What can a homeowner do when their real estate listing expires on the MLS and they didn't sell? This is not an uncommon thing but having the right real estate agent from the beginning usually means that they will do everything possible to get the home sold in a timely manner but, nevertheless, there are times where a real estate listing will expire after the contract with the listing agent is up. The homeowner is wondering, "what happened?" Why didn't my homes sell?
This is a very common question and one that many homeowners will ask even when the listing has not expired. Having your listing expire without a sale can leave you with feelings of frustration, irritability, sleepless nights, and simply wondering what went wrong. There are some things to ask yourself if a listing has expired.
#1. Is it my real estate agent?
Did you hire the right real estate agent for the job? Many people start off using a real estate agent they might know from a friend or it's a friend of a relative or even a relative that you are trying to help out. The problem with this is that they may not be skilled at selling your home in your location. I've talked to homeowners that have started selling their home with a friend of a friend but that agent was two counties away. It's difficult to price the home in an area in which you don't work. Using a local real estate agent that is familiar with the neighborhoods and communities, can help price the home correctly. A lot of times why a listing doesn't sell is because it was priced incorrectly.
#2. Is it my price?
Chances are this is probably the case but there are many factors to pricing a home. Did your real estate agent price it correctly? Did you listen to your agent when they said your suggestions may have been overpriced? Did you do things to the home that warrants a higher price? Pricing a home from the beginning is essential to getting it sold quickly.
Too many homeowners make the mistake of pricing it high in the beginning thinking that they will simply lower the price should it not sell right away. This is a dangerous pitfalls. Most of the time once the property drops to where it should have been in the beginning, it's been on the market too long and it can make buyers wary of the home at all. Pricing it correctly from the beginning is one of the best ways to ensure a quick sale. - More: When Should you reduce your price?
Related: The Difference Between Asking Price and Selling Price
#3. Is it me?
Are you sabotaging your own sale? I've had homeowners that insist on accompanying every potential buyer through the house. They overload them with the information they may not want and tend to make the buyer so uncomfortable they prefer to leave rather than to view the house any longer. Are you inflexible as to show times? Do you insist that all buyers see the home Monday through Friday from 11 AM until 2 PM otherwise the buyer cannot see the house?
If you're being unreasonable or inflexible, you could be turning off a lot of buyers. Or, did you simply not do the repairs or updating tasks suggested by a real estate agent? If the home has eyesores, multiple areas of damage is completely outdated, you could be sabotaging your own sale by not giving the buyers what they want. This is not to say you have to spend thousands of dollars when listing your home, but it does pay to make sure all the little details are taken care of in the home is decently staged.
Listings do expire and it could be the homeowners fall toward could be the real estate agent. But if you take a hard, honest look as to what could've caused the expiration, it can help you make better decisions for a successful sale later on. For more information or to talk to me about expired listings and how to get your home sold quickly throughout the Portland real estate and Vancouver area contact our office today.
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