Some sellers hear about today’s bidding wars and pre-emptively overprice their home, only to feel shame – “What’s wrong with my house?” – if no bids come in.
CHICAGO – Homes are selling within days or even hours – except for the homes that aren’t. When that happens, those homes’ owners say they often feel embarrassed and angry and wonder what could be wrong with their house.
In the current seller’s market means, many homes end up in bidding wars. Fierce competition is the talk of the town and the topic of many media stories since 87% of March home sales were listings on the market for less than a month. Half of properties typically stayed on the market for only 17 days, according to the National Association of Realtors® (NAR).
But home sellers with different experiences say their egos were bruised.
Jessica Clark in Lincoln, Neb., says she and her husband were trying to sell their home in late 2020, which initially looked promising for a quick sale. They had constant buyer tours – but they received no offers.
“We felt defeated and so worried,” she says.
Their house lingered on the market for more than a month, while other homes were selling within days. Finally, they received an offer below the asking price, even though they heard everything else was selling for way above asking price.
“It wasn’t the best,” she told realtor.com. “But we felt forced to accept.”
Sellers whose homes linger on the market may need to have a heart-to-heart talk with their real estate agent about the next steps to renew interest. Could their house be priced too high? More sellers are having to drop their asking prices.
Also, discuss what is turning off buyers. Are repairs needed? A real estate agent could suggest home staging, decluttering or even minor renovation to help boost interest.
“A hot market leads people to believe that, because the house down the street had a bidding war and fast sale, they will follow suit,” says Laurie Leinwand, a licensed professional counselor of Three Steps Forward. “When reality falls short, there’s disappointment. Your objective is to sell. Let go of the timeframe. It will happen when it’s supposed to. If it takes a little longer, that’s OK.”
Source: “What Hot Market? The Secret Shame of Owning a Home That Just Won’t Sell,” realtor.com® (May 12, 2022)
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