Post # 1
Ok so here’s the story:
My Fiance and I are getting married next october (2012). We plan on buying a house the summer before the wedding. We have already started to casually look (just on websites etc). Well I have found a house that we LOVE.
What do you think the chances are that it will still be on the market? I know this is a tricky question, but what is the average time for houses? Is one year a really unreasonable amount of time for a house to be on the market?
Post # 3
It’s really subjective, but I can tell you that in my area, that the only houses that are selling are either below market value (mainly short sales), or in a really really good area. Everything else is just sitting.
That said, a year is really pushing it. If you really love it, then you might need to make a new game plan.
Post # 4
@Cheesy Potatoes: I think it really depends on how nice the house is, what it offers in terms of beds, baths, updates etc. Also, what it is priced at now and it’s comparables. If it is really high above everyone else and they haven’t been bringing the house down at a regular rate then it may still be there. If it meets or is below the other comps in your area then it may go faster than others.
The market is so unpredictable at this point but I think if you truly want it and love it I would snatch it up now rather than wait and be disappointed. I think a year is quite a long time for any reasonably priced home to be sitting.
Post # 5
I was afraid everyone would be saying that. It was priced in april of this year well over market value and high above comparables. They have only recently started to lower the price. I guess I’m just going to be disappointed 🙁
Thanks for your input!
Post # 6
LIke PP said already, it is all about location and pricing. Try to do a little bit more research on how the market is behaving. Fiance and I have been looking since March and we’ve been declined on 5 different offers b/c we get outbid EVERY single time. So in my area (DC suburb) it is VERYYYYYY competitive housing market. So if it is a nice house with all the ameneties and in slightly good shape it will be gone in LESS than 3 months. THe ONLY houses that sit on the market for a year are either really RAN down homes or homes that are ridiculously priced.
Post # 7
Odds are, since they are already lowering the price to entice buyers, it will not be on the market a year from now.
Post # 8
I’ve seen houses get snatched off the market in as little as a week, and houses stay on for as long as 1.5-2 years. It really does depends on the house and how well its priced for what it is. If the seller is stubborn, and wants more than market value, that is usually why it’ll sit for long. Any house priced right will move, even one in an awful condition – someone will by it to fix up.