Don't let it happen again! Your listing EXPIRED and your home is no longer for sale ……you're probably pretty upset and we can't blame you!
If you're ready to sell your house this time instead of just listing it…call us immediately! 425 231 8688
Putting your home on the market only to see it under-marketed and no offers and then expire is extremely frustrating. There are many reasons that a home might not sell in this market place although there are a few more likely glaring possibilities.
Home Price – Was your home priced at what you thought was fair? Often times in a buyer’s market like we are in homes are priced too high, only to end up not selling at all. The first thing to do is look at recently sold home prices in the surrounding neighborhoods over the past 3-6 months. Was the price of your home reflected within the selling prices of comparable homes?
Real Estate Marketing – Many real estate agents seem to have one foot in the door and one foot wandering upon the line as to whether or not they want to consider being a Real Estate Professional. Did the agent put your home on the MLS and call it a day? It’s important that when listing with an agent you learn how they intend to market your home uniquely. A good measure of an agent’s ability to market is to identify their website and online presence. Being that this is the first place buyer’s typically go to find a home, a good presence is necessary to be a successful listing agent.
Agent Aptitude – Did your agent really take the time to inform you of their processes and provide you with the feedback they were receiving on your home? Make sure you know who you’re dealing with. Ask to see their performance statistics and for testimonials,ask to see a detailed marketing plan as to how they will showcase your home, review their website, and most importantly ask them what makes them more qualified to sell your listing than any other agent in the local market place. If they don’t have good answers or tools for these questions you may want to consider shopping around.
The above is just a sampling of some of the reasons. Please contact us so we can personally evaluate your home and situation.
Sellers find it difficult to be optimistic after a listing has expired. Most are excited and nervous when that listing agreement is first signed, hoping that the home sells quickly and for the most money. It's frustrating to wait weeks or more like months in this market for an offer when that offer never arrives.
Regardless of the length of the listing–whether the listing agreement was for a term of 90 days, 180 days or a year–when the listing has expired, the broker / seller relationship has come to an end (more or less). This is when sellers often ask whose fault is it that the home did not sell?
Check Motivation – The first step is to review your reasons to sell. If you don't fit one of the 15 reasons listed, then you might want to revisit why you are selling. In other words, maybe you don't have a reason to sell. Perhaps you should take your home off the market.
If you are not motivated to sell, you are not a seller. You're a home owner with a sign in the yard. Without motivation, you've got about as much hope for selling as an owner with a sign that reads, "Keep off the Grass."
Review Marketing – Where is the business plan to sell your home? Review the marketing plan with your agent, step-by-step. Did your agent drop the ball? Did you? What worked, what didn't pull ad calls or showings? Did you do a virtual tour, send out direct mail, put a lockbox on the property?
Consider Condition – Go out and look at other homes on the market to determine if your home is in the same condition as those actively for sale. Perhaps you need to do repairs before selling. Maybe your home needs to be staged. Does your home scream curb appeal? Have you followed the top 10 home showing tips?
Look Again at Buyer Objections – What have the buyers said about your home? Review buyer feedback, which your agent should have obtained for you when your home first went on the market. Is there validity to what buyers were saying? How can you compensate for those objections?
Discount Sudden Activity – You won't have to look too far to find agents because they'll all come crawling out of the woodwork when your listing expires. Realtors are prevented from soliciting a seller when the listing is active in the MLS. But you're fair game when the listing has expired.
You may wonder why your listing, now that it has expired, is so popular. Many agents specialize in contacting expired listings because they want the listing. Period. Moreover, realize that some agents will take an overpriced listing just to get a sign in the yard.
Contact Several Listing Agents – Interview agents. Ask the hard questions to determine if the agents are giving you the right answers. Find out what another agent might do differently. If another agent offers substantially more service than your existing agent, ask to see their performance statistics of recent sold homes in your immediate area and price range, customer testimonials of the quality of service they provide. Are they full time? How long have they been in the business? How many homes do they sell a year? 75 means they are too busy and 2 means they probably are not very on top of their business or the current market. What kind of specialized training do they have that would help them best to sell your home?
