If your home has just come off the market and hasn’t sold, don’t be discouraged. The reason it didn’t sell may have nothing to do with your home or the market. In reality, your home may have been one of the more desirable properties for sale. If your listing has expired and you still want results, before you put your home back on the market, take a step back and review your situation.
Q. Where should you begin? A. Start by making a commitment to do what it takes to market your house to get it sold. With the right system, the home sale you want is still well within reach.
Q. Why didn’t your home sell? A. Review your previous selling plan and you’ll discover that an expired listing usually reflects a problem in one or more of these four major areas:
1. Teamwork, 2. Pricing, 3. Condition of Your Home, and 4. Marketing.
1. Teamwork - Your home is a major financial investment, and your relationship with your Realtor® should be a full partnership where your needs and wishes are heard, and you receive detailed and dependable feedback on the progress of your sale. Your agent has a responsibility to source this feedback from the agents who have shown your home, and to communicate this to you so together you can make the right decisions about what to do next. How well did this occur the last time you had your home up for sale?
2. Pricing - Did price work for or against you? The “right” price depends on market conditions, competition and the condition of your home. Pricing it too high is as dangerous as pricing it too low. If your home doesn’t compare favourably with others in the price range you’ve set, you won’t be taken seriously by prospects or agents. You’ll get the facts when you see the statistics!
To help you to establish a realistic selling price for your home, ask your agent to provide you with an up-to-date competitive market analysis to give you:
• a review of comparable homes recently sold or currently for sale,
• an idea of how long other homes have been listed, in order to calculate an average time in which a home can sell in today’s market,
• a review of homes whose listings have expired, to understand what issues were at play.
Note: There is no mention of how much you paid for your home or its improvements. Like any other investment, the market value is determined by what a willing buyer will pay and a willing seller will accept.
3. Condition Of Your Home - Showcase Quality! Is your house someone else’s idea of a dream home? When buyers enter are they inspired? Do they think, “I love this house!” Remember, the decision to buy a home is based on emotion, not logic. A house in move-in condition invites a sale. You need to consider:
• fixing all the little squeaks and cracks
• keeping it clean for all showings
• making it uncluttered
• brightening it up
• what your home shows like from the street concentrating on outside curb appeal.
Plus - Consider taking care of major items, such having your home painted. Offering an allowance to your prospective buyers, so they can have painting completed is not the same as having done it for them. Now, as they’re trying to imagine what that new paint job will look like, they may also be discounting the price even further because of the less-than- perfect look of those walls.
4. Marketing - Marketing Your Home To Sell! Some Questions You Should Be Asking! One of the first steps in your marketing plan involves finding an agent who will best represent you. When interviewing agents, test and compare their knowledge and ask each to demonstrate how they will market your home to buyers. Compare, too, how much money each spends on advertising the homes s/he lists, in what media (newspaper, magazine, etc.) and the effectiveness of one medium over the other. Remember, it’s not just how much they spend, but how they spend it. Say goodbye to any real estate agents using old, traditional methods to sell your home because they don’t work in today’s market! To be competitive in today’s marketplace, agents who use new and innovative, nontraditional marketing approaches are the ones who are getting more homes sold fast and for top dollar.