Did your house or condo fail to sell, even after you listed it with a real estate agent on the MLS®? Don’t despair. Here is a list of reasons why there are more expired listings than in the past few years, and what you can do about it.
Even at the height of our busiest times in the past few years, approximately 25% of listings did not sell during the first listing period, becoming an expired listing in Winnipeg. So you are not alone. But now is the time to take a closer look at why the listing failed to sell. Here are a couple of the major reasons this could be:
Has Your Home Been Staged?
Especially important if you’ve already moved out of your home. Empty houses don’t sell well. Buyers have a hard time imagining how the furniture will lay out. Also, if you still live in your home and it’s overstocked with furniture and ‘things’, decluttering and staging is an important step.
Is Your Home Clean?
Having a professional cleaner take a run at your home is an important step. Have it cleaned before the photographer shows up to take the pics. And then make sure its clean whenever a buyer comