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Why do Some Homes Stay Longer on the Market than Others?

Why do some homes stay on the market longer than others? Generally, price is the biggest factor. Owners who think their home is worth much more than what the market is willing to pay often find themselves listing their homes for months or even years to no avail. Even though the owner thinks the home they put so much time, energy and sweat equity into may be worth a million bucks, if the majority of homes nearby are all selling in a particular range, the owner would sell his or her home faster by dropping the asking price to a more reasonable amount.

There are, of course, other reasons homes may linger on the market. Besides price, there’s appearance. If there are two similar homes in a neighborhood, priced similarly, the one that’s better looking (or more “up-to-date”) is likely to sell faster. Curb appeal matters a lot, after all. People want to buy a nice looking place, preferably updated to today’s standards. And just like people dress up to look their best for a first date, a home’s front yard needs to look its best. Has the lawn been mowed or not? Is there paint peeling on the window shutters? Did a gutter become loose? Are there more weeds than flowers in the garden? These “little things” matter!

The interior of a home also matters. Some people, for whatever reason, refuse to make any stylistic upgrades to their homes. When potential buyers walk in to see stained old rugs, cabinetry from the 1970s, and appliances that haven’t been changed since the Nixon administration, they’re not going to be too eager to buy the place. Also, if a place appears cluttered, that can deter buyers as well.

Finally, things like an older roof can contribute to a home not selling quickly… people worry they’ll have to replace an old roof, which can tack on $10,000 or more– an expense they may not want.

If you’re having issues selling your home in Western New York, contact Donna Littlefield for help today.