WHEN OTIS DARRELL RECENTLY RETIRED from the U.S. Postal Service, he knew exactly what he wanted to do: sell his house and move closer to family members in the South.
Darrell, 67, planned to move to Georgia, and he figured the sale of his four-bedroom, two-and-a-half-bathroom home in Victorville, California, would come in handy.
But more than six months after putting his house on the market, Darrell still hasn't sold the property. Originally listed for $375,000, the house sits on an attractive lot framed by neatly trimmed shrubs and a rose garden that extends from the driveway to the front door. Even with its nice "curb appeal" and quiet cul-de-sac location, the house hasn't budged.
"It hasn't helped that a brand-new set of houses [is] being built a block away," Darrell notes. "That's just extra competition."
Darrell has since lowered the asking price to $300,000, changed realtors, and even made repairs totaling about $1,700. He's gone ahead and moved to Georgia, but he says if he doesn't get a bite by spring, he'll simply take the California property off the market and rent it.
Like many homeowners, Darrell finds winter to be the slowest home-buying season of the year. Homes are now sitting on the market for an average of 60 days, double the number of days it took to sell a house in 2005, when interest rates were falling. According to the National Association of Realtors, in 2007 the housing market nationwide is expected to be relatively flat, following a correction in home sales and prices in 2006.
Malik Ellis, an attorney and co-owner of the Ellis Development Group in …
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