The Jantzens are trying to sell their house, located in the woods of Kentucky. This house is an hour outside of Louisville, inconvenient for the owners, so they want to unload the property, downsize to fit their lifestyle, and move closer to town. For some reason, their house isn’t attracting any local interest among potential buyers. The Jantzens think their latest asking price is “fair” at $214,500, despite the recent median sales price of homes in the area of only $142,500.
Perhaps getting their story on CNN Money will induce local interest, but they might just have to accept the fact that the housing market in their area has gone south. It’s only a “fair” price if someone is willing to pay.
The couple is not in a rush to sell, so they’re holding out for an offer. I believe everything has a price at which interest will materialize, provided they get the word out. Obvisouly, $214,500 has not been the right price for this house at this time. Nevertheless, they are worried about the house’s longevity on the market bringing the value of their house down. I think their value is already down, and the house’s time spent without offers is an indication of that.