Here's What Happens When Your Home Sits on the Market Too Long

If you're looking to sell your home, your real estate agent will probably tell you that the goal is to have it sell quickly rather than sit on the market for too long. Recent data from HomeLight reveals that this past March, homes spent an average of 54 days on the market before going under contract. That's up from a low of 30 days on the market, on average, in May of 2022.

Now, the number of days your home sits on the market will hinge on factors like the time of year you list it, the condition it's in, and the price you're trying to sell it for. The number of competing homes for sale in the area will also generally have an impact on how many days your home sits on the market. But you should know that the longer your home sits after being listed without someone who's willing to buy the home, the less likely you are to walk away with your asking price.

Why more time on the market isn't good

When a home continues to sit on the market, it's an indication that buyers aren't clamoring to purchase it. During periods when there's more supply than demand, having a home sit on the market a little bit longer than usual isn't always such a big deal. But when a home sits on the market for a long time during a seller's market, it's often a red flag.

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Right now, for example, housing inventory is low on a national level. And so if your home sits on the market for too long, it might send the message to prospective buyers that there's something wrong with it. It could be priced too high or have problems that buyers won't want to deal with.

How to get your home to sell more quickly

If you want to minimize the amount of time your home sits on the market for, you'll want to do two things. First, you'll want to address any obvious issues with your home. If your fence is crumbling, that's something buyers are going to see the minute they pull up to your house, so spending some money to fix an issue like that could lead to a faster sale.

Along these lines, you may want to make a modest effort to update your home if it looks like it hasn't been worked on for many decades. A few key touches could go a long way.

Next, you'll need to make sure you're pricing your home strategically and are asking for a reasonable number based on the size and condition of your home, your local market, and the general state of the housing market. Remember, mortgage rates are up these days. Home buyers aren't able to spend as much on a mortgage loan as they perhaps could've in 2020 and 2021, when rates were lower. Be mindful of things like that to avoid having your home just sit and sit.

All told, it's hard to predict how long your home will stay on the market upon listing it. But fixing your home up as necessary and pricing it right could help you avoid going weeks without an offer.