Morning Headlines: Why Don’t Some Suburban Homes Sell?
The Inquirer’s Al Heavens reports today on the less sunny side of the Philadelphia-area housing market’s street: towns like Trevose, Oreland and Warrington. There, Heavens spoke with three would-be sellers who haven’t had any luck in a market that’s supposedly on the upswing.
The Trevose owners have had their home on the market for more than three years, even at the very low asking price of $92,000.
The three-bedroom Oreland Tudor has an asking price of $450,000.
“It’s a nice house with no deferred maintenance issues and several upgrades,” [the owner] said, adding that “after a small flurry of showings immediately post-listing, there’s been radio silence.”
In Warrington, Wirsch’s 1949, three-bedroom, 21/2-bath house on 2.93 acres in the Central Bucks District has been listed since April for $355,000. There have been just two offers, both in the low $300,000s.
The realtors Heavens speaks with points to a few factors that could help or hinder sales for these folks:
– Size of the firm. Bigger firms have more listings, therefore drawing more eyes to websites, and more experience in social media and marketing.
– Flexibility. If one kind of approach isn’t working, agents need to switch it up, possibly changing the way a home is categorized in the MLS, target-marketing, altering the price structure with a higher ask plus seller assist.
– Appropriate pricing. This is an obvious one, but one seller seems to have been bedeviled by a too-high ask. Prices should be comparable to other homes in the area.
– Reliance on Zillow/Trulia. The two sites don’t have the most up-to-date information, but sellers use them anyway.
– Accepting the right offer. In the Warrington case, realtors felt the seller should have accepted one of the offers, which were probably on target.
More news, this way…
• Four of Eight Homes Are Up on Race Street [Naked Philly]
• Trump Plaza Confirms Plan to Close in September [Philly Mag]
• Strange Odor Sends 100 Montco Residents Fleeing Homes [NBC Philadelphia]
• Changing Skyline: Is ‘over-success’ in development hurting Phila.? [Inquirer]