Debt2Assets

One Year Later, Still Unsold

The homes in my Raleigh area neighborhood do not usually sell very fast, in part because they are older (built in the early 1970s) and located in a section of town away from where all of the new construction is happening. Still, this neighborhood is solid and convenient to everything.

One home in my area has been on the housing market continuously since March 2006, an awfully long time for a home to remain unsold. The house is empty, suggesting that the owners transferred out of the area, which could also mean the responsibility for seeing that the home is sold rests with the owner’s employer.

The same realtor has been representing this customer continuously, but I did see a pending for sale sign on the home last summer. That sign remained up for about one or two weeks before it was removed and the home presumably was placed back on the market. I have no idea why things did not proceed to a sale.

I won’t post a picture of the home online or mention the realtor by name — no need to embarrass anyone. The house is attractive looking with a good street presence. However, it does have one flaw that may be considered fatal — the kitchen is on the second floor. That’s right, I’m talking about a raised ranch, a style that was popular during the late 1960s to early 1970s.

I might not have considered this feature to be a problem, but it did catch the attention of two women I know. Each mentioned that the layout of the house makes all of the difference in the world.

What can the owner of the home do about this problem? Probably not a whole lot. However, a realtor who is aware that our neighborhood’s school assignment is fairly solid compared to the rest of the county could use that information as a chief selling point. With so many kids being moved from school to school each year as the district redraws its boundaries yet again, the idea of living in a neighborhood not so effected could override this home’s major flaw.

Likely, the owner will have to budge on price, perhaps selling the home below market value. That can be bad for the owner and bad for the rest of us who want to see home values remain strong.