Why Some Properties Are On the Market For Longer

Do you currently have plans to sell your home? If so, have you ever looked around at other homes in the area, and wondered what’s causing those other homes to not sell very quickly? Perhaps you’ve seen a house that has been on the market for a while, even though it still appears to be in decent condition. If so, you may have noticed that it’s common for those homes that are on the market for a long time to have to lower their prices. If you’re putting your house on the market, here are some factors to consider about selling.

1) Location

The one thing that can be said about real estate is that location is king! The reality remains true even if the home itself is not in perfect or excellent condition. For example, many fixer-upper homes in Toronto have sold for over a million dollars. Why? Because of location and price. The reason why these homes have sold for so much is because the average cost per square foot in Toronto is around $1,000. Dilapidated homes that have only been on the market for a few weeks have sold for over $1M, even though they will require a lot of work.

2) Property Value

A significant reason that certain properties are on the market longer than others is because of the difference in the market value of the properties. Some homes are more desirable than others and are more likely to sell quickly. 

3) Time of Year

The time of year is another big factor when it comes to how long a home has been on the market. A lot more people are house-hunting during the spring and summer months than in the fall or winter. Most sellers want to move their homes before winter sets in, so they will not have to move in rougher winter conditions. As a result, they will lower their asking price to close the deal as quickly as possible. On the other hand, buyers are usually out in full force during spring and summer because of school and vacation breaks.

4) Move-In Ready

In the current housing market, several factors contribute to longer sales durations for homes. One of those factors is the “move-in ready” designation. Move-in ready implies that a home is in excellent condition, and there are no issues with the home that would require costly repairs or renovations to make the home livable. However, with the excellent condition of a move-in-ready home, some buyers have less motivation to make an offer due to the assumption that if there are no immediate issues, they will encounter more as time goes on.

Click here if you’re ready to watch your home get snapped up.