When a property has been sitting on the market for over a month it begins to go ‘stale’. Once this occurs people will start to think that there may be problems with the property. Eventually the property will be classed as a lemon and it will become more difficult to sell, but it could be a great time to buy.
There are 15 strategies to purchase property below market value. One of these is purchasing stale properties.
In many cases this happens because the owner has listed the property for more than it is worth. Even as the owner drops the price, the perception that there are problems with the property will still remain.
After 3 months on the market the property is now considered stale. The agent would have likely lost enthusiasm and the owner will have become despondent.
The three month mark is a good time for the bargain hunter to get to work. If you have a stale property and a highly motivated vendor, these are the perfect components to get you a property at a significant discount to market value. It’s one of the many methodologies we use to find great properties at good prices.