what is the impact of a house for sale staying in the market for too long?

In General Area - Asked by chima obioma m. - Jan 23, 2015
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Answer(s)

Margarita F.
Broker/Agent
East Elmhurst, NY

Buyers believe something is wrong with the house. The best houses with the best prices are sold first, the ugly and expensive ones do not sell. Many people will not even call to inquire about them. Yet, there is another group of buyers who are looking for those houses because they believe they can offer now a much lower price if the buyer is by now convinced it will not sell.

Jan 25, 2015
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Kim M.
Broker/Agent
Mesa, AZ

The stigma on the property will be that it is overpriced, or has an unrealistic seller.
Supply always equals demand, so if the property is not selling there is a disconnect in the equation.

Jan 31, 2015
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Thomas D.
Broker/Agent
Basalt, CO

The perception of long days on the market is universally negative to the seller. Rightly or wrongly, the second most frequently asked question regarding a listing is, second to "what is the price?", "How ,long has it been on the market?". Right then, the seller's agent is on the defensive trying to overcome objections or conerns that may not in any way be legitimate. The explanation may result from simple overpricing at the outset, to a seasonal market, changing economic considerations, over supply, etc. Sellers often say: "let';s try this price--we can always come down?" However, the simple fact is that a property will never gather as much interest, notoritiety and showings as when it is first exposed to the market. Why miss out on that "!5 minutes" of fame.
Yes, you can always come down, and down and down. A prudent seller should rely of the exxperience and due dilligence pressented by their listing agent.

Feb 19, 2015
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Deborah B.
Broker/Agent
Frisco, TX

The typical perception of a house on the market longer than the average days on market is that it is overpriced. It could be that the house has many more attributes than the comps in the area. This is a reason price/SF alone is not the best way to value a property. You must also look at lot size, condition and the upgrades.

Mar 15, 2015
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