Last Summer of 2007, I blogged about a listing I had back in 2006. That same house has been on the market a month shy of 2 years. Yes, 2 years! You might be thinking, "There aren't as many buyers in the million dollar price range as there were two years ago," and you might be right, however, this house is ONLY worth $125 'ish.
There are plenty of buyers in this first time home buyer range. Why hasn't this house sold after two years? Two years ago, I told them they might get $125k if they were lucky. I also told them that if they did this, this, and this, that they would be able to get much more, into the $130's.
This house is built in the early '80s and everything in the house is original. Original appliances, original flooring, original mini blinds, original wallpaper, original everything. Their current listing, after going back and forth through a couple of different agents, is listed at $129k.
Why are they still overpricing after 2 years?? If it hasn't sold in 2 years for $129k, it's not going to sell now. At this point, this is what we call a stale listing and people now probably have a stigma about the property, and best of luck to the seller.
What I find sad is that this was a referral 2 years ago, and in the past 2 years, I've sold houses for three people they know and helped those people buy new houses... they just won't learn; not from me, not from their friends, not from anyone. Very sad...