If its a buyers market why is my home sitting on the market so long?

Today I want to talk about questions I get all the time and that’s “if it a buyers market why is my home sitting on the market so long and not selling? So in this article, I want to talk about the housing market in 2020 and address these questions.

So probably once or twice every week I get the question “is it a buyers market?” and I say “well, no it’s a seller’s market, if you look at the statistics the inventory is very very low the demand is very very high” and then the buyer will ask “well why are homes sitting on the market? I look at my neighborhood and I see these homes been on the market 78 days or I go over here and this home has been on the market fifty days or 120 days and really what it comes down to is this, it comes down to the price.

Right now the sellers know it’s a seller’s market they know the inventory is low they know there’s a lot of buyers out there looking and what they’re doing is a lot of them aren’t really that serious about selling. They’re basically just going out saying “you know what I want to sell my home, I have equity in it let’s put it on the market, maybe it’s worth three hundred thousand but we’ll put it on the market for three hundred twenty-five thousand”. And I’ve actually gone out to some sellers homes and I hear stuff that it’s actually quite amazing like, “well maybe we’ll get someone from New York in there paying cash and they’ll buy my home” which is ridiculous by the way. But they actually say that or I’ll get them saying well look I know what these homes over here sold for. I don’t really care about those homes over there, my home is better than theirs and my home’s worth this and if someone wants to buy in my home this is what price they’re gonna pay. Yeah, it just doesn’t work buyers are sharp right now.

Buyers aren’t just looking at one to two homes they’re looking at multiple homes they know what’s going on and they don’t get fooled into that game so the question is, is it is a seller’s market? and actually, if you haven’t seen my housing market statistics I do them every month. I’ll put a link up here to my market statistics and you could take a look at them because if you’re trying to educate yourself and you’re trying to find out what type of market it is the first thing you need to do is you need to look at the statistics. You need to talk to a real estate agent that knows but we do have very low inventory in the Nashville area. We do have a lot of buyers that are wanting to buy I go out there with buyers we’ll look at a home and the sellers just overpriced of course their home is going to stay on the market everything comes down to the price it’s the common denominator. If the seller wants to go get a real estate agent that’s not going to do any marketing well no one’s going to know the homes for sale. They’re gonna have to take less of a price if they don’t want to condition the home and get it ready to be sold and actually get it in condition to be sold like a model home they’re gonna have to lower the price. Or if they overprice the property example if it’s worth $300,000 and they price it at 325 and then they lower to 320 then 315 then 310 then 300 by the time they learn to do 300 the homes probably has a negative vibe to it and a lot of people don’t want to buy a home that’s been on the market a hundred days or 200 days or whatever. Just because they think what’s wrong with it doesn’t it need anybody else wanted so the price is always the common denominator so to answer your question certainly in Nashville and most all of Tennessee and a lot of parts of the US. Right now the housing market is very good consumer confidence is really high there’s a really low inventory in our market like a lot of markets but you really need to look at the big picture of everything don’t worry if a homeowner house their home in the market in our market if a home’s let’s say at $300,000 and it’s still on the market 30 days it’s overpriced for one reason it’s either overpriced price they hired an agent that doesn’t know how to market or they don’t have it in the condition that justifies the price so that’s really it.