house on the market for 1year +

[Panda368]

So this is a curiosity post - mostly we aren't planning on moving for a bit but equally I'm not expecting this house to go for a bit either.

If a house had been on the market for over 1 year with no sign of ever coming off to being under offer. would you assume that it was wildly over priced?

I have a minor obsession with a property near us that has been on the market for ages - its listed for OIE 240k (reduced from 250 august 2019)

4 beds (3 double)
Garage
Garden storage
BIG garden
BIG southwest ish view over woods and fields
Off street parking

Work would need to be done to make it really good as downstairs layout is a bit weird (you would knock through the kitchen into a "workroom" probably requiring an RSI but its very livable initially)
According to estate agent it's basically not enough work to make it worth it for developers and too much work for young families.

In my head because it's been on for a year and needs work I'd offer 20% less than asking so around 275 which would be in our budget and be able to go up to about 300.
If you had been trying to sell for 1+ years would you accept it?

this is all hypothetical but we live in a part of manchester where property moves fast so a house being on the market for so long is a bit weird.

We've tried to buy two different houses that had been on the market over a year, one was nearly 2 years! We got nowhere, they basically wanted full asking price which we weren't (and I imagine others) willing to give. I guess they just stay on the market long enough for prices to catch up to what they want.

Either they're not accepting offers or something else keeps cropping up that halts a potential sale.

It has probably been on the market because they aren’t accepting anything below their asking price. It’s also possible they had a couple of buyers fall through. If you can’t afford it for the asking price then I suggest you do yourself a favour and find another property.

We recently bought a house that had been on over a year. Not enough profit for developers but too much work for a family- doesn’t phase us though. Will make a fantastic family home by the time we’ve finished.
It was a popular house but for various reasons (chains, mortgages etc) no one else could get a solid offer in place.
It had been reduced a couple of times but we managed to get 10% off the reduced asking price.
If you like it, I’d put an offer in but be willing to walk away.

How old is it? Are structural surveys causing buyers to pull out? This is a common reason why houses don’t shift. The vendor needs to claim on their insurance but refuses to. I’d go in with eyes wide open and look at every possible structural fault.

If it’s been on for that long then I can guarantee the seller will be a nightmare as they are clearly blinded by what they think their house is worth or they actually aren’t that bothered about selling.

Walk away.

The EA is wrong about builders. If it was worth it, someone would have bought it. No builder wants to spend dosh they are probably borrowing if the profit isn’t there. If it was cheaper, a builder would have had it or pulled it down! Families of all ages buy property including seasoned doer uppers. For whatever reason it’s stuck but not for the reasons the EA says.