Oakville Real Estate News

3 Reasons to Buy Houses That Aren’t Selling


Blog by Joette Fielding | June 20th, 2014


3 Reasons to Buy Houses That Aren’t SellingWhen a house has been sitting on the market for a while, it can leave potential buyers with a bad impression. Home shoppers worry there are hidden deficiencies in the house causing others to shy away. But to buy houses that aren’t selling could be your best bargain.

Here are three primary reasons to buy houses that aren’t selling.

Sellers May Accept Lower Offers

The main reason why a house doesn’t sell is because of the inflated asking price. Potential buyers skip over overpriced homes in favor of more competitively-priced homes. They don’t even think of making an offer on homes listed above their budget.

Buyers assume the sellers aren’t willing to accept a much lower offer. Yet this might not be the case. Sellers may not even be aware their asking price is over current market value. If the house has already been on the market for an extended period, the owner might be willing to consider reducing the asking price.

You have nothing to lose by making a lower offer and trying to buy houses that aren’t selling. Offer the seller a price based on what you think is fair market value. You may be surprised when the seller accepts your offer.

Minor Fixes Can Turn a Beast Into a Beauty

Properties can remain on the market for insignificant reasons. It could be the exterior of the house deters prospective homebuyers. Unmowed lawns, cracking paint and useless junk in a house may be unappealing. Remember, minor and superficial renovations can quickly bring a home up to livable standards, so you can buy houses that aren’t selling.

Because the house has been on the market for a lengthy period, you may be able to purchase it for a bargain and invest some of the money you’ve saved on the necessary repairs. Once you’ve mowed the lawn, painted the walls and removed the rubbish, the house can sparkle and shine.

Location, Location, Location

Sometimes potential buyers pass on homes for sale because of their inferior location. It’s possible the value of the location may be irrelevant to you. For instance, the quality of the schools in specific districts may raise or lower the value of neighborhood homes, even if the homes are just a few blocks apart. Someone without school-aged children can buy a cheaper home in the non-prime neighborhood, even if the school district is a prime factor for other buyers.

Instead of being scared by non-selling homes other potential buyers have rejected, look out for them. A smart home shopper doesn’t worry about the amount of time a house has been for sale; he or she will instead think about why the house could be the right choice for them—to buy houses that aren’t selling.

These three reasons can truly help you find a bargain out there in the market, and you’ll be happy you took the road less traveled on the way to your new home.


Content courtesy of http://www.realtor.com


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