Why hasn't anyone bought this house?

[Jan Kargulewicz]

tl;dr - I am looking at an attractive deal and wondering why, after nearly 3 months on the market, the house hasn't sold. Am I missing something catastrophic?

I'm looking at a single family home in a blue collar area outside of Philly. The market here continues to be really warm, if not hot, and inventory remains fairly low.

I've had my eye on this particular property for about a week. It's been on the market nearly three months without any price adjustments. It's a flip with a new kitchen, upgraded bathrooms, and lots of cosmetic work inside and out. 

One of the deals fell through recently and I was able to see the inspection report. It's an older house and there's nothing shocking in there. I've got my eye on a few things that I'd like to fix but they'd all be smaller projects done by me. 

All that said, it's priced on the higher end and I'm thinking that the seller (importantly, the seller is the owner, the flipper, and the realtor), might just be stubborn on price. Otherwise, why hasn't it sold?

[Chris Seveney]

@Jan Kargulewicz

You answers your own question - it’s over priced