The first thing you might think when a house misses its offer review date? There is something wrong with it. While that’s possible, there are lots of reasons this happens.
Get inquisitive before you jump for joy or overlook a great house. These homes can present an opportunity to something you don’t see win a lot in a hot seller’s market: offer below asking price.
Below are a few reasons a home may have missed its offer review date.
Take note: most of these have nothing to do with the actual house and everything to with how it was priced, positioned and marketed.
|Reasons a home missed its offer review date||Insights|
|It was overpriced||Buyers are discerning and vote with their feet about whether a home is overpriced or not. In a competitive market they may worry it will go for even more and decide to skip a tour all together. You need to get buyers to tour before they will write an offer.|
|It was poorly marketed||Sellers get a very short opportunity to make a first impression. Bad photos, taste specific furnishings or a cluttered mess can keep buyers from scheduling a tour in the first place. Less traffic means a lower likelihood of finding the right buyer.|
|The timing was bad||Sometimes a flurry of homes hit the market that compete with one another. If buyers suddenly have five 4-bedroom homes to choose from in Queen Anne when they’ve only had a single choice for weeks, one might steal the attention.|
|Market conditions are changing||Markets shift, even seasonally. Even in a hot seller’s market some weeks are better than others. Some shifts are predictable: buyers vacation in the summer or lose steam around the holidays. Interest rate fluctuations or corporate hiring freezes may be harder to predict.|
|There is something actually wrong with the house||A broken sewer line, leaking roof or rat infestation may be too much for some buyers. Read seller disclosures and inspection reports carefully and decide if you’re game to take on the repairs.|
Before you get excited (or discouraged) that a house missed the offer review date, get inquisitive instead.