You™re probably reading this posts because you did a word search in Google for expired listings. And you probably don™t want to call us (because another Realtor failed to get the job done and you’d like to better qualify the next agent you hire), but you do want to get your home sold, and want to know why your house didn™t sell in a timely manner. Alternatively, you may currently have your home listed and you are interested in learning what you can do to get your home sold and avoid having it sit on the market. Either way, you™ve come to the right place.
What are some reasons that a home would fail to sell?
- The listing is overpriced. Buyers engage in comparison shopping when looking for a home and will not pay more for a home than they could pay for another that is similar. Thus your asking price should reflect the condition of the property and it’s standing among other local homes. Inventory levels are currently at historic highs and thus buyers have a larger selection of homes to choose from than ever before which in turn is increasing the impact pricing is playing in the market. In this market the homes that are selling are those that are in the best condition and priced competitively. When selecting an agent to market and sell your home, you should not base this solely on which agent proposes the highest list price (click here to learn about the process known as “Buying the Listing“) but rather, the agent who is best able to substantiate their proposal based on recent comparable sales. There are a number of reasons why a home might fail to sell, however, in 70% of the cases it is because the home was overpriced.
- The home needs work. Buyers are looking for a house that makes them “feel at home”. The best way to encourage this feeling is to create anenvironment similar to that found in a model home. There are many ways to create a more exciting and saleable environment, without spending an arm and a leg to do so. The simple fact is, if you have dirty soiled carpets, cluttered rooms, overgrown landscaping, etc., it’s unlikely your home will sell. And while it may be difficult for you to look at your home objectively, as this is the setting of many cherished memories, the buyer will be cold and detached and if flaws exist they will immediately find them and in most instances will promptly decide to move onto the next property on their list. By showing attention to detail and understanding the buyer™s need to visualize your home against a neutral backdrop, you can dramatically increase the saleability of your home.
- The agent you selected to market your home. Not all agents are the same and in today’s market it takes more than a price and a sign to sell a home! It takes; experience, an extensive network of affiliates, strategic multi-level marketing campaigns, a knowledge of the Internet as well as a strong web presence, keen negotiating skills, a compassion for people, a relentless desire to exceed expectations and a reputation for professionalism and honesty.
Those are the three main reasons why listings expire. I™m sorry that the explanation is so somber, but there are only a finite number of things that can go wrong in trying to attract buyers for a property. Do you feel as though your home was priced correctly, you had a clean, neutral and clutter free house, and experienced, competent representation that was able to put together a 21st Century Marketing Campaign? If not, give us a call today and start packing! We look forward to hearing from you!