“This particular house has been sitting on the market for what feels like forever. Why won’t it sell, Sarita?”
Dozens of buyers have asked me this question over the course of my career in real estate. The reasons might vary for why a home isn’t selling. It could be the house itself, the price, the marketing, or a deeper story. After a while, buyers start to wonder, “If it’s so great, why is it still available?”
In a red-hot market with lighter inventory, a home that has sat for long periods can normally be traced back to the house itself or its price. Especially here in Portland, when a home is priced too high, buyers simply hold off, rather than risk offending the seller with a lower offer or having their offer rejected.
So they quietly sit back and bide their time to see what happens. After weeks or months go by and the home starts to stagnate, buyers’ imaginations run wild with speculation as to why it might still be available.
If you’re a buyer, the best way to handle this is to consult with a real estate professional and let them research the history with you. Sometimes, yes, the home has a fatal structural flaw or it sits right off a noisy freeway or some other qualities buyers find undesirable. However, I’m here to tell you that I think there’s a buyer out there for every home and vice versa, and if it’s priced with all factors considered, just about anyone would and will buy it.
It boils down to understanding the home’s history and proper pricing and working with a professional who can compare the home against similar properties to better understand what’s going on.
If you have any questions about a specific property that has been sitting for quite some time on the market and you’d like to know its story, please don’t hesitate to ask Sarita. Let’s work together to learn its story. I hope to hear from you soon!