You have asked a very good question, one that I am sure many of the general public wonders about as well. When a home sits on the market for a long time, such as a year or more, it is due to one of 3 reasons. The 3 most important factors in the sale of a home are Location, Price and Condition. Think of it as a 3 legged table....all legs have to be in line for the table to be level and stable. The same thing with marketing a home! You have heard it a million times..location,, location, location! This is the most important of the factors becasue it is fixed. The home is where it is, you cannot move it. Busy roads, proximity to commercial building, etc affect the value of a home. Quiet, private streets are most desirable. Secondly, pricing a home is essential to the successful sale of a home! An agent must look closely at the comps for the area, not only the other homes for sale, but the ones that have sold in the last 6 months or less. Those homes are the best barometer of value. Thirdly, the condition of the home is important. The way people live in their homes and the way they market and sell them are totally different. When a home is put on the market, decluttering is essential and gives the buyers the best view of the home.
So...if the location, price and condition are all aligned, then the property has value to the potential buyers and will stand out amongst the homes on the market. If not, then those other homes are the ones that you are seeing that seem to just linger on the marker forever. You have to wonder if those home owners want to list their home or sell it!?!?
Hope that this explanation helps!
If you have any questions, please feel free to contact me.
Prudential Fox & Roach Realtors