Agent

Don’t lower your standards just because homes are scarce

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

In low-inventory markets that are now common in many areas of the country, buyers might be prone to jump at a listing they wouldn't even consider if there were a lot of homes for sale. This desperate approach to homebuying could cause you problems down the line when you need to sell and you realize you paid too much, overlooked property problems or bought in the wrong location. A listing that has been on the market for a long time could indicate a problem. Is the listing not selling because it's priced too high and the seller is stuck unreasonably at a high price? Does the property have problems that can't be remedied for a reasonable price? Or is the deferred maintenance so widespread that buyers are turned off, particularly if the listing is priced too high for the market and the amount of work that's required? In some areas, it could be none of the above. The reason the listing hasn't sold could have to do with a slow market where it takes a long time for listings to sel...