Why has my listing expired with out selling?
After several years of breakneck real estate sales, many homeowners are now finding that when it comes time to sell, that their homes are going 30, 60 and even 90 days without getting an offer. Their listings are expiring and they are left wondering “what went wrong and why didn’t my house sell?” This is a moderately complex question with several variables. Here are some of the major questions you should be asking to solve your dilemma.
What are the current market times in your area? Because home sellers had such an easy time just a few years ago, they forget that used to be normal to have a listing on the market 45 for 60 days before it sold. The question then is what is the average market time in your area for a home like yours? If your home has only been on the market for 30 days and the average market time is 60 to 75, and it may just be a matter of waiting it out.
How does your house stack up to the competition? If your home has gone a reasonable time on the market, and it has had showings, but hasn’t sold, then you might not be showing well in comparison to your competition. Go take a look at other homes in your area that are for sale. How do they compare to yours? Look at if they are staged. What does he yard look like? How do they smell? This is the time to be critical and perfectly honest with yourself. Are there changes you need to make around your home to be competitive?
Is your home priced appropriately? When homeowners come to me after the listings have expired, the first issue I look at is their price. In relationship to comparable properties is your home priced competitively? Ultimately, the market conditions, competition, staging, and condition of the property are what set the price. I know of no homeowner wants to hear this, but listings that have gone past the average market time in their area without selling are overpriced. Most agents will be reluctant to tell you this, primarily because they’re afraid you won’t give them your listing.
What then are your choices? This is difficult to answer without knowing why it is that you are selling. If you must continue to sell your home then look at what you can do to improve it in comparison to the competition, what price changes need to be made, and if you want to continue working with the same real estate agent. If your agent has been doing a good job, communicating with you well, and has been marketing your home well, you probably are safe sticking with them. However, if they are not communicating with you, and are not helping you find solutions to get your home sold, then do not be afraid to fire them!
In the end, do not feel alone! Many other homeowners are in the same situation as yourself, sitting in a home that they need to sell and wondering what is wrong. Take some time to consider the factors covered here, and see how they relate to your situation. Even some minor changes may be all that is needed to get your home sold.
