Thousands of homes in Hampton Roads are on the market, and experts say they’re staying there for a long time in a tough market.
“We have a lot more listings on the market now,” said realtor Linda Daniels. “That is primarily the problem. You’ve got more listings than buyers.”
In Hampton Roads realtors say it takes on average about 7 months to sell a house or a condo whereas 18 months ago; “You’d put the sign in the yard and it’d be gone that day.”
With the market being so competitive sellers are reducing prices, offering closing costs, and one seller is even throwing in a flat screen TV to entice a buyer.
The Dunleavy family has been aggressive in trying to make their Chesapeake house attractive to a buyer.
They’ve repaired the roof, replaced the windows and paved the driveway. It cost them a total of $10,000, but there’s more. Brian Dunleavy says, “We’re offering a $20,000 upgrade package so they can do whatever they want.”
“It was a decision that was strongly recommended in order for us to be competitive,” added Linda Miller-Dunleavy.
But it’s been four months now and they still don’t have a single offer. They’ve already moved into their new home, so now they’re paying two mortgage payments, mowing two lawns and wondering if they should ride it out or just rent it out.
Experts have advice for sellers; remember that the condition of the house is very important, and have it professionally marketed, because only two percent of homes that are for sale by owners are selling.
If you’re a buyer, experts say to be reasonable about the price.
By Sula Kim – WVEC Television
