How Long is Too Long for a House to Be in the Market

If a house needs to be sold for its full market worth, it shouldn’t remain on the market for very long. Market value is the amount a property would sell for on an open market, provided there is sufficient time to sell, supply and demand are taken into account, and no parties are operating under duress.

Except for special-purpose buildings, which may take up to five years to sell due to their unique use or demand, any real estate for sale that has been on the market for longer than one year may not sell at its best price. Due to depreciation, residential buildings that have been on the market for years may not fetch high prices.

However, the value of land keeps increasing over time; the longer it takes, the more valuable the land becomes. In the meantime, poorly managed or kept real estate keeps losing value.

One year is not long enough to keep a property on the real estate market for sale. Even if the building was brand-new when it was first constructed, several factors will affect the final sale price or any follow-up purchase offers from potential buyers, including depreciation, functionality, changes in user preferences, new building designs, environmental factors, local regulations, insecurity, competition, and government policies. Two things happen when a property is on the market for an extended period: either the seller consistently rejects proposals from prospective purchasers, or the advertisement does not reach the target market.

Therefore, marketing tactics should be adjusted to get better results faster before prospective buyers search elsewhere for comparable properties that are for sale.

Exchanging money for a house
How Long is Too Long for a House to Be in the Market
Sold a house

How Much to Offer for a House That Has Been on the Market Too Long

Buyers may make a lower offer than the asking price if a property has been on the market for an extended period, particularly if they are informed that the property will take longer to sell. When this occurs, the seller may be compelled to sell at a reduced price or remove the property from the market until they are ready to hire a qualified If they are still willing to sell at all, a real estate marketer should sell it.

How long should a Property Be in the Market Before You Reduce the Price?

From experience, a reduction in sale price should not be measured by how long it’s been on the market, rather sellers should engage the expertise of qualified estate surveyors and valuers to ascertain whether the offer for a particular property is above the market value (also known as over value) which may discourage potential buyers from taking the property seriously. For instance, if a block of 3bedroom flats sitting on a 1,300 square meter land area in FCT-Abuja which is worth about N300,000,000 (Three Hundred Million Naira) is put out for sale at N500,000,000 (Five Hundred Million Naira), ordinarily, potential buyers who have good knowledge of the market prices may offer prices within the real worth of the said property and might shift ground when the seller refuses to be reasonable with his considerations on amount offered. To keep attention on the property in the market, there’s a need to reduce the price to come to the correct value range or leave the property in the market for an extended period at the risk of fewer purchases.

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