Your house has been on the market for a long time: what are the consequences? I'll tell you right away without beating around the bush: if your house stays on the market for too long it will depreciate! I haven't beat around the bush to make you understand how highly inadvisable it is for your property to float in the fluctuating waves of the market for too long. When you decide to place your property on the market, there are mistakes that must be absolutely avoided so as not to helplessly witness an extension of the sales times;
Let's look at some of them together:
- Asking a price that is too high for current real estate market conditions.
- Promote the property with an ineffective marketing action.
- Appointing an agency that operates exclusively without involving other agencies, effectively precluding many opportunities to find the right buyer.
- Entrusting open assignments to multiple agencies that are not coordinated with each other which can create confusion by promoting the same property with different prices and data.
- Submit incomplete sales documentation.
There are also other errors that can lead to harmful consequencesโฆ
In addition to the ones I have just listed, there are other errors which, even if apparently trivial, can lead to extremely harmful consequences and which will be the consequence of the inevitable lengthening of the sales time. What are the "right" times for a real estate sale? When every aspect of the sale is taken care of flawlessly and if market values are respected, it is around 6-7 months. I was talking about extremely harmful consequences. I wasn't exaggerating and I didn't want to create unnecessary alarmism because extending the sales time only brings problems and never benefits:
- The conditions worsen due to wear and tear (if it is an inhabited property) or due to lack of maintenance (if it is an empty property).
- The costs to be incurred continue to be borne until the moment of transfer of ownership (ordinary/extraordinary maintenance work, taxes, utilities, condominium costs).
- The attractiveness of the property decreases: in fact, as an object has been on sale for a long time, potential buyers will begin to wonder if and what problems it could hide (apart from the price, if too high), preferring to focus on new properties on the market and therefore on โfresherโ objects.
Your house has been on sale for a long time: so what are the consequences?
Three points that lead to the direct conclusion with which I opened the article: loss of value. In fact, it is estimated that a property on the market for more than two years could suffer a decrease in value of up to 30%. Better to avoid it, don't you think? If you want to sell a property, write to me: we will make sure this doesn't happen.
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