Expired Listings
Why Some Homes Don't Sell and How to Avoid Mistakes that Can Cost You Thousands.
You put your up for sale and nothing happens, right? No showings, no offers nothing!!! The listing just expires without a sale. And now you're wondering what went wrong...
As a homeowner you had hoped for a quick sale of your home, and some houses do sell quickly. As matter of fact, the majority of homes sell during the initial listing period.
However, as you've just found out, some homes don't sell. In today's market as many as half of the listings expired unsold.
What should you do, if this happens to you? If your listing has expired and you'd like results, we can help. Don't get spooked by the death of the first listing. The home sale you want is still well within reach!
The main question you should ask yourself is: Are You Commited to Selling?
First, take a step back and review your decision to sell. Do you still want to move? Although you may feel discouraged, if you still want or need to sell, make a renewed commitment to do what it takes to market your home effectively.
Next, find out precisely what went wrong. An expired listing usually reflects a problem in one of four major categories; communication, price, condition or marketing.
1—Communication
Why no sale? What did prospects say about price, about condition? What feedback did other agents offer? Teamwork between the seller and agent is key to know how to alter a marketing plan for success. Inattention to a listing can be a factor , bur rarely the whole story.
Every seller can boost a property's exposure. Make it easy to show: consider a lockbox, "For Sale" sign where permitted, and showing times convenient to buyers. Also, keep the home in showplace condition, depersonalize furnishings so prospects see themselves at home, and keep pets at a distance. Remember, the next prospect may be your buyer.
Most important, we want to hear from you. Our sellers are a key source about showing traffic, new-on-the-market competition, changes in the neighborhood and property condition that affect the property's salability. Also, you have our word you will hear from us regularly, keep in mind that, the more we work together, the faster a sale will be closed.
2—Price
This is the most common culprit for the lack of a sale. An incorrectly priced home attracts the wrong buyers or worse, none at all.
Market conditions probably have changed since you initially listed your home. Homes may have sold, additional homes may be listed now, loan rates may have moved up or down. We can prepare an up to date, comparative market analysis , which is a review of recently sold and current homes for sale that are comparable to yours. One little known secret is to set your price below other expired listings and overpriced listings, languishing 120 to 180 plus days on the market.
With our analysis, you'll know how your home compares to others offered for sale today. Is your price right? Are your terms and financial incentives competitive?
Activity without offers often indicates overpricing. Remember, any home, no matter what condition it is in, will sell for the right price. What price is "right" depends on market conditions, competition and the home's condition.
3—Condition
Is your home someone else's dream home? When buyers enter, do they think, "I love this place." A home in move-in condition invites a sale. Have you fixed all the little squeaks and drips, cleaned and painted, decluttered, brightened up and concentrated on outside curb appeal?
Or are you hesitant to take care of major items? For instance, did you offern an allowance for new carpet instead of installing it? While prospective buyers are trying to imagine what new carpet will look and feel like, they likely are discounting the price still further for the worn carpet underfoot. A home in like-new condition sells fastest and gets the best price because it outshines the competition.
We can tour your home and help you seet it as prospective buyers do.
4—Marketing
As the old adage says, "Advertising doesn't sell homes, agents do." Your secret to success is a carefully crafted marketing plan that exposes your property to the widest possible pool of prospective buyers.
Elements often include: direct promotion to other agents and brokers through special tours, flyers and brochures, listing in the MLS, and most importantly internet promotion. An advertising program that generates buyers for similar properties in your price range, generally anything else that generates attention and traffic in your home.
BUYERS ARE OUT THERE
Finally, a word of advise. Don't show off your home until marketing plans, terms, price and conditions are set. Buyers are out there right now looking for certain properties. Put your home in buyer-ready condition before listing it again, and it won't go unsold. If you're ready to re-list and expired listing, or simply want to talk about what to do next, we welcome your call or email, at (863)-421-4070 or info@yusrealty.com.