Why do Some Homes Sit on Market Longer than Average?

When you list your home for sale, you hope it will attract a flurry of interest and maybe even a bidding war. But what happens when your property sits on the market longer than expected? While some homes fly off the shelf, others linger. Let’s dive into the possible reasons why and how to address them.

1. Pricing Matters

One of the biggest factors influencing a home’s time on the market is its price. Overpricing—even by just a little—can deter buyers. Savvy shoppers are educated on market trends and won’t waste time viewing a property they feel is overpriced. On the flip side, underpricing can raise red flags about hidden issues. Finding that “Goldilocks” price—just right—is crucial for generating interest while showcasing value.

2. Presentation is Key

First impressions count, and homes that don’t look their best may struggle to attract buyers. Poor-quality photos, cluttered spaces, or deferred maintenance can leave potential buyers moving on to the next listing. Staging, both physically and digitally, is a great way to help buyers envision themselves in the space. A well-presented home often translates to a faster sale.

3. Market Conditions

Sometimes, the reason for a home lingering isn’t personal—it’s the market. Factors such as the time of year, rising interest rates, or changes in the economy can all impact buyer activity. For example, homes listed during the holiday season or over an anticipated summer holiday weekend can sometimes take a bit longer to sell simply because fewer buyers are actively searching. Not that homes listed during these holiday times always sit on the market, however talking to your realtor about strategy in these situations is paramount.

4. Unique Features (or Lack Thereof)

A property with highly specific or niche features—like an elaborate home theater or a backyard putting green—may appeal to a smaller buyer pool. Similarly, homes that are unique to the specific market area. For example a one bedroom home in a very family friendly neighbourhood would be considered unique in the area and may sit a bit longer than others.

5. Marketing Strategies

A lack of exposure can also affect a home’s days on market. Is the listing reaching the right audience? Creative and targeted marketing can make all the difference. An experienced Realtor will have strategies to ensure your property isn’t getting lost in the crowd.

What Can You Do if Your Home Isn’t Selling?

If your home has been on the market longer than anticipated, don’t despair! Start by reviewing feedback from showings—buyers and agents can provide valuable insights. Next, work with your Realtor to re-evaluate pricing, staging, and marketing efforts. Sometimes, even small tweaks can make a big impact.

Remember, every home will sell; it just takes the right strategy to find the right buyer. If you’re feeling stuck, I’d love to help you assess your options and create a plan to get your home sold

Your friend in real estate,

Sam Scribilo

(204) 960-1767

Sam@QueenTeam.ca