What happens when houses sit on the market?
Paragon was once again featured in a San Francisco Chronicle article today, this one focusing on what some may consider an anomaly in our crazy-hot market. Specifically, what happens when a property doesn’t sell around here – and why exactly does that happen?
Our chief market analyst Patrick Carlisle told the Chron that, while it’s not unheard of for sellers to consider the value of their home far higher than it actually is given the astronomical prices we’re seeing around here, homes that start off this way grow “out of sight, out of mind” for buyers turned off by the excess.
One property highlighted in the article is 489 Harrison St. No. 405, a One Rincon Hill property with three bedrooms and two baths encompassed in three levels. The asking price of just under $3 million has proved too rich for some would-be buyers’ blood and as a result the property has sat on the market for a little less than seven months – nearly unheard of in this market.
However, the property’s listing agent described a rather laissez-faire attitude on the part of his client. “It just takes the right buyer who appreciates it,” Eric Johnson told the Chron. “My client is not in a hurry to sell. … We have had offers that in my opinion were very strong. My client decided not to accept them.”
Various listing agents told the Chron that there are many reasons that homes may not sell: outdated décor, lack of parking, excess stairs and the presence of tenants. That said, these homes often will sell if they’re correctly priced. “If a home is lingering,” Daniel Winkler & Associates agent Eric Wong said, “it’s the wrong price for the condition of the house.”
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