Why Real Estate Listings Expire
Why didn't your home sell?
Most sellers find it disheartening when the listing on their home expires. To go from such excitement when the listing agreement was signed to disappointment when a buyer isn't found is rough. This is usually when sellers search for the answers from their agents.Why didn't the house sell? Price? Condition? The Market? Here are some questions you can ask yourself and your agent.
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Are you a motivated seller? Were all of the requested showings granted? Was the property in show condition? If you aren't motivated to sell then you're just a guy with a sign in your yard.
What was the buyer feedback about your home? Were the comments valid? Did you address any or all of these issues? How can you make your home more appealing?
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What is the condition of your home? Would it be better showcased with a little staging? If repairs are needed maybe now is the time. Curb appeal is HUGE. Planting a few flowers and power washing the home could make a big difference.
What did your agent do to market your home. Most listings on the MLS are sent out to various web sites like Trulia and Zillow. Did your agent go any further? Have him sit down and show you what he did to market your home.
Now for the most common reason that listings expire, PRICE. What did the agent suggest listing your home for? Did you go with that figure? Did you ask for a higher list price? The majority of a buyer's objections to a property can be overcome with the right price. Very often we'll hear a seller say" I'm not going to give it away". While its easy to understand why they feel that way, the simple truth is that your home is worth what someone will pay for it. Ask your agent to complete another market analysis, this time paying very close attention to the recommendation about the listing price.Unfortunately there are some real estate agents who are more than happy to list your home at an unrealistic price. Here's why: whether your home is sold or not, they get free advertising by putting their sign in your yard. Sometimes they get lucky and a buyer will come along, most often the seller ends up frustrated and angry by having to make one price reduction after another with still no buyers. Its important to remember that your home gets the most attention when it is new on the market. Talk to your agent, if you feel you need to ,change agents. The goal is to sell your home. If your agent isn't working at least as hard as you are toward that goal then move on. I guarantee there is an agent who would be happy to help.
