Why You Shouldn't Dismiss Homes with Extended Listings

By Shawn Manderscheid

As a licensed Real Estate Professional for 25+ years, consistently performing in the Top 1% of Houston Realtors, Shawn is truly a treasure in the real estate field.

Are you skimming past homes with extended days on the market, assuming they’re laden with issues? It’s time to reconsider your approach. In a market where over 90% of listings are being prematurely dismissed due to prolonged market times, it’s easy to miss out on great opportunities. Let’s debunk the myths surrounding long market times and uncover the hidden potential these homes might hold.

At a glance, the 90-day benchmark might seem reasonable for identifying problematic properties. However, it’s important to recognize that this timeline isn’t an accurate litmus test for a home’s condition. Homes that linger on the market could have a variety of reasons behind their extended presence, many of which have little to do with their quality.

One of the most common factors contributing to extended market times is an initial overpricing of the property. Sellers sometimes set ambitious prices, only to adjust them later to a more realistic range. Unfortunately, by the time the price aligns with market expectations, potential buyers have already moved on, assuming there must be a hidden flaw.

It’s crucial to understand that prolonged market times aren’t solely due to major flaws. Factors like poor staging or inadequate preparation can also delay a sale. A vacant property, a subtle odor, or suboptimal staging can discourage buyers, but these issues are rarely insurmountable. Such imperfections shouldn’t be reason enough to dismiss a home outright.

Relying on professionals in the field, such as skilled inspectors, can provide a clear picture of a home’s actual condition. Instead of hastily discarding listings that have lingered, invest in a thorough inspection to uncover any genuine concerns. This approach empowers you to differentiate between homes that truly warrant caution and those that simply need a bit of attention.

By considering homes with longer market times, you position yourself strategically. You escape the frenzy of multiple-offer situations that often arise within the first few days of listing. This offers you the luxury to negotiate with a more composed mindset, potentially securing a better deal.

Swift sales don’t always equate to overpriced properties. Conversely, long market times don’t necessarily signal a home’s inadequacy. Adopting a balanced perspective allows you to explore hidden gems that others overlook. With patience, professional guidance, and a discerning eye, you might discover properties with untapped potential.

By delving beyond the surface and relying on expert insights, you can find homes that offer excellent value and negotiation leverage. So, the next time you encounter a listing that’s been lingering, don’t let unfounded fears hold you back. If you have any questions, don’t hesitate to reach out by phone or email.