Is it a red flag if a house hasn’t sold after several weeks or even months on the market? Well, it can be, but that doesn’t necessarily mean there’s something fundamentally wrong with it either.
In this blog, we’ll touch on why some homes spend longer on the market than others and how buyers can spot potential issues while house hunting. If you’re also thinking about selling your home in the near future, you may want to follow along too. Let’s jump in.
Why Might a House Take Longer to Sell?
There are a lot of reasons why a house may sit on the market longer than its comparable homes. Here are just a few.
The Price
This is a big one! Speaking as real estate agents ourselves, we’ve met plenty of sellers who feel that their home is worth more than what the market might dictate. Typically these listings sit on the market much longer than their thoughtful-priced counterparts and they usually end up getting re-listed at a lower price later on.
If you’re working with a local real estate agent, spotting a house that’s overpriced can be fairly easy. And, in some cases, making an offer on a house that’s seen previous price adjustments could give you some extra leverage during negotiations.
Poor Presentation
Another reason why a home may not sell is poor presentation. Like most buyers, you probably spend a fair amount of time browsing listings, so you know first-hand just how important first impressions are.
Starting with the initial listing, if a seller doesn’t put in the work to present their home properly (especially online), it’s probably not going to get a lot of showing requests – even if the property looks immaculate in person.
Need more advice to help you make the most of your home purchase? Read these blogs next!
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Consider the Local Market
As a buyer, it’s also worth considering that what constitutes a stale listing can change from market to market.
Let’s say you’re moving from Toronto to Durham Region. In this case, you may need to adjust your perspective on what counts as a “long time” for a home to be on the market. It’s no secret that Toronto has a reputation for quick sales. Sometimes homes get sold the same day they’re listed. However, in a smaller real estate market like Durham Region, the average time it takes to sell is usually a much longer time frame. So while a home that’s been available for several weeks may start to raise eyebrows in the big city, it’s not usually a red flag just yet in our neck of the woods.
With all that in mind, if you’re moving from one city or town to another, have a conversation with your real estate agent about what the average selling timeline in your new community looks like. An experienced local agent can fill you in on current conditions and historical trends to give you an idea of what to look out for.
How to Protect Yourself
If you’re interested in a certain home but have concerns about how long it’s been sitting on the market there are some steps you can take before going all-in or walking away. The first is by working with a knowledgeable, local real estate agent. As a professional, they’ll know exactly what to look out for as you explore available options and can dive deeper into certain red flags to help you make an informed decision.
If you do decide to place an offer, the next step is to get an inspection. While having a professional inspection done should be an essential part of any home purchase regardless of how long it’s been on the market, it’s extra important when you have suspicions about a home’s overall condition. Even if you’re comfortable with taking on a home that’s not in perfect shape, this step will ensure that you’re in the loop about any potential issues or areas where the property may need some TLC.
Getting ready to buy a home? Check out these other pages from our site for helpful info and insights!
- What Are My Mortgage Options in Today’s Market?
- Moving Out of Toronto? Here Are 5 Tips For Transitioning to Life in a Smaller Town
- Moving Up to a New Home – Should You Buy or Sell First?
Buy With Confidence
If you’re searching for a great home in Durham Region or Kawartha Lakes, we can help. With more than 175 years of combined experience across our team, we’ve bought and sold homes in every kind of market condition you can imagine. Using this knowledge to your advantage, we’ll help you find a home that suits your needs and budget – wherever that may be.
Searching for the perfect place to call home? We can help. Call 905-985-7300 to reach our team or click here to send us an email.
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