When you look up information about a home and it turns out that the home has been on the market for an unreasonable amount of time, it's all too easy to jump to conclusions. Generally, people who buy houses first think that if it hasn't sold by now, there must be something wrong with it. While this may be the case, there could be a number of other reasons why the house hasn't sold yet. By asking a few questions, you can uncover what reasons might come up as you talk to different owners and go from house to house.
Sometimes it can be as simple as something being wrong with some paperwork. Or it could be a case where the house was actually in the process of being sold to someone, but they couldn't get it financed. If the buyer doesn't have the ability to secure financing, you have to go back to the beginning. The only thing that has happened is that it is now later in the year.
Sometimes it's not even a financial reason. If a buyer backs out for any reason, not only have you lost a buyer, but you've also lost time. This is even more common if the market has many potential homes for sale, as they can sometimes find a home that is a better deal in this type of market.
A homeowner can continue to live in the home while they try to sell or rent it to other tenants. This won't always prevent you from selling your home, but it can make it much more difficult to do all the things that go into selling a home. Homes that are rented out will not be properly staged, so it may be more difficult for you to attract buyers to the home. And if the tenant has a pet, it can be even harder to show the house.
Another mistake people make that can cause a home to be on the market longer is pricing their home too high. If you price your home too high, you are likely to deter potential buyers, especially if your home is higher than a similar home just a door away.
Perhaps the home was not valued at a contract price that may have included a seller's concession.
Sometimes it also just happens that the seller has changed plans. It could be that a family member has passed away and they no longer have time to focus on selling the house, or they've lost their job and can't afford to move, or the house they were planning to buy has already sold.
And then there's always the chance that something is wrong with the house. Maybe it has structural problems, asbestos, foundation problems, or some kind of insect infestation, but any other major problem.
You also need to think about what is actually a long time and what is considered reasonable. If you're in a rush to sell, a few months can seem like a very long time. If you typically deal with auction or HUD homes, these types of homes can be snapped up in no time, but on average, most homes sit on the market for about six months. A home buyer's perception may need to be realigned.
In short, a house can sit on the market for many different reasons. You should never assume that a home has problems just because it has been on the market for a while unless you have done a formal inspection. At best, when the home has been idle for a while and other potential buyers are passing it by, the seller may be more willing to negotiate to give you a good deal.
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