Why Homes Can Fail in a Hot Market

We’ve been talking a lot about how hot the market is, but there’s always the other side of the story. So let me set a few things straight, because while it is true many homes are going under contract on average in 7-10 days and often with multiple offers, that is NOT the case for every home…

3 key pillars always remain: price, condition and location. Let’s talk about how homes can fail in a hot market: 

1. Overpriced homes are sitting on the market, buyers may be feeling desperate but they still know when a home is overpriced and won’t bite. 

2.Homes that have not been well prepared for market (cleaned, decluttered and address needed maintenance) unless priced accordingly will linger on the market and often sell for less than top dollar.

3. If the location is less than desirable (near busy road etc.) a home will typically sell for 2-5% less than similar homes in better locations so – price and condition should be on point.