A Stale Home?
Might be Fresh for You
Today’s real estate market might seem to be back at the all time high levels that we encountered five years ago. As a buyer you might think that you should wait and see if the market goes back down before buying. But there might be another approach to keep in mind. This might be a tremendous opportunity to purchase what some in the business call a stale home.
What is a ‘stale’ home?
‘Stale’ homes are houses that have been on the market for 2 - 3 weeks with no offers nor interest from any prospective buyers. A lot of agents attribute this to an undesirable location, a dated house, or aggressive pricing. But the truth is that many of these houses might not need that much work, or that the seller is now ready to think realistically about the price. Usually, these homes do have a certain uniqueness to them. Either way, turning your nose down to a ‘stale’ home could cause you to miss out on a good deal.
What do ‘stale’ homes have to offer home buyers?
Home buyers looking to purchase a home should see ‘stale’ homes as an opportunity to make a lower offer. Also as an opportunity to create a home that is more suited to their personal needs because you’ll more than likely be buying it at a reduced price, Leaving money on the table in order to make this stale house fresh.
A Stale Tale
For instance, I recently helped a buyer find one of these ‘stale’ homes and turn it into the perfect house for them. The house had been on the market for 3 months with limited activity. Seeing an opportunity, we put an offer in for 15% less than the asking price. A huge discount on this property.
A New Deal
Within a month and a half, the deal was closed for 9% less than the asking price. Both the buyer and seller walked away happy. Had I not encouraged the buyer to think outside of the box the outcome would have been quite different. Perhaps leaving a buyer without a home, and a seller still stuck with a stale property. A win win situation for all parties involved.
A Fresh Lesson
The lesson? Don’t be afraid to put in a low offer on a stale home. This buyer ended up getting the right home for them in a desirable location for $50,000 less because they saw through the real estate stigma of walking away from a stale home and turned it around to see it as an opportunity.
Have a stale home in mind? Need to sell your ‘stale’ house?
If you are you looking for a top agent in Sherman Oaks and Studio City, give Matt Epstein a call (818) 789 - 7408. With over 25 years experience as a San Fernando Valley Realtor, Matt knows the market best. Matt and his team will guide you through the home buying process to help you find your dream home.
Matt Epstein is a top realtor in Sherman Oaks and Studio City. With over 25 years experience as a local realtor, Matt knows the ins-and-outs of San Fernando Valley culture, housing and living. Follow his blog for weekly news, real estate insight and beautiful homes. He consistently ranks in the Diamond Circle at Berkshire Hathaway. Matt is considered in the top 1% of realtors nationwide.