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Usually, I'd withdraw them if it longer period.
A 72.75 acre farm that actually closed last month. It was listed with me for about 3 years. Before that, it had been listed for about 2 years with 2 different agents. The reason it was listed for so long was because the listed had originally been overpriced. When I took the listing, it was also overpriced, but with my marketing we managed to find a Buyer that really liked the property and was willing to negotiate. It also took a while to sell because the property was pulled off the market during the winter months and large acreages such as this one take longer to sell.
Debbie Reynolds, C21 P...
15 months. The house was overpriced but also needed a LOT of updating. After six months without an offer, 3 came in within 48 hours, all about the same price. The seller countered all 3, saying he couldn't possibly take lower than $10K more. None of the three would go that high so he lost them all. Nine months later, he sold for less than those rejected offers, about $20K less than the price he couldn't take less than. The moral is that hanging tough on your price won't make it happen.
I listed one in 2008 for six months; two offers and sellers turned both down because they wanted full asking price. Listing expired, they relisted with agent after agent and turned down offers that were under the then new asking price also. I relisted after listing expired again (I was 6 or 7 by that time) and it sold after four months. It was not a bad house, the sellers were simply stubborn and did not accept that asking prices are not hard and fast. They rode the market down more than $200,000 as a result.
I work with short sales, and some of my listing have some legal/financial issues. My longest are 1 y from listing to closing.
Sometimes the seller is looking for a needle in a haystack buyer, they exist, but are very rare.
I had one for almost 9 months. More of a short sale situation and even the best offer would not make it work for the seller.
Over 2 years. Location and condition as well as difficult sellers.
I had a homelisted for almost 3 years. (Off and On) It sold when the RIGHT person showed up
About 4 months, sold on last day it was listed. It was overpriced and we had several offers on it. We did end up getting the highest offer but it was touch and go.
I had a home on the market for one year and the last month, I received two offers during the last month but the seller refused and thought he could get more and thought he knew more than me. I tried my utterly best to convince him to take one of the two offers. The day it expired he listed with someone else, and 3 months later, they sold it for $35k less. I was angry but still had to laugh too as the joke was on him. It was overpriced, dirty smelly carpets he refused to clean and a wall in the family room painted a horrible color. Though he listed with me, he thought he knew more than I did. It was a learning experience.
We had a Short Sale that took about a year and a half. Twice we were about to get the approval to close and the bank cancelled the sale with no notice, changed the rep, just vanished on us and we had to start from scratch.
A traditional house - over a year - bottom line is price is too high. Owner wants a certain amount to move on and would rather pay a higher morgage than sell at market price and get a more affordable house.
We've had a few others in this same state - owner is more intent on the $$$ than moving the property. One listing I told the owner 3 times - you are asking far, far, too much and you will likely learn the hard way.
I had a short sale which took 9 months to get the final approval from lien holders . . but buyer waited and got a great deal, and she is still in the house almost 5 years later!
I have a river front home that is going on over 2 years now. Started a little high and then the government flood restrictions kicked in making most buyers not interested.
Debbie, Currently I have a listing running about 12 months. It's a piece of land 9 acres. Land just is not moving. I have it price below market and still no bites.
I had a high end million dollar property in the boom to bust that was listed from 2006 to 2013. Never was able to sell it. The seller thought he could buy, fix, and resell it for a huge profit. But as the market crashed, the value deteriorated. It eventually became a short sale but the bank just would not cooperate. Then we found it had a survey issue where the dock on the lake was partly on the neighboring property. My owner filed bankruptcy which further prolonoged it. We came very close to selling it twice but it eventually got auctioned in foreclosure.
waterfront Lot listing, cleared, w/Dock/Pier...the guy keeps it more manicured than some properties with homes on it...been listed 14 months...UGH....PROBLEM? $$$ down for lots run 20%+ nowadays, he probably paid a bit too much back when he bought it(although he is selling at a loss)...Oh....DID I MENTION the SINGLE WIDES ON THE SAME STREET? Oh well let me mention that...the street is "transitioning"...BUT IT AIN'T CHANGIN' OVER QUICK ENOUGH TO SELL THAT BAD BOY YET...It is My ALBATROSS
How long? 2 and 1/2 years!
Why? Beneficial Finance.
I had one listed for 8 months. It didn't sell fast because I was the THIRD agent in a row in on the listng and it showed as having been listed for over 450 days when I took on the listing. So lots of prospective buyers were nervous that there was something wrong with the home. There wasn't. It was beautiful. But it had been poorly marketed and initially overpriced.
About 6 months during a slow market. The Seller was not willing to reduce the price so it sat until he finally realized he had to price it for the market.
The longest time, which was several years, was due to the Seller being stubborn bout lowering his overpriced home. They eventually did not relist and then chose another agent, who has had it on the market for about a year, with little to no showings. They still have not dropped the price.
A year, but then it was a short sale and the bank wasn't moving forward.
About a year. It was over priced and finally sold because a buyer fell in love with the location because she could walk to the train and her father bought it for her as a gift.