When to Worry about House Not Selling?

The home selling process can be challenging and time-consuming for anyone, especially a physician.

Besides your high-stress career and larger responsibilities, having your house linger on the market with no buyer in sight can jeopardize your financial stability, particularly if you’re relocating or facing imminent debt.

Below, we’ll explore several indicators that your home sale may not be progressing as it should.

If you’re dealing with a stalled sale, keep reading; understanding when to act can help protect your finances and ensure a smoother transition to your next step.

Signs Your Home Not Selling as Expected

1. Slow or No Offers Compared to Market Norms

A study showed that physicians with incomes between $300,000 and $350,000 a year in states with unlimited homestead exemptions bought homes worth $613,712, on average.

While they typically do this to protect themselves against uninsured malpractice risk, the inference is that physicians can generally afford more expensive homes. However, if you buy an expensive home, you ideally want to sell it at a more expensive price point.

If similar homes in your area sell within a few weeks and yours remains on the market with little interest, that’s a red flag you should pay attention to.

It could be that your home isn’t priced or marketed in a way that matches buyer expectations. Likely, it’s too expensive for that specific location, or the demand for its category is low.

2. Low In-Person Interest or Lack of Showings

According to Statista, 45% of home buyers in the U.S. expected to see six to ten homes in person before making a purchase.

Though your busy schedule may limit how often you can make yours available for show, if it sits without frequent showings, it could be possible that its listing isn’t appealing enough or it isn’t reaching the right buyers. Try to capture the property’s best features.

3. Few or Low Offers After Showings

Failing to receive adequate offers (or any offers at all) after showings means that your prospective buyers perceive your home’s value differently than you and the real estate agents you’re working with and are hoping that you settle for lowball offers.

This is troublesome if your listing price reflects your financial goals. For example, if you need that amount of money to manage debt, relocate, or invest elsewhere, such offers will only delay you and cause stress.

4. Long Time on the Market

Although the real estate market varies greatly from one place to another, you should always be wary of your property becoming a “stale” listing.

OpenDoor explains that a high Local Average Days on Market (DOM) value, which is the time that elapsed since listing your property, can signal to buyers that there might be something wrong with it.

Inevitably, this leads to lower offers or less interest. To add to the latter, properties are hottest when they’re newly listed—once yours exceeds your area’s DOM, it’ll likely be overlooked.

5. High Online Views but Low Engagement

There could be a disconnect between the listing’s appeal and buyer expectations if your home’s listing is getting traffic online but few inquiries. Since you don’t have the time to frequently schedule showings, creating a compelling online listing is best.

Getting a good amount of clicks is a good sign, but if they don’t attract buyers, you likely failed to provide engaging descriptions, professional photos, or high-value features or upgrades that would showcase your property’s true appeal.

6. Competing Properties in the Area

A study showed that properties in the proximity of hospitals and universities tend to be more expensive than their counterparts. Though they’re generally more costly, their presence will dilute interest in your own property, thanks to the convenience they offer to healthcare professionals.

This is often the case in high-income neighborhoods, which may have multiple listings at a time. If this applies to your situation, you may need to consider lowering your asking price.

7. Missed Sale Seasons

Homes tend to sell faster in spring and summer. In 2021, May, June, July, and August accounted for 40% of the annual sales volume.

The limited buyer interest that your home’s experiencing could be caused by your off-peak season listing. Winters in countries or regions with harsh weather are serious deterrents, too, as buyers rarely venture out to view properties or consider the trouble of moving elsewhere.

8. Real Estate Market Condition Changes

Sometimes, the reason why your property isn’t receiving much interest could be beyond your control.

Expect a slow market with rising interest rates, as they can reduce the buyer pool for more expensive properties. If financing costs increase during your listing period, it’ll limit the number of buyers who can afford your asking price.

When to Start Worrying about Your House Not Selling

Listing Length

Houses are a huge investment for any buyer. They won’t sell within days. Usually, local market demand, price range, and seasonality determine the time it’ll take for someone to take its keys off your hand.

Consider your locale’s DOM, and remember that 30 to 90 days is a good estimate, especially in a hot market. The first 30 days of a listing bring in the most serious buyers. By day 60, your home will likely become stale, and you’ll have to start asking questions why did this happen:

• Did you price your home competitively compared to similar listings?
• Are you working with a realtor who understands the high-income market?
• Did you present your home well in photos and descriptions?

Financial Stress

Owning multiple properties can be financially and mentally draining, especially if you’re already burdened by debt or other responsibilities.

It’s normal to be stressed if your unsold home is saddled with mortgage payments, maintenance costs, tax, high closing costs, or any other liability. Pay attention that you’re not:

• Adjusting your financial goals or obligations to accommodate the property’s cost.
• Borrowing against other assets to cover its expenses.
• Scaling back on lifestyle choices due to mounting costs.

Upcoming Deadlines

Physicians rarely find the time to catch their breath. With strict career timelines, such as residency start dates or fellowship transitions, they often have to relocate, even if their properties haven’t been sold.

If a deadline is creeping and you’re yet to sell your house, you might end up accepting a lower offer than desired or face logistical issues.

What to Do When the House Is Not Selling

Here are a few tips to take into consideration if you fail to close a deal on your house within a reasonable DOM.

• Evaluate your competition and adjust your homes’ attributes to stay competitive.
• Enhance its curb appeal by addressing critical issues, sharing professional photos, and showcasing the best features.
• Listen to potential buyers’ feedback and resolve any urgent concerns, particularly visual and structural ones.
• Consult with an experienced real estate agent specializing in high-income professionals to refine your pricing strategy.

Other issues are deadline- and market-sensitive, and there’s little you can do to control them. Focus on making sure your house is in its best shape, pricing it competitively, and being ready to refine your strategy and leave the rest to the ebb and flow of the market.

Take Control of Your Finances with Physicians Thrive!

Don’t let a stalled home sale disrupt your financial stability.

Get the expert advice you need from fellow physicians who understand your unique challenges.

At Physicians Thrive, we’re here to help you take control of your finances; contact us today!