You may feel discouraged if your listing expires and your home has been on the market for several months with apparently no buyer in sight. Giving up will not lift your spirits or improve your chances, and continuing with the same strategy could yield the same results. Re-thinking your decision to sell? Don’t give up.
No one can blame you for being emotionally attached to the idea of letting go of your current home, but this can affect your attitude toward the entire selling process. Give yourself a chance. It is important to pause from time to time and realize how far you have come. Though things may not be happening according to your desired schedule, it is always possible to modify the course and reach the desired goal.
If you have a good relationship with your current Real Estate agent, clearly state your concerns and enlist his or her assistance in re-listing with a fresh marketing plan. Sometimes, doing the same old thing only produces the same old results. If you fall off the listing map, you are certainly not gaining ground. Your agent is your creative ally. You know what your personal needs and goals are; he/she knows how to translate these goals into new marketing strategies. Your combined creativity is a key element toward your success. Price, Market, Condition and Feedback are four specific areas you and your agent may wish to review.
Price is usually the most important issue and often the reason a home has not sold yet. The correct selling price is not how much you think you need or what your brother says you should get; it is the highest price the market will bear. Interest rates and current economy dictate proper pricing. As you might imagine, this fluctuates over time. Do not underestimate the significance of time. If you have been listed for some time, you now have some data to consider when reassessing your price and strategy.
Reassess the Market. Your Real Estate agent can provide a comprehensive analysis of what homes similar to yours have sold for in your area. Homes that are priced well get attention and showings. The more you show the more chances of getting offers. While you are trying to avoid ending up on the “Expired” list, those properties that were allowed to expire provide valuable information about the price ranges your area can bear. Your agent can help you adjust your price to be more favorable to the current market.
Any house in any Condition will sell for the right price. A move-in ready house encourages sale. If budget is an issue, there are many ways you can prepare your house with simple, very inexpensive or even free home staging strategies. Again, your Real Estate agent has the knowhow and resources to create the proper environment. Put some effort into this. “As is” may sound like a good idea for a quick sale, but it can also be an obstacle. As a rule, repairs or upgrades you could do for a few hundred dollars may actually appear to represent thousands of dollars in a buyer’s mind at first glance.
Finally, pay attention to Feedback from potential buyers. Discuss comments your agent may have received while showing your home. This is an invaluable tool in assessing what appeals to buyers and what might require a bit more attention. However, remember that a bad comment is not necessarily cause for immediate action or despair. Rather, similar comments repeated over time provide good clues to help you target your strategy.
Most importantly, you may find that your agent is not afraid to tell you the truth. What may appear as a stubborn attempt to impose changes you are not ready to embrace may very well be your saving grace. Listen and speak the truth as well. Be clear about your concerns and even your fears.
Every year, we remember to check the fire alarm batteries when we move the clocks forward or back. This is our bi-annual cue. You would not think of allowing your smoke alarm batteries to die. There are many reasons why you should not allow your listing to expire. The Holiday season provides some reprieve from your daily business. Take advantage of your good spirits and additional free time to review listing deadlines and strategies.