Reports frequently mention that homes in the U.S. are selling like hot cakes, going under contract within days, or even hours, of being listed, and often for way abve the asking price.
But that’s not true for the homes that aren’t selling, and it’s reportedly causing some embarrassment - as well as surprise and anger - among homeowners who find themselves in that somewhat unusual position of not being able to find a buyer.
As realtor.com reported, the current seller’s market means that many homes end up in bidding wars, and fierce competition is the talk of the town. Eighty-seven percent of homes sold in March were on the market for less than a month. Properties typically stayed on the market for 17 days, according to National Association of Realtors data.
Some home sellers with different experiences say their egos were bruised. Jessica Clark in Lincoln, Neb., told realtor.com that, in late 2020, she and her husband were trying to sell their home, which initially looked promising for a quick sale. They had constant buyer tours. But they received no offers.
“We felt defeated and so worried,” she said. Their house lingered on the market for more than a month, while other homes were selling within days. Finally, they received an offer below the asking price, when they had been hearing everything else was selling for way above asking price.
“It wasn’t the best,” she told realtor.com. “But we felt forced to accept.”
Sellers whose homes are lingering on the market may need to have a heart-to-heart talk with their real estate agent about the next steps to renew interest. Could their house be priced too high? They may also want to discuss what is turning off buyers from the home. Are repairs needed? A real estate agent could suggest home staging, decluttering, or even minor renovation to help boost interest.
“A hot market leads people to believe that, because the house down the street had a bidding war and fast sale, they will follow suit,” Laurie Leinwand, a licensed professional counselor of Three Steps Forward, told realtor.com. “When reality falls short, there’s disappointment. Your objective is to sell. Let go of the time frame. It will happen when it’s supposed to. If it takes a little longer, that’s OK.”