Dear David,

We’ve been searching for a home for the last few months. Our Realtor created an online MLS search for us, and one of those results just landed in our mailbox. The house looks magnificent and checks most of the boxes on our wish list, but the price is just a bit beyond our budget. We’re worried that something might be wrong with this house, since it’s been on the market for over a month and no one has bought it yet. Why is it still sitting?  – FEELING CAUTIOUS 

DEAR CAUTIOUS: The amount of time a property spends on the market can sometimes be a source of concern for buyers. They see a home that appears too good to be true, and wonder why it isn’t selling. Realistically, there are several perfectly normal reasons why a wonderful home might spend a month or more on the market. Sometimes it’s the price, since even a small gap between a property’s asking price and its market value can cause a home to linger. Timing can also play a role, since homes listed during slower selling seasons, long weekends, or periods of economic uncertainty often don’t move as quickly as they might at other times of the year.

Sometimes it comes down to the way a home is marketed. Believe it or not, a truly stunning home sometimes doesn’t photograph well, and if pictures don’t do it justice, fewer buyers will come through the door. Unique properties can also take longer to sell, simply because they appeal to a select group of buyers. 

Of course, it only makes sense to ensure the home doesn’t have an actual defect that’s causing it to sit on the market. If you are at all concerned that this might be the case, perform your due diligence. Check the condition of the roof, furnace, and windows before you make an offer, and make your offer conditional on inspection. Also check out any potential location quirks, to be sure there aren’t hidden issues. Do a Google search, go a few pages deep in the results, and hop in the car and do a drive by.

PRO TIP: A real estate listing rarely tells the whole story. If you see a home that is of interest to you, have your Realtor book showing, since online photos can’t replace the experience of walking through the space. Ask your Realtor to pull comparable sales, so you have a clear idea of whether the home is fairly priced, and ask direct questions about why it has been on the market so long, whether any previous offers have fallen through, or if something has been discovered on inspection. 

Lastly, consider how a home’s time on the market can affect your negotiations. Sellers who overreach on price may find their listings languish on the market, and end up becoming prime targets for aggressive offers once the property has been sitting for a while. If this house checks many of your boxes but has been sitting for a while, it could represent an opportunity to negotiate yourself into the lifestyle you really want. #Advice #AskDavid #TheNegotiator 

David is a top-selling Broker in Kitchener-Waterloo Region. He works personally with you when selling or buying your home. Moving? Get it right. Ask David today! Call or text 519-577-1212.