THE EXPIRED LISTING: Find Out Why Your House Didn’t Sell Before!

It has been said that what makes a property sell is Location, Location, Location. Sounds catchy but is only partially correct. There are five factors that will get your house sold: LOCATIONPRICECONDITION, the MARKET, and the AGENT that you select.

Any agent can get your house sold the first time it appears for sale if these factors are in place. Let’s now review these five factors.

Factor # 1 LOCATION
The location of your house is what is and cannot be changed. In the buyer’s mind a house on a busy street, near power lines, next to or backing up to a commercial business or perhaps too close to a school is less desirable.

Homes located in a quiet cul-de-sac, backing up to a greenbelt, or offering an exceptional view are more desirable.

Factor # 2 PRICE
Every home owner wants to sell their house for as much money as possible, but many times if the asking price is too high your house will help sell other houses in your area. Over-pricing property usually has the following effects:

  1. Increases market time, which causes homes to sell for less than market value.
  2. Buyers who should be looking at your house will not see it because it is out of their price range.
  3. Buyers who do look at it purchase larger homes that are priced the same.
  4. You receive low offers or no offers at all. Remember, a higher asking price does not automatically equal a higher sales price. The more you overprice a property, the more likely you will sell it at a price lower than it is worth.You want to price your house to attract buyers for your neighborhood. The more buyers you have the more they will compete for your house, which will drive your price up. Then you can receive offers over and above your asking price.

Factor # 3 CONDITION
Buyers are wanting to get the most home for their money and many times are looking at new homes as well as resale homes. Buyers will pay top dollar for homes that are in pristine condition. Your agent should be knowledgeable in this area and can make suggestions of minor things you can do to help your home show its very best.

Factor # 4 The MARKET
The real estate market is always in one of three types of markets.

  1. A hot seller’s market where there are low inventory and more buyers which, in turn, drive selling prices up.
  2. A normal stable market where there is an equal number of buyers in proportion to the number of homes for sale. The result is home prices remain stable.
  3. A buyer’s market where there are more homes for sale than buyers who want to buy. This, in turn, will cause home prices to decline.

Factor # 5 The AGENT you choose

Any agent will show enthusiasm and will want to list your house for sale. Unfortunately, many agents still cling to ineffective marketing ideas that do little to sell your home, which means that you miss out on the best buyers. Choose your agent based upon

  1. Experience at listing and marketing houses for sale.
  2. Ability to use technology to market your house world wide to buyers 24/7.
  3. Reviewing with you a comprehensive Marketing Analysis of home sales in your area.
  4. Ability to offer a step-by-step 30-DAY MARKETING PLAN that will get your house sold at the highest possible price, within a time frame that best works for you.

Working with a full-time professional real estate agent is a must. Choose your agent by asking questions of him or her. Find out how knowledgeable they are about houses currently for sale in your price range and also of houses that have recently sold. Does your agent work with a good lender that can assist your new buyer to obtain financing? A good listing agent can get your house sold quickly at TOP DOLLAR and help you find a new home.

If your home just came off the market and didn’t sell, please don’t be discouraged. There are many reasons why a home might not sell and it usually has nothing to do with your home. Your home may be the most desired, most upgraded and best available on the market. If your listing has expired and you still want results, before you jump in and re-list immediately, sometimes its best to pause and review your situation.

Q What is there to review, my house isn’t the problem?

Begin thinking about the agent you used, their marketing plan, their communication with you and other agents during the process and what you would want to be different. There are always good and bad elements to take away from a problem. Also consider your flexibility on pricing on terms, as well as the condition of your home and availability to show your home while it was on the market. Finally, consider the market today versus the market a few months ago when you listed. Markets shift quickly and sometimes drilling down on different things will produce different results.

Q Why didn’t your home sell?

Typically, when a home doesn’t sell it indicates a problem in one or more of theses four major areas:

  1. Proper Communication
  2. Home Price and Market Conditions
  3. The Condition & Presentation of Your Home
  4. The Marketing Plan

 

PROPER COMMUNICATION

Your home is a major financial investment for you and for prospective Buyers. Your relationship with your Realtor® should be a fully educational partnership where your needs and wishes are heard, and in turn you should be getting a solid understanding of how those needs and wishes are compatible with or incompatible with current market conditions.

You should know how many showings you are getting weekly, how many agents are viewing your property, how many agents are forwarding on your listing to their clients, and MOST IMPORTANTLY, your agent should also be giving you honest feedback from other agents who have shown your property.

This is important because viewing your home with someone else’s perspective helps you make decisions about what to do next and how you can turn those negatives into something more appealing. How well did this occur the last time you had your home up for sale?

 HOME PRICING & MARKET CONDITIONS – Working for or against you?

The market shifts fast and the “perfect price point” not only depends on market conditions, but also competition in the neighborhood, as well as your agents ability to run good comparable reports and the condition of your home. Pricing it too high is as dangerous as pricing it too low. If your home doesn’t compare favorably with others in the price range you’ve set, prospects or agents won’t even want to negotiate with you as they assume your hard lined or worse there is something wrong with your home.

You’ll get the facts when you see the statistics!

To help you to establish a realistic selling price for your home, ask your agent to provide you with an up-to-date competitive market analysis to give you:

Note: Upgrades and investments in your property are not a perfect indicator of what your home is worth. The market value is determined by what a willing buyer will pay and a willing seller will accept.

CONDITION & PRESENTATION OF YOUR HOME – Look at your pictures, pay attention to details!

Your home is someone else’s idea of a dream home; they just haven’t seen it yet. When a buyer sees your home online? Do they think, “This home is amazing, I must go see it! I want it!!” Remember, the decision to buy a home is based on emotions and less on logic. If they see broken tiles, or a home that needs work, they may skip right over it. In other words  a house that shows in move-in condition, invites an offer.

Additionally, consider these simple things to keep your sale moving forward:

Remember…

A house that presents well, sells for the best price because it outshines the competition.

THE MARKETING PLAN – Marketing Your Home To Sell!

Some Questions You Should Be Asking!

When interviewing agents, test and compare their knowledge and ask each to demonstrate how they will market your home to buyers. Most agents will say oh we do just listed post cards, we put it on the MLS, we do open houses, we do flyers, we door knock. Etc.. there is much more they can drill down on to sell your home. You should be paying close attention to their marketing plan, this is how they intend to sell your home. Any agent can list you to the MLS, but how are they specifically bringing Buyers to your door?

To be competitive in today’s marketplace, agents who use new and innovative, non-traditional marketing approaches are the ones who are getting more homes sold fast and for top dollar.

BUYERS ARE OUT THERE… AND THEY WILL COME!

Before you put your home back on the market remember the things that are equally as important, as getting your home sold:

Create a Good First Impression by:

The first thing to consider when your home doesn’t sell is, this is not the end, I will get it sold. If you are in Las Vegas and are considering selling your home, or if your home was listed but didn’t sell,  give me a call and let’s discuss your options. Don’t let a negative experience be the reason your home doesn’t sell at all. You can sell your home with the proper tools and understanding. Let’s make this work for you today.