Home Selling Time Limit

There’s technically no time limit on selling a home. It can remain on the market in perpetuity until the owner accepts an offer. There is a time limit on Multiple Listing Service (MLS) listings, which varies depending on the contract between the home seller and their real estate agent or brokerage listing the property. The typical contract is between three and 12 months, but this term isn’t set in stone and can be modified if the property doesn’t sell in the initially agreed-upon contract period.

If the contract expires before the home sells, the house will no longer be actively marketed on the MLS and will become harder for home shoppers and buyer’s agents to find. Listings that expire can be renewed, although whether a home seller should renew with the same agent if their home hasn’t sold at the end of the contract term is debatable.

Why Homes Don’t Sell

There are many common reasons why some homes don’t sell quickly. The most common are:

• The home is priced too high
• The home is in disrepair, especially compared to other homes in the same area or asking price range
• The home is located in an area with low demand
• The market is down and there are more home sellers than home buyers
• The person selling the home fails to market it effectively

Unrealistic Home Sale Price Expectations

Overpricing and unrealistic seller expectations are likely the most common reasons some homes stay on the market for longer than others. It’s not uncommon for homeowners to have an arbitrary price target in mind that isn’t in line with current market realities, and they may refuse to negotiate below their target. If that price target is significantly higher than comparable homes in an area, the home is unlikely to ever sell.

Homes in Disrepair Take Longer to Sell

Home condition may be another factor, although it’s often one of the less important variables. There are many real estate investors and house flippers who are more than happy to buy homes in disrepair if they can get them at a discounted price.

The calculation for a house flipper is fairly straightforward. For example, if a homeowner lives in an area where the average house value is $500,000, but their home is in poor condition, a house flipper may offer them $400,000. Then, the flipper might invest $50,000 into the home so they can list it for $500,000 and make $50,000 in profit.

The same home without improvements might never sell if the initial homeowner refuses to budge from a $500,000 asking price or invest in repairs.

FSBO Home Selling Challenges

Even if a home is in good condition, it might take a long time to sell if the homeowner is attempting to sell the home themselves. Homes that are for sale by owner (FSBO) might stay on the market far longer than comparable homes sold by real estate agents due to ineffective marketing. Even homes that are competitively priced need to be found by qualified local home shoppers before they can be sold.

Although FSBO sellers can pay a licensed broker or real estate agent to list their home on an MLS for a flat fee, simply having a home listed won’t necessarily get it noticed.

Marketing Matters When Selling a House

Active marketing through real estate networks and real estate websites and platforms is vital. A home that is properly listed and advertised also needs to be presented in the best possible light with high-quality photos of the interior and exterior, and a detailed description of the home’s amenities and the surrounding community.

Solid marketing is a key component to selling a home quickly, and a lack of effective marketing can result in homes staying on the market for far longer than similarly priced homes in the area.

There are a host of other factors that might slow down or delay the sale of a home. Poor staging or curb appeal might turn off home shoppers. Presentation matters, and if similar homes for sale in the area look better on the outside and inside, those other homes might sell first.

Letting Interested Buyers See the Home in Person

A lack of accessibility can cause delays in the sale of a home, although this depends on the FSBO seller or real estate agent’s approach to marketing. Creating a sense of scarcity and exclusivity by restricting viewings and open houses can generate a sense of urgency and competition if it’s part of a concerted and intentional marketing strategy. However, for the average home for sale, restricted viewing times or uncooperative sellers who don’t let interested buyers into the home can significantly delay the selling process.

Some Real Estate Factors Are Out of Your Hands

There are also some variables that homeowners have no control over, like location. If a home is in a rough neighborhood and is surrounded by abandoned homes and structures, or is right next door to a homeless encampment, it might be extremely difficult to find interested buyers. Although some real estate investors or cash home buyers might still be willing to purchase a home with serious location problems, they will likely want a steeply discounted price.

Sell Your Home Quickly and for a Competitive Price

The team at 72SOLD employs a proven marketing strategy to sell homes more quickly than the competition and at prices that are above the median for comparable homes within the MLS. If you want to maximize your home sale price quickly, 72SOLD may be the answer.

Get our price for your home through our website.