If you've ever found yourself wondering why a home seems to be sitting on the market while others sell in a snap, you're not alone in asking "What's wrong with that house?". The condition of the home is not necessarily to blame. Here are the most common reasons a home doesn't sell in the expected time period of comparable properties.
The most common reason a home sits on the marker is overpricing. Whether it's setting the initial listing price too high or failing to adjust it based on market trends, a poor pricing strategy can tank a homes ability to attract attention. Buyers pursue homes that appear as the best value for the price compared to other properties they may be shopping.
If the home's price and condition doesn't compare favorably with the competition, it won't sell.
A well-priced home will attract more potential buyers and increase the likelihood of a speedy sale.
2. Marketing Mistakes
In today's digital age, a strong online presence and effective marketing is key.
Homes that don't shine in online listings or lack professional photography may not attract the attention they deserve.
If you see iPhone photos in the listing, you can be sure that seller is missing out on the best sale they could achieve.
3. Seasonal Trends
The real estate market in Minnesota experiences natural ebbs and flows, and the timing of a listing can significantly impact its success.
Sales consistently dip in late fall through winter and rise in spring through mid-summer.
Seasonal variations, economic trends, and even local events can affect buyer activity and impact the average days on market. During slower periods, it may take longer to find that perfect buyer match even if all other factors are dialed in correctly.