent is too low on a long term lease and therefore not appealing to investors - and not appealing to homeowners either since they can't live there.

I believe it was occupied by the owner until 2011. The reason I think it hasn't sold to date was the price has continuously been too high. It's in a good location.

 

[vaughan]

Never got an exclusive listing and looking back am glad I didn't as would you believe it has been on the market continuously without ever selling since being first listed in March 2004 SEE HERE. That's 7 1/2 years on the market.

Would have been good if you had charged a monthly fee to keep it on the books.

 

[eKwatee]

I wonder what response you would receive from the REA when asking the question

How long has this property been on the market?

 

[twobobsworth]

I believe it was occupied by the owner until 2011. The reason I think it hasn't sold to date was the price has continuously been too high. It's in a good location.

So what's it worth.

 

[Aaron Sice]

sanj and I just came across a house (purely by accident) that has been on the market for 5½ years in Dianella....!

it's sales attempts on RPData are just comical.

 

[eKwatee]

So what's it worth.

I actually don't think the advertised price is too far off what it's probably worth now. If vacant possession was available I would think it would achieve offers over $420,000 but having the tenancy until Aug 2012 might make it a little difficult.

If the potential buyer checks the time on market it might scare them off. I would be asking why it has been on the market for over 7 years and not sold.

 

[eKwatee]

sanj and I just came across a house (purely by accident) that has been on the market for 5½ years in Dianella....!

it's sales attempts on RPData are just comical.

When homes like the one you mention & the one I am talking about eventually sell. Would the lender providing a mortgage to the potential purchaser be concerned why the property has been on the market for so long?

 

[HomeBuyAU]

13 is not a good number either

 

[RumpledElf]

A house in the town I used to live in was for sale when I bought my house in 2003 and I don't think it ever sold. Its not listed now but it doesn't come up in the 'recent sales' thing on re.com.au and that covers a couple of years. It is a 7br B&B and they got an offer in the first week they had it listed but declined as the buyer wanted it as a house not a B&B. They've never had an offer since.

http://www.realestate.com.au/property-house-sa-robertstown-103536997 has been for sale for as long as I remember too. Its on 200sqm in a country town where most people expect 1000sqm (and its a dump). Comes up in my searches for cheapies every time.

 

[Edmond Dantes]

A house in the town I used to live in was for sale when I bought my house in 2003 and I don't think it ever sold. Its not listed now but it doesn't come up in the 'recent sales' thing on re.com.au and that covers a couple of years. It is a 7br B&B and they got an offer in the first week they had it listed but declined as the buyer wanted it as a house not a B&B. They've never had an offer since.

http://www.realestate.com.au/property-house-sa-robertstown-103536997 has been for sale for as long as I remember too. Its on 200sqm in a country town where most people expect 1000sqm (and its a dump). Comes up in my searches for cheapies every time.

Geez that's uglyy

 

[RumpledElf]

If you sort by price it comes up at about the $60,000 mark (although has been steadily increasing over the last few years). So ugly maybe, but its not exactly expensive.

 

[lizzie]

If you sort by price it comes up at about the $60,000 mark (although has been steadily increasing over the last few years). So ugly maybe, but its not exactly expensive.

Poor house ... it could be pretty if given some love.

 

[wylie]

I don't think it is ugly. Needs some work though.

 

[Aaron Sice]

When homes like the one you mention & the one I am talking about eventually sell. Would the lender providing a mortgage to the potential purchaser be concerned why the property has been on the market for so long?

i dunno. ive never personlly come across anything like it....!

 

[travelbug]

Some people are just fishing. I have a friend who has had one of his houses on the market for 3 years. He's not in a hurry to sell. If someone offers the $5,500,000 asking price he'll sell.

 

[Steve Basin]

Sellers aren't motivated

I believe it was occupied by the owner until 2011. The reason I think it hasn't sold to date was the price has continuously been too high. It's in a good location.

Seems ridiculous, I think my answer would be, the sellers aren't motivated. It seems like they don't know what they want?

What price do they 'really' want?
Do they really want to sell and if they do, where will they move?
What property if they do sell, do they want?
Are they looking for a particular buyer, they 'like'?


We just need to find out the sellers intention are, first in all this....

I think the agents should've asked this, right from the beginning.

There is never a property that can't be sold or leased out, ever! If they follow these 3 factors;
1. price
2. presentation
3. marketing

and of course motivation from the sellers

 

[Eve]

Sorry to bring up an old-ish thread
But... Yes
I have family members who have had a house on the market now for nearly eight years!
At first, I could see that it wasn't selling as they had an unrealistic price on it
Then, they dropped their price and then GFC hit -it's a lifestyle/ holiday location about 3 hours from Melbourne so it got hit pretty hard

Then, they dropped their price again... and again... yet still it hasn't sold
I don't know the market very well but... I think now the price is really good - what they are offering is a gorgeous 3+2 townhouse, 8 years old but like brand new cos never lived in or rented [yep -been vacant the whole time] quality everywhere - and the water views are amazing! Yet still it hasn't sold

Anyone got any suggestions please? The local agents just don't seem to be doing anything much with it - maybe it's just the market there atm - maybe it's the agents - maybe both?

They are at [past] retirement age and really need to move on

Eve

 

[Steve Basin]

Anyone got any suggestions please? The local agents just don't seem to be doing anything much with it - maybe it's just the market there atm - maybe it's the agents - maybe both?

I know exactly what needs to be done, I've just written a book "Get Results You Deserve - Using Your Real Estate Agent - How to get the outcome you desire when selling or leasing your property".

I was in a similar predicament a few years ago when I couldn't get my property leased out, even though I had a very experienced real estate agent.

I have since sold and leased all my properties, with amazing results. I firmly believe there isn't a property that cannot be sold or leased out, we just sometimes have to think differently and put in a bit of effort.

The book is not yet available for the public, I just got a few copies from the publisher, and so if you wish, I can send you a free copy to give to your family. Just private message me. I know it will help them, because it never failed me.