Is Your House Sitting on the Market Too Long? Here’s What Might Be Wrong
When a house lingers on the market for 30 days or more without much interest, it becomes what industry insiders call “stale.” Recently, more homes have reached this 30-day mark than ever before. According to Redfin, nearly two-thirds of listings in June had been on the market for at least 30 days. This increase in stale listings is due to a combination of more houses being put up for sale and a decrease in demand, influenced by persistently high mortgage rates. “Less-desirable listings are sitting on the market, causing unsold inventory to pile up,” Redfin reports. Conversely, properties in desirable areas that are move-in ready are still selling quickly, while less appealing homes continue to accumulate.
A significant portion of homes for sale in June, over 40%, had been on the market for 60 days or more without receiving an offer. When a listing has been available for at least 30 days, it signals to potential buyers that there might be issues with the property, making it less attractive to even consider. Several factors can contribute to this perception: poor marketing with subpar photos and descriptions, numerous contingencies that suggest a picky seller, or restricted viewing times that limit buyer access. However, the primary reason a house remains unsold for 30 days or longer is often its price—it is simply overpriced. This indicates that the seller might not be genuinely interested in selling. As Doug Campbell, a Tampa-area agent, noted on the ActiveRain real estate site, “You can price your house to sell or not.” He highlighted how overvalued properties make properly priced homes appear to be better deals.
Many agents believe in a two-week window for selling a home. If it doesn’t sell within 14 days, a price adjustment might be necessary. However, most agree that 30 days is the critical threshold. “I talk with my sellers about the ’30-day sale’ and that we need to price to sell in 30 days to avoid getting stale,” wrote agent and author Jennifer Allan-Hagedorn on ActiveRain. Dawn Brenengen of Trailwood Realty in Raleigh, North Carolina, shared an anecdote on ActiveRain about how she once had to decline her best friend’s request to list a property for $30,000 more than it was worth, hoping a buyer would overpay.
Both sellers and listing agents can be at fault when properties go stale. Some agents enable sellers’ unrealistic pricing, wasting time and effort for both buyers and other agents. The key takeaway is to work with a top-tier professional who understands current pricing trends. They will examine how similar properties have recently performed, assess market conditions, and conduct a thorough market analysis to determine the appropriate listing price for your home.
Ultimately, the seller decides the listing price. They can listen to unrealistic suggestions from friends or choose an inflated price in hopes of attracting a wealthy buyer. However, experienced real estate agents pride themselves on accurate pricing, aiming to sell homes promptly rather than letting them sit unnoticed. “The challenge for me is getting the sellers to listen to the facts and figures,” wrote Scott Cowan of RE/MAX in Olympia, Washington. “Too many sellers have an inflated opinion of their property compared to the competition on the market.”
