Expired Listings

Why listings expired and what you should do?

The are many reasons why your home is not sold. Unless your plan has changed and you do not plan to re-list your home for sale, you should seriously review your situation. Find out how I can help you sell your home in 30 days or less.

Your home is not sold usually can be attributed to one or more of the following problems:

1. Wrong Price

You are priced out of the market by other properties similar to yours. When home buyers are looking at homes matching their requirements, they compare your home with similar homes in your neighborhood. Your home is competing with other homes for buyers. You can check out who are your competitors by viewing the detached homes, townhomes and condos/apartments listed for sale.

Over pricing your home helps your competitors sell their homes. In fact, if you overprice your home, it will end up costing you more money in the long run. The best time to sell a property for the highest amount of money is in the first couple of weeks. The price needs to be right from day one.

Here is a must read article on “The pricing game”: Part One and Part Two.

If you don’t get other Realtors showing your listing, you will not sell your home. Why a home buyer buys from your if he or she can buy another home cheaper than yours?

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2. Home Condition

Before putting your home on the market, make sure your home is in good presenable and attractive to buyers. Most home buyers prefer to buy a home without having to spend any money or do anything. They may spend some money to do some repainting, but not anything too costly. You have to think like a buyer and prepare your home to make it attractive. Otherwise you lose out to your competition.

The 2 most important things that make your house stand out the most are 1) price and 2) condition.

3. Location

The third reason a house is difficult to sell is the location. Some of the negatives attributes that make the location of your home less desirable are: too far from schools, bad neighborhoods, busy streets, too close to gas station or industrial area, etc.

Lower price will help to off-set the disadvantage of your home location. Sometimes, the price difference to mitigate and compensate for a poorly located home could be tens of thousands of dollars. Sometimes, more favorable terms to the buyers may help in selling your home. Any good experienced Realtor will be able to advise you the correct pricing for your home if you are faced with a poor location problem.

4. Marketing Problem

Most listings when listed on the Multiple Listing Service will get the exposure to other agents using the MLS system. So, if you are not getting daily or weekly showings, you are likely to be pricing your home at too high!. Do not wait too long to reduce your price. You should act within a week or 10 days of your listing on the MLS if you are not getting the showing activities expected. Stale listings and overpriced properties are often by-passed by agents.

You cannot afford too many mis-opportunities!

Internet exposure is increasingly more important and provides the additional exposure to home buyers who are doing research online and searching for the right homes. Are you getting the full online and internet exposures? Only have your home listed on the MLS system may not be enough.

You should work with a local Realtor that is fully engaged and used all the online websites in promoting your listing. The Realtor’s personal website, real estate blogs, online classified websites like Craigslist and Kijiji are all important tools that can be used to sell your home.

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