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If your listing has expired, you are likely to feel disappointed, discouraged and even disillusioned. Do not give up? Expired listings do sell. There is a buyer for every home but, a number of factors have caused your listing to expire without a sale. Your goal should be to ensure that the second time around is successful. There are five primary reasons expired listings do not sell. Let’s have a look at what may have caused your listing to expire.
Your previous agent may have made many promises such as:
• I have a buyer for your home
• I am the neighborhood specialist
• I’ll sell your home or buy it myself
• I’ll sell your home in 90 days
• The amount you paid when you purchased the home
• The amount of money you need from the sale
• Your opinion of value
• Representations about value from an inexperienced real estate agent
• Your neighbor’s opinion about value
• The cost to rebuild your home today
• Online suggestions from sources like Zillow
These elements do not reflect supply and demand or market value. If your listing specialist presented you a reliable comparables and you disregarded the information, you most likely over-priced your home. To make matters worse, when your home was recognized as over-priced agents failed to show it and prospective buyers never saw it. This is the bitter truth.
Remember the saying, “A first impression lasts a long time.” Well, it’s especially true in real estate. Never discount “showability.”
And, never discount your agent’s recommendations as to how you can improve the “showability” of your expired listing.
• Does your home have curb appeal?
• Do you see repairs that need to be made?
• Does the home have a good traffic pattern?
• Is your comfy furniture taking up too much space?
• Would painting certain rooms help attract buyers?
• Is the basement neat, clean and spacious?
• Is the attic the same way?
• Is the clutter gone?
• Do you see wide open spaces with potential?
• Is there wallpaper that should come down?
Your home needs to be accessible in order to sell. The easier it is to show your home, the more showings you will have. And, the more showings you have, the greater your chance of selling. Before you leave, give the home the attention needed to show at its best.
The bottom line is that if your home is difficult to show and if you are home when it is being shown, you are reducing the chance of a sale.
You may be disappointed with your previous agent but a new agent with technology, a solid work ethic and the know-how can make good results happen.
Homes with strong online presences sell faster because the majority of today’s buyers search online first. Your home’s online presence cannot be diminished because buyers often find the homes they eventually buy on this venue.
Gauri K. - Downtown Chicago
Delphine did an outstanding job applying her expertise and experience during the sale of our house. She was very meticulous in all aspects of our house sale and was always of top of things, which helped us get our house sold in a surprisingly short time.
Marshall H. - Deerfield
You did an excellent job to sell our house in Deerfield in just 9 days. The process and timing were perfect. Your team is very professional. We appreciate the fact that you helped us negotiate another $20,000 during the multiple offer negotiation--a perfect scenario for us.
Dan D. - Arlington Heights
It was a pleasure working with Delphine. She was always fully prepared and took the time to explain everything about buying a home. She was our greatest proponent, working tirelessly to meet our goals. If you are considering hiring Delphine, look no further and sign her up. She is undoubtedly the best in her field.
Powered by unrivaled market expertise, our agents continually sell homes faster and for more value. Discover the difference of working with the best agents who get the job done.
Rather than make a bad situation worse, sellers whose listings have expired should analyze what went wrong. Invariably, these concerns need to be addressed.
DelphineHomes - Edition 2018
Your relationship with your Realtor should be a full partnership on solid ground. Your agent should take the time to listen to all of your questions and concerns, do their best to meet your wishes and desires, and give you honest and dependable feedback on the progress of your sale. Your agent has to provide the best marketing plan for your home sale.
Ask yourself, did the pricing of your past listing work for you or against you?
A little known secret is that the “right” price greatly depends on the market conditions of your local area. Is your area a buyer’s market, a seller’s market, or a neutral market?
You need to know the difference.
Remember, a house that presents well sells for the best price because it outshines the competition, and nothing else.
You should do your best to fix all the little problem areas and keep the home clean for showings at all times. Brighten it up to make it easy for potential buyers to feel right at home when their view your property.
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NAR (National Association of Realtors) research demonstrates that in the Chicagoland area 85% of sellers used a real estate agent to consummate their sale or purchase of a home. The beauty of a large cosmopolitan market is that new buyers constantly come to the scene. There is a buyer for every expired listing that is priced at market value, shows well, is marketed aggressively and is easy to access. If your listing has expired, you need a new agent, one who knows how to sell expired listings and bring you that buyer.
