These “low budget” properties which nevertheless do not find buyers…
Real estate agents will often tell you that in real estate “everything sells.Anything, even property in the worst state”.But in some cases, the sale may take a long, long time to materialize.And it’s not always just a question of price…since it’s not uncommon to see properties for sale at low prices for a very long time on real estate ad sites.A situation that often reveals one or more flaws.
A selling price still too high
There is of course the question of price which comes quickly to the fore: if the property has been on sale for too long, it is certainly because its price is too high…Estimating the sale price with real estate professionals remains the best advice for sellers.
The price may therefore be too high in relation to the market…or it may have another crippling flaw for the majority of buyers.And even if we lower the price, I’m not sure we’ll find a buyer.The condition of the property as well as many features can indeed put off potential buyers: an undeclared sandbox, toilets on the landing, a main room made of souplex for example.
“I remember a nightmare visit.It was an apartment with every possible defect: undeclared sanibroyeur, in a ruined condominium, with cellars threatening to collapse, work to be paid, debts for each co-owner…The price was high and I thought I’d almost have to pay myself to live in there,” says Louise, a young active owner.
A condominium or neighbourhood problem
The property for sale may also be in perfect condition, with very nice pictures, and the problem may come from its surroundings, location being always the number one criterion in real estate.
The condominium or neighbourhood may indeed put off potential buyers whose criteria vary.Some may not want to buy a property over a bar or restaurant for the various possible nuisances, while others will be perfectly happy with it.In real estate, as elsewhere, there are more special cases than general cases!
Thus, a dwelling for sale in a dilapidated, badly maintained condominium, with very high charges, debts and very important work to be planned can make buyers flee: a dilapidated roof, collapsing cellars, excessive charges,…Whatever the budget.
A problem of remoteness with public transport
The environment and location are, indeed, essential for a real estate project.A property located too far from transport, on foot or by car, will take longer to sell.The distance to transport being one of the first questions of the buyers.And even investors won’t rush to buy a studio at a bargain price if the property is too far from a bus, RER or metro.The maximum recommended distance is about 800 metres.
A problem of living space
Some dwellings have difficulty selling, despite a correct price, for reasons of layout or size.Rooftop housing with slopes in all rooms where one cannot stand upright may have this problem.”I visited an apartment with a mezzanine under the roof just above the kitchen, which could have been the parents’ bedroom, but I soon realized that I couldn’t even stand up…So we didn’t follow up,” explains Vincent, an executive in active research.”The dwelling had other defects, for example, the whole layout had to be reviewed: moving the kitchen, creating a bedroom, redoing the bathroom and on top of that, it had a bit of a low ceiling.A big no for us,” he continues.
As a reminder: for the sale of a condominium lot, the seller must provide the buyer with a diagnosis of its surface area in accordance with the Carrez law.This yardage only takes into account the floor area for rooms with a minimum ceiling height of 1m80.
A sanitation or renovation problem
A property with a real problem of humidity for example or installations that are no longer up to standard can make some buyers leave.Conversely, others, and we must find them and help them to project themselves into the renovation project, will more easily be directed towards properties with work.Work that will have to be costed to reassure them.
“I recently saw a house in the South that fits my criteria perfectly.The problem is that major work has to be done, but the announcement says so and even indicates the approximate cost of the work: 90,000 euros.To be validated with my craftsmen, but it’s reassuring to have a first idea,” explains Jacqueline, who scours the ads in her region to find a house for her retirement.
A problem related to an estate
In some cases, the property has been for sale for a very long time for inheritance reasons.The heirs are unable to agree on the sale and the property therefore remains on the market without its price going down.
To conclude, if you see a property that has been for sale for a very long time, it is possible that the property has a defect.Or that it is located in an area with few buyers and a demand at half-mast.Visiting it will allow you to know if the defects of this property are prohibitive or not for your situation.