Would You Buy a House that Has Been Up for Sale Over 10 Years?

Not too far away from my neighborhood is a house that has been up for sale for 10 years. It can’t be blamed on our current economic crisis because it was forsale well before that.

From the exterior it looks nice. But I couldn’t help but wonder why this house is not selling? Houses are meant to be lived in. For whatever reason and for all this time it has remained empty. I made the assumption that the owners could not possibly be paying 2 mortgages at one time. Or could they? One downfall is that this house is cushioned in between a new housing development. Perhaps the house is not selling because a potential home buyer might think they would be better off investing their money in a completely new home rather than dealing with the headaches that often come with buying an older home. Although the sign indicates the house is for sale by the owner, on a few occasions they have hired a real estate agent. But it always seems to be a short-lived relationship because all too soon you see the familiar red sign that says, “For Sale By Owner” again displayed in the front yard.

I began asking myself is this person being stubborn and not willing to lower the price for the sake of selling his home or does he think it’s worth every penny he’s asking for? I’m almost tempted to set up an appointment myself just to pique my curiosity.

It’s apparent that the owner is still in the area because occasionally you will see someone in the garage or outside watering the lawn. For a house to be on the market for that length of time probably has a negative effect on the property values of those immediately in the area.

I am curious as to how this will all play out. Perhaps it will eventually sell and the current owners will no doubt breathe a sigh of relief. If I were a potential home buyer I couldn’t even see myself considering to make a purchase on something that has been unlived in for all those years.

Honestly now, would you buy a house that was up for sale for over 10 years?

SOURCE:

Personal observation