Here's a home, which was listed of $399,000, was on the market for 274 days back in 2002. A series of 5 agents followed over the span of 6 years only to see their listing expire unsold. The list prices never varied much over the years. The range price went from a low of $385,000 to a high of $435,000. Each agents average DOM was from 279 to 385; except for one, who had only 26 days. I have to guess something happened as it was then off market for the rest of that year.
Well, it finally sold for $385,000! The total days on market were 1013 days and the final sales price was $385,000 with the 5th agent.
So what does this data tell you? It says that some homes and especially unconventional log homes... just take a longer time to sell. Why, simply because they are in a "niche market". It was very rural and too far way from employment or wasn't in the desired location for many. It was out of the price range for local buyers, thus requiring more expensive marketing to attract a buyer from a narrower group of consumers. Niche homes are often harder to appraise too, as finding equal sold comps can always be difficult.
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About the author:
Mary Strang is the Broker-owner of RE/MAX Hill Country Realty located in Viroqua, WI. Home to Organic farming, a small rural city population of about 4000 and a great place to live! Copyright © 2009 by Mary Strang. All rights reserved... " Sometimes it just takes a long time: the blog post was written by Mary Strang is believed accurate but may not be guaranteed.
Mary -- you are so right about niche homes --- I have seen quite a few during my real estate days that stayed on the market just about as long as this one.
Hi Liz, Some agents actually turn down certain home that are pricey and appeal to limited numbers of buyers. They are fun to work on, but often take a very long time to move. Often it is timing, just having the right house when the right buyer coming along.
We have that problem with houses with all the bedrooms upstairs. People in the south hate them.
Yahoo! Congratulations on selling this home!! The archictecture looks fabulous on this place!!
Hi Mary: I agree with you 100%. It's not always about the price. When you have a specialized home - it's about the patience.
:)
My gosh Mary....1013 Days on Market. Goes to show all things must end, including tough listings. Sometimes it pays to be #5.
Yicks...log homes are a challenge...we don't have many here of course but friends of ours built a giant one in the north country....and then made a lake behind it....and turned it into a lodge rather than a single family home...still...in the middle of ...well...the northwoods....and for some folks, that works !
Thanks to all: I did not sell this home, as I was evaluating a new log home listing that is coming in and I noticed this. I actually was the first listing agent back in 2002 to list it. LOL... Anytime I list a niche type home I try to carefully price the home. Time on market is often the only reason a niche home expires if it is priced right because IMO it just takes a longer time to find the right buyer for an unconventional home.
Mary - Unique homes require unique marketing and you are absolutely right it does take longer.