I have 2 coworkers that presently have their homes for sale. I will call them Sally and Mary. Both Sally and Mary's homes have been on the market for over 6 months. Mary has had absolutely no interest while Sally has had several offers. Just recently, Sally finally went under contract. The buyers were preapproved and were making a large downpayment. Since Sally thought her home was sold, she and her husband put a contract on another larger home in great neighborhood and good school district. Everything was going well until the home inspection. There were a few small things that needed to be done before closing. Sally advised the buyers they would not be able to get the list completed in the 2 weeks prior to closing. What did the sellers do? They walked away! With so many homes on the market, why wait for them when they could move on to the next house?
Sally told me they had lowered the home price from the original asking price of $209,950 down to $185,000. They only paid $150,000 for the home three years ago so they were still making money; just not as much as they wanted.
So today, Sally's home is still on the market at 11% less than it was 6 months ago. One the mandate with the realtor is up, she is taking the home off the market and wait a little while.
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Ouch, I wish we had this problem, we've got the opposite here in Sydney, Australia.
Things are just insane from a buyers perspective. We're even seeing bidding wars for rentals!
The sucky housing market makes me want to buy another home as an investment. The home prices are bit more reasonable now compared to a year or two ago.
Anyway, this is surely a bad time to sell a home and I think Sally is doing the right thing by waiting 'til the market recovers.