{"id":907,"date":"2022-05-12T17:22:08","date_gmt":"2022-05-12T17:22:08","guid":{"rendered":"https:\/\/legacy.showhomes.com\/cobb\/?p=907"},"modified":"2022-09-16T17:22:24","modified_gmt":"2022-09-16T17:22:24","slug":"what-hot-market-the-secret-shame-of-owning-a-home-that-just-wont-sell","status":"publish","type":"post","link":"https:\/\/legacy.showhomes.com\/cobb\/what-hot-market-the-secret-shame-of-owning-a-home-that-just-wont-sell\/","title":{"rendered":"WHAT HOT MARKET? THE SECRET SHAME OF OWNING A HOME THAT JUST WON\u2019T SELL"},"content":{"rendered":"

By\u00a0Janet Siroto<\/a><\/b><\/span><\/p>\n

May 12, 2022<\/a><\/p>\n

 <\/p>\n

It\u2019s a hot\u00a0seller\u2019s market<\/a>, says, oh, just about everyone: Housing inventory is down, prices are up, and even modest abodes ignite bidding wars within days (or hours) of going up on listing sites.<\/p>\n

But what if, amid this frenzy, you have a perfectly respectable house that\u00a0just won\u2019t sell?<\/em><\/p>\n

It happens. Certain homes will almost seem cursed in that they sit and sit. And these real estate wallflowers can really mess with a home seller, both logistically (if they\u2019re hoping to move soon) and emotionally.<\/p>\n

 <\/p>\n

After all, most people love their homes and assume someone else will, too. So when no offers come a-calling, it can plunge sellers into a spiral of questions, from \u201cWhat\u2019s wrong with my house?\u201d to \u201cWill I\u00a0ever<\/em>\u00a0get to leave?\u201d<\/p>\n

Denial, anger, embarrassment\u2014all these emotions and more fill a home seller\u2019s long days as they wait for their real estate agent to text or call with good news. Curious to hear more about what it\u2019s like to be stuck in selling limbo, we spoke to some home sellers who struggled to land a buyer. (Spoiler: All of their homes did sell eventually, although that doesn\u2019t make their pain feel any less real.)<\/p>\n

Let these stories serve as a hard lesson about the need to temper expectations in a hot market. And, in case you list your home with high hopes yet hear nothing but crickets, we also have some advice on how to deal with it and what you can do to turn this state of real estate paralysis around into something positive.\u2019<\/p>\n

\"\"<\/p>\n

WHEN A HOUSE JUST WON\u2019T SELL: WHAT\u2019S WRONG?<\/h2>\n

Nancy Stern<\/strong>\u00a0lived in a former commercial building on Long Island, NY, that had been lovingly renovated into a unique living space. It had even been featured in a magazine or two.<\/p>\n

Yet despite its design pedigree, when she decided to list the home two years ago, the house sat for months, and her frustration grew.<\/p>\n

\u201cThere were houses [selling] that were so ugly\u2014on a tenth of our property at our price point,\u201d she laments. \u201cI hated when people asked, \u2018So, did your house sell yet?\u2019\u201d<\/p>\n

Finally, after several months on the market and a price reduction, her house got an offer below the list price\u2014which she grudgingly accepted. And now that her home-selling saga is over, Stern has some perspective on how her expectations were off-base.<\/p>\n

\u201cMy mistake was thinking people moving from the city would appreciate a home that was architecturally interesting,\u201d she says. \u201cBut unless you have a Colonial or standard new construction, many prospective buyers can\u2019t imagine living there.\u201d<\/p>\n

\"\"<\/p>\n

HOW A SLOW SALE CAN PUT YOUR WHOLE LIFE ON HOLD<\/h2>\n

Jessica Clark<\/a><\/strong>, a gluten-free eating expert in Lincoln, NB, had a similar experience late in 2020, only it was intensified by the fact that she\u2019d already made an offer on a new house. She needed to sell her old home to finance her purchase.<\/p>\n

\u201cWe had a contingent acceptance on our dream home,\u201d she says. Told they were in a seller\u2019s market, she and her husband were optimistic about their prospects and had the home shown like crazy. But there were no offers.<\/p>\n

It was a painful time, she says: \u201cWe felt defeated and so worried.\u201d<\/p>\n

Despite hearing of homes selling within days, her house sat for well over a month\u2014which felt like an eternity with their dream home hanging in the balance. Finally, one buyer lowballed them an offer. Having heard plenty of stories of homes selling for over asking price, Clark admits that this felt like a blow to the ego.<\/p>\n

