Stale Listings: Hanging Around the Market
Fresh listings seem to get all the attention. And in an active market, an old listing may seem undesirable, but that could be an oversight in today’s market. Even though everything is sitting around, keep in mind we’re talking houses and condos, not fish.
Often, “stale” or dated listings indicate the seller is in a bad place. Financially, the seller may be strapped; psychologically, the seller may not value the place as much. That’s the recipe for a good bargain.
A buyer with good credit and pile of cash is the belle of the ball. While some sellers hold out until the cormorants come home, others willingly negotiate. If you’re going make a lowball offer on a property, a stale listing is a great place to start.
65 Palmer Street, #65-2
Salem, 01970
Beds2: /Baths: 1
SQ.FT.: 895
$174,900
At $195/sq.ft. with some serious water views, 382 days on the market doesn’t seem right, especially in a trendy neighborhood.
65 Canal Street
Salem, 01970
Beds: unlisted /Baths: 1
SQ.FT.: 3775
$299,900
This old church is cheap because the view from Canal Street isn’t pretty, but inside, there is enough room for a disco, a la Steve Martin in The Jerk.
52 Essex, #1
Salem, 01970
Beds: 2/Baths: 1
SQ.FT.: 991
$244,900
A charming old thing, priced $60k below assessed value. Definitely a buyer’s market.
More of Mike on Beverly and Salem
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