The home has lots of deferred maintenance. Fixtures and appliances are 40 years old or more. Siding and roof are worn. There are numerous out buildings, including a trailer parked at the far end of the property. The lot is probably only 45 feet wide, and home and drive way go lot line to lot line on the right and left, but the back yard is over 100 feet deep. It is a long narrow strip that reaches to the neighbors on the next street over. The home also backs up on the utility yard for the hardware store (A to Z) located on Ridge Road. the listing agent told me the septic had failed and the seller would contribute the first $20,000 to the replacement costs. Soils in the area are not good for percolation, so some sort of engineered system would certainly be required, costing between $30,000 and $40,000.
This home was just listed a couple of days ago. It will be interesting to see what it sells for. Even though it is a little nicer than the listing on Conifer, that one is $125,000 with a lot size of .17 acres.
The point is simple. When a property has a lot of unknown costs associated with the repairs that would be necessary to make it habitable, sellers don’t know how much buyers will be willing to pay until the property gets exposed to the market place and they can see if they get any offers or if the offers are close to what they are asking. $199,000 seems like an inflated price for this listing, but that’s not for me to say. Perspective buyers will make that decision. In a hot market like we have right now, in 30 days or so, if this property has not sold, the sellers will likely be thinking about adjusting the price.