Throughout the North Shore suburbs where I sell real estate – Winnetka, Wilmette, Kenilworth, Glencoe, and Northfield, there are some homes that have been on the market forever. Actually, it just feels that way, particularly for the sellers. But yes, more than 1000 days on the market is an awfully long time.
Why does this happen? Don’t most people want to list and sell their home in a reasonable amount of time? Of course, sellers want to maximize what they receive for their home and will often want to put in the dreaded “wiggle room.” Sometimes they want to pad it more than that – to a level that is simply not sustainable for that house.
I always explain to my sellers that “time” as in market time, is not their friend. The longer the house sits on the market, the more wary buyers become. And wary buyers don’t pay as much as excited buyers. Long market time almost certainly equals less profit.
Some sellers blame their listing agents for the lack of offers. They might go through several agents over the years (yes, years – 1000 days is 2 3/4 years.) They hope the new agent has some magic bag of tricks that will convince an unsuspecting buyer that their house is a good value. I know this because I’ve twice been the 3rd agent. And both times I presented excellent offers to the sellers . . . which they refused. And both times a 4th agent was hired that had the listing for over a year before they sold at a huge discount from what I could have gotten them much earlier.
VALUE. There’s the key. Buyers want to see value – they can and do overpay occasionally but it’s because they have decided that the value exists. If a buyer walks out of your overpriced Winnetka home saying things like “too many stairs, kitchen isn’t eat-in, not enough baths,” they are saying they don’t see the value – to buy that house at that price with those issues.
There are currently 7 homes located in Winnetka, Kenilworth, Glencoe, and Northfield (not Wilmette) that have been on the market for over 1000 days.
#1 Home in Glencoe – original price was $1,350,000 and current price is $1,240,000. That’s not a huge discount from the original price and in all fairness, it’s listed as a short sale so other troubles are brewing.
#2 Home in Kenilworth – was listed originally for $1,999,000 by an out-of-area broker who was a family member and now reduced to $1,399,000. Bells and whistles are going off here! If you choose to hire an agent from a different area, make sure they’ve brought in some local agents to help determine price.
#3 Home in Kenilworth – on the market for 3,011 days (that’s about 8 years, folks.) Priced originally at $4,495,000 and now at $2,595,000 this one is a toughie. Not only is it an unusual style for the area, but the price never matched the market. I hope the seller gets a good offer soon.
#4 Home in Winnetka – it started out at $4,950,000 and is now $1,760,000 after 2,049 days on the market. Beautiful lot and location but the house needed too much work to ever support the price and now it’s practically underpriced.
#5 Home in Winnetka – on the market for 2,817 days currently priced at $3,900,000 down from $5,800,000. Some might consider this lakefront home a teardown.
#6 Home in Winnetka – an impressive brick colonial that began at $6,990,000. It was reduced in 2009 to $3,289,000 and then increased back up to it’s current price of $5,000,000 in 2011. Clearly, the price is playing musical chairs and buyers are probably confused.
#7 Home in Northfield – a relative youngster on the market at 1,078 days – it started out at $1,895,000 and is now listed for $1,499,000.
These homes, and many others that are creeping up in market time, are now Stale. Old. Tired.Something Has to be Wrong With That House. Overpriced.
If you are planning to sell your house, you need to listen to your real estate broker. You hired one to sell your house so now consider carefully what they are telling you. We are on the ground every day, we stalk the MLS like a tiger, we know where value exisits and where it doesn’t. Talk to several agents. Get a consensus on price at the very least. Don’t go with the one who gives you the highest price. And read above again if you feel the urge to up the price.
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