Talk to Your Existing Agent – If your agent has fulfilled the marketing plan, worked diligently to sell your home, and the market is not answering, then you might need to conform to the market. This means a price reduction. Ask your existing agent to prepare another comparative market analysis to determine if your home is priced to sell. If its not then adjust your price and do anything that home needs to help it sell.
If you respect and value your agent, relist with that agent. Adjust your price accordingly and follow your agents suggestions, even if it means making repairs or improvements you'd rather not do. If your agent is spending money on your listing through advertising, aggressive marketing and networking that listing, that agent deserves your loyalty.
15 Motivating Reasons to Sell
1) Home is too small. First time home buyers often outgrow their "starter" homes. Increased family size is the main reason home owners say they need a larger home.
2) Upgrade. The grass is greener on the other side. People often want what they don't have and long for a bigger, more expensive and grander, upscale home. It's the American way.
3) Fix purchase error. Owners might believe they made a mistake when purchasing their present home and want to rectify that mistake. Maybe they thought they could get by without a back yard but yearn to garden, or the dining room in the center of the house annoys them, or they no longer enjoy the underbelly of planes flying overhead within inches of their face.
4) Job transfer. Relocation makes it necessary for many to pull up roots and move. If the commuting distance exceeds an hour, most people would prefer not to spend two hours in traffic every day.
5) Personal relationships. Moving in with a partner or getting married can mean one of the parties will need to sell, especially if both owned homes prior to the commitment. On the other hand, break-ups cause owners to sell as well for three basic reasons:
1. One party may need to buy out the other and not have the cash available.
2. The home may not be affordable to sustain on one person's income.
3. The home holds bad memories, making a fresh start desirable.
6) Neighborhood changes. The neighborhood might have changed for the worse, economically, socially or physically. For example, maybe a freeway was constructed nearby. Maybe the next door neighbors receive visitors who arrive wearing striped pajamas at 2am. Or they have hung sheets over their windows while a skunk-like odor permeates the air.
7) Empty nest. The kids have grown up and moved out. The owners want a smaller home. The older you get, the harder it is to keep a big house clean.
8) See family more often. Some people want to be closer to their family as they age and will move to be near relatives. Parents want to be near children. Grandparents, near their children and grandchildren.
9) See family less often. To put more distance between the home owners and relatives. Some might move out of state to keep harmony within the family. Dysfunctional and fractured families have been known to blossom being separated.
10) Retirement. Active-adult communities are attracting many buyers over the age of 55. These planned communities have golf courses, club houses, workout facilities, week-end social gatherings, back-yard barbeque parties and more, all designed for people over 55.
11) Health problems. Physical ailments such as knee or back problems make it difficult for an aging population to climb stairs in a two story, so a one-story home may be more practical. A trade-off solution for many elderly people who don't require round the clock care is to buy a condo or move into assisted living housing.
12) Deferred maintenance. Some people don't want to put on a new roof, replace the siding or buy a new furnace, so it's easier to buy a new home. When you figure the life of most home systems is about 15 years, it could make sense to get out before everything goes haywire.
13) Home improvement perfection. A small segment enjoys fixing up and selling, spending time, money and effort on remodeling, and once the work is completed, these people become restless because there is nothing left to do. Some of you may call these people obsessed, but for some, it's a way to maintain balance while mastering a hobby.
14) Cash in equity. Some home owners can't stand the fact their home is worth all that money because that money is not in their pocket. These people would prefer to stare at their passbook savings than stare at four walls with empty pockets. They. Just. Want. The. Money.
15) Lifestyle change. Others are simply tired of owning a home and would prefer to travel, pursue a hobby or be less responsible. We used to call these people misfits or boomers, but many past a certain age want to find a calling that is meaningful to them. So, for these people, home ownership loses its priority status and turns into the ticket for realizing dreams.