The Discount for “Stale?” A Lot.
It’s only anecdotal, but it sure seems to me — and many other veteran Realtors — that “For Sale” homes today fall into one of two categories: 1) homes that hit the market well-
prepped, well-priced, and with a lot of marketing fanfare — and sell in a few weeks; and 2) houses that don’t meet that description . . . and sit.
Unfortunately, the corrective for a house that’s overpriced and stale (both in showing condition and market time) isn’t merely marking it down to market value.
To re-attract skeptical Buyers, such homes often need to be discounted below what would otherwise be fair market value.
“Showing Condition”
What’s the difference between “showing condition” and “condition condition?”
At least for me, the former refers to how well the home presents for showings — which in turn hinges on made beds, spotless kitchens, and yes, even fresh flowers!
The latter is whether everything in the house is updated and in working order.
Prolonged market time doesn’t necessarily affect the home’s overall condition (unless the home is vacant); however, as any long-time (would-be) Seller can attest, it’s hell on showing condition.