Get an honest opinion of market value from Delphine Team (Giang cho pop up de leadgen cho nay). If you are serious about selling, here is your chance.
We specialize in homes which don't sell the first or the second time or even the third time on the market. Contact us today to know how we can get your home sold successfully this time!
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How do I know if my house was overpriced?
If you set the listing price or if the listing place was based on hearsay from neighbors, or replacement cost or upon any data other than a well-researched CMA, your house was most likely not priced correctly.
Signs that your house was overpriced:
- Few or no showings
- No offer
- Neighbors homes are selling
- Few or no visitors at open houses
- Showing feedback indicates your home is overpriced
- You only receive low ball offers
If you want to know the market value of your home, ask a new agent for a CMA and their opinion of value. Let that input be your guide.
How can I know if an agent will actively sell my home?
Before you list your home, ask the agent how she will actively market and promote your home. Listen to the details. If the only strategy the agent has is to put the listing into MLS, you need another agent.
Today, 90% of regional buyers are represented by an agent so your marketing plan must attract buyers and their agents. Your agent must have a plan and the experience to promote your property online and off-line. And, your new agent must work closely with agents who show your home and get their feedback as soon as possible.
How can I sell my hard-to-sell location home?
Many sellers struggle to understand that not every home is for every person. That does not mean there is not one buyer, which is all you need. The challenge for the seller of a hard-to-sell location home is finding the experienced agent who has a marketing plan that will attract all prospective buyers. Ready to experience the Delphine Team difference?
What should I do with my current home condition?
Make a good first, second and third impression. Before a new agent lists your home, ask for specific recommendations about how you might boost your curb appeal, improve the “showability” of your home, remove clutter or arrange the furniture to make for a better traffic pattern. In the scope of selling your home, certain improvements will make your house competitive with others.
Have further questions on how to make the best impression to homebuyers? Speak to an expert.
The Delphine Team provides FREE pre-sale home prep consultation Schedule Today
What should I do with feedback?
Feedback from agents and buyers is intended to help you sell your home. Accept feedback from prospective buyers and their agents as constructive criticism and use the feedback to improve your chances of selling your home. If used properly, feedback will tell you what buyers and agents like about your home and what improvements could make it more saleable. The worst thing to do is ignore feedback.
I did not receive a single offer on my listed home, what now?
Well, if your home was shown consistently and you did not receive a single offer, your price was too high, the marketing was not effective or the condition of your home must have discouraged buyers.
It is time for a new approach and a new marketing plan. You can still win the day and sell your home.
What options when your home won't sell?
After a listing expires, you have several options.
1. Take the home off the market - If your intent is to sell your home, this is usually an unsatisfactory remedy. Your house will not sell and you will not get any equity from a sale. You will most likely remain in the home and not relocate. This is not the outcome you set out to achieve.
2. Postpone selling your home - Yes, you can take the home off the market and postpone selling it but what is the point? Isn’t it more desirable to hire a good agent and get the home sold? Think about the benefits of being realistic and getting your money out from under this home. When it is all said and done, that is still the point.
3. Obtain a new mortgage - This can potentially be one way to get some money out from under. But, you are likely to be disappointed with the lender’s opinion of market value and hence the amount of money you receive. You also may end up taking on more debt. Are you really up for that?
4. Rent the home - Being an absentee landlord or a landlord in general can be an unrewarding, stressful job. Tenants can damage your property and further reduce the property’s value. You may end up chasing tenants for rent, or receiving emergency calls about repairs in the middle of the night. Usually, it is better to sell and get out from under.
5. Consider a short sale - If the selling price will be lower than the amount of the mortgage, the transaction is called a short sale. Basically, you are asking the lender to take a loss. Your credit could be impaired for many years and you may not be totally released from the obligation created by the shortfall. Short sales take a long time and the contract cannot be approved until the bank agrees to accept the loss. Short sales are complicated!
6. Lower the price to below market value - This strategy can create a sale but is usually discouraging. Your home should sell for market value or more. While you may have to reduce your selling price, you should not feel you are giving the house away. Get a good understanding of the market value and go from there.
7. Hire a proven agent and begin again - Rather than these options, why not hire a true real estate professional and get your home back in the game? Expired listings will sell if managed properly.
Ready to sell your house this time? Contact us today