\u201cIt wasn\u2019t the best,\u201d she admits. \u201cBut we felt forced to accept.\u201d<\/p>\n

\"\"<\/p>\n

\u2018I WAS CLOSE TO GIVING UP\u2019<\/h2>\n

Buying and selling properties at the same time is just one of many predicaments that can ratchet up the pressure sellers feel to unload their home quickly.\u00a0Matthew Hart<\/strong>, an\u00a0automotive expert<\/a>\u00a0near New York City, was going through a divorce when he put his home on the market in 2019.<\/p>\n

The hopes were high for a quick and profitable sale, given that the sunny, cute-as-a-button Colonial was in a desirable neighborhood. At first, all seemed well as a gaggle of buyers called to schedule a tour.<\/p>\n

\u201cWe had over 40 people come to look at the house but had no luck,\u201d Hart says.<\/p>\n

The reason, he surmises, is that although the home was in good shape, his disclosures alerted buyers to an oil tank buried in the backyard. He and his wife had known it was there when they bought the place, but it had never caused any problems. They knew that was a negative, so they priced the home appropriately. But it made no difference. No one put in bids.<\/p>\n

Matt refers to it as one of the hardest moments he\u2019s ever faced.<\/p>\n

\u201cBills were piling up, and I was close to giving up and turning the house over to the bank,\u201d he admits. \u201cIt felt as if I was stuck in another dimension, and things would never, ever get better.\u201d<\/p>\n

Finally, after six months, a couple made an offer, which Matt and his wife gratefully accepted, even though it was under the asking price.<\/p>\n

\"\"<\/p>\n

HOME WON\u2019T SELL? WHAT TO DO<\/h2>\n

As helpless as home sellers might feel when their house sits without offers, there are things you can do. Ask your agent what time frame for a sale is realistic in your area given your home\u2019s condition. And if your home sale drags past that point, ask your agent what\u2019s up. Is it priced too high? If you\u2019ve had buyers take a tour, was there anything in particular that made them steer clear?<\/p>\n

\u201cThe agent should get feedback from anyone viewing the property,\u201d explains\u00a0Tami Bonnell<\/strong>, co-chair of\u00a0EXIT Realty Corporate International<\/a>.<\/p>\n

And even if no buyers have toured the house yet, your agent can also consult other agents and colleagues. With this intel, your agent can suggest ways to boost interest. Decluttering, rearranging furniture, staging, and even a bit of renovating can often nudge a home sale forward.<\/p>\n

Yet if you\u2019ve done all you can and are\u00a0still<\/em>\u00a0playing this waiting game, you might need to pivot. Since you can\u2019t change buyers\u2019 minds, the better tactic at this point is to change your own. For starters, stop trying to keep up with the neighbors, even if they sold their home fast for top dollar.<\/p>\n

\u201cA hot market leads people to believe that, because the house down the street had a bidding war and fast sale, they will follow suit. When reality falls short, there\u2019s a disappointment,\u201d says Laurie Leinwand<\/strong>, a licensed professional counselor, of\u00a0Three Steps Forward<\/a>. \u201cYour objective is to sell. Let go of the time frame. It will happen when it\u2019s supposed to. If it takes a little longer, that\u2019s OK.\u201d<\/p>\n

And if the thought \u201cWhat if it never sells?\u201d starts spiraling in your mind, know that you don\u2019t need to buy into that worry and feed it.<\/p>\n

\u201cShift from \u2018what if\u2019 to \u2018what is,\u2019\u201d Leinwand says.<\/p>\n

\u201cTrust the right person will come along. It\u2019s similar to dating. You just need one right person,\u201d she adds.<\/p>\n","protected":false},"excerpt":{"rendered":"

By\u00a0Janet Siroto May 12, 2022   It\u2019s a hot\u00a0seller\u2019s market, says, oh, just about everyone: Housing inventory is down, prices are up, and even modest abodes ignite bidding wars within days (or hours) of going up on listing sites. But what if, amid this frenzy, you have a perfectly respectable house that\u00a0just won\u2019t sell? It… Continue reading WHAT HOT MARKET? THE SECRET SHAME OF OWNING A HOME THAT JUST WON\u2019T SELL<\/span><\/a><\/p>\n","protected":false},"author":39,"featured_media":908,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"yoast_head":"\r\nWHAT HOT MARKET? 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