Homes that sit on the real estate market longer than 90 days are booted into a category that industry professionals call ‘stale’ properties. Think only older homes go stale? Think again, as even new homes for sale can spend months on the market. Here are some common reasons a property might go stale, regardless of age.
1. Too High a Price Tag
While this issue is more common in new homes for sale, there are owners who have lived in their home awhile and have grown emotionally attached.
Perhaps, a homeowner made a lot of costly renovations, or they just want to profit as much as possible from the sale. Whatever the reason, homes priced too high almost always sit on the market longer than others—especially if stubborn sellers are involved.
2. Bad Housing Market
While this can be a major contributor to home slow sales, it also can lend itself back to number one’s reasoning of being priced to high. This is because economic turndowns and slow-moving real estate go hand in hand, so a price drop may be necessary to move the home in a bad marketplace.
3. It’s a FSBO
With little to no advertising and no professional realty team backing the transaction, it’s likely to take longer than 90 days to complete the home sale from start to finish even with an eager buyer. Selling a home expediently needs a real estate professional’s involvement in general.
4. Showing the Home is Challenging
Owners may insist on being there during home showings and lack available time. This can delay potential buyers and even dissuade their interest, which can certainly result in a home having a long-standing ‘For Sale’ sign.
5. The Home is in Poor Condition
Obviously, this applies to older homes that have been lived in a lot without seeing a lot of love in return. An inspector may have deemed a number of major or minor repairs that owners will include a contingency to account for financially with buyers. However, this puts the repairs on the buyer, and some may pass on even a bargain if the owners don’t make repairs themselves, so the home sits longer on the market.
Remember, even new homes for sale might become stale on the market, so sellers should try to avoid these five situations to sell their home more quickly.
