The excitement originally experienced when your home first hit the market as a new listing, the anticipation of showings and offers; all have faded as reality now strikes... your home did not sell. Your home's listing has expired. What a letdown.
Typically, there are just four reasons why a home has not yet successfully sold:
Location is fixed. There is nothing one can do about location. However, there are always buyers looking in every area.
The condition of your home and property are within your control. Much can be done, at low cost, to present your home in a more favorable light by cleaning, organizing and repairing minor issues. Applying fresh paint, new cabinet hardware, light fixtures or simply replacing failed light bulbs can make a huge difference. Clean any carpets and eliminate pet odor, too. If you smoke... do it outside.
A professional CMA (Comparative Market Analysis) will reveal the accuracy of your price. You must be competitive with other similar homes in the area. Remember, regardless of what you may need from the sale, the market determines your price. This impact is actually two-fold, as a qualified buyer requiring a loan is also dependent upon the bank's appraiser to validate your price to complete the loan process.
In most cases, however, the major fault of a failed strategy is poor marketing, or the lack thereof. Marketing begins with great photos, often seen lacking in expired listings. Selling a home today requires an aggressive marketing strategy and daily, methodical effort. A sign in your yard and a listing on the local MLS is not enough. Your marketing effort should commence with a written plan and a partner who is committed to selling your home. All agents are not the same. Your choice of Realtor® matters more than ever.
Don't fall for gimmicks or pitches filled with false discounts and empty promises. Your Listing Agent needs to have a plan for marketing your specific home. It will involve an investment of time and resources to set your home apart from all others and get the attention of the maximum number of qualified buyers in the shortest time. Make sure that your Listing Agent is in the business of selling homes. If his principal business is rentals, he likely has more incentive to rent your home than to sell it. Ask to see his marketing plan.
When your home's listing expires, you now have an opportunity to begin again. Does it make any sense to use the same failed strategy for a second time... and hope for better results?
It's your home. Demand more. This business. Insist upon a marketing plan and a commitment to sell your home. That's right; you hire a Realtor® to do a job... which is to represent your best interests and sell your house. Don't settle for anything less.