Low inventory is still a major problem in real estate markets across the US, which is a major reason why so many homes being put on the market often sell quickly.
However, even in a seller’s market, there can be homes that sit on the market for longer than you’d think.
A recent article realtor.com outlined potential reasons homes may not sell, even in a hot market, including:
- Bad luck. When buyers see a home that’s been on the market for a while, they often think that there must be something wrong with the house. But sometimes, the home is a fantastic catch, and it’s only because of bad luck that it’s still sitting on the market. For example, the sellers could have had a buyer, but the deal fell through at the last minute when the buyers’ mortgage was unexpectedly denied.
- Poor presentation. Many buyers today start their home search online. And if a home doesn’t have the right online presence—for example, if it has bad listing photos—many buyers could overlook it, which could lead to it sitting on the market for an extended period.
The article also highlighted reasons why buyers should still consider a home, even if it’s been sitting on the market for some time, including:
- You may be able to get a better deal. If a home has been on the market for a longer-than-usual stretch, the homeowners are likely motivated to sell, which could help you negotiate a better price.
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