Potential buyers are generally focused on new and active listings once it appears on the market while overlooking the properties that have been on the market for an extended period of time, including expired listings and price reductions. Expires and price reductions usually indicates there may be something wrong with the property, and a majority of buyers will simply stay away from these opportunities.
Consider keeping an open mind to see for yourself to determine what’s really wrong with a property that may have been sitting on the market for a long time.
Sometimes it is the result of a seller with an unrealistic listing price. After 3-4 months with few offers, it may be an opportune time to re-approach the seller to see if they are more flexible with accepting a lower price.
Another way is to approach sellers who removed their sell listing and continue to rent out the home. Talk to their seller agent to see if the home is available for sale. Usually the seller will be happy to entertain ideas that are reasonable since they didn’t receive the offers that they had been unrealistically expecting during the first time that they listed the home for sale.
The idea is that even unrealistic sellers can become reasonable after their home sits for a long time on the for-sale market while potential buyers have moved on.
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