If you’ve been house-hunting this summer, then you’re aware that we’re experiencing a shortage of inventory. There are more buyers in the market than there are North County homes for sale. This is true all over America. According to Realtor.com, the average American home spent 37 days on the market in June 2021. A year ago, that number was 72. You may notice that one day a home you love is listed online as active, and the next day it’s under contract. But occasionally you’ll see a listing that doesn’t budge. A month, or two, or three may go by and the home is still for sale. So what does it mean when a North County home remains on the market for an unusually long amount of time? Let’s take a closer look.
A previous deal may have fallen through
One of the most common reasons that a North County home remains on the market for a longer period of time than others is that a previous deal fell through. In some cases, it could be because the buyer was unable to secure financing. Perhaps they lost their job, the appraisal came in low, or their circumstances changed in some way that made the lender deem them a risk. In other cases, the home inspection may have turned up an issue that the buyer did not want to deal with. Your agent may be able to find out why the deal fell through so that you can decide if you’d like to put in an offer.
The house has problems
As stated above, a home inspection may have turned up issues with the home. This is another common reason why homes are on the market for a longer period of time. Not all buyers want to deal with having to put on a new roof, replace large and expensive appliances, or fix cracks in the foundation before moving in. The house may be a true fixer-upper that needs the right buyer to come along who is ready to invest time and money in the needed repairs.
The seller won’t budge on the price
Home sellers know that the current real estate market favors them. For this reason, some sellers are refusing to negotiate on the listing price. If a seller isn’t particularly motivated, then they can hold out for an offer that they simply can’t refuse. For them, selling isn’t urgent and they can afford to wait for a buyer who is willing to pay their price.
The home needs cosmetic work
Sometimes a home can languish on the market simply because it doesn’t suit current buyers’ tastes. Most real estate agents will urge sellers to neutralize their home’s decor before they list. This means removing personal items and painting rooms neutral colors that will appeal to the widest range of people. But some sellers don’t want to make these changes. For those that have unique tastes — let’s say, overly ornate finishes or extremely outdated interiors — it may be hard to find a buyer who is either willing to overhaul the home or has the same tastes.
Contact the Clark & Gilman Team today!
Does house-hunting in today’s market make you feel stressed? Then contact the experts at Clark & Gilman Team at 760-758-1211 or [email protected] today. We are here to help you through the entire real estate process and will be with you every step of the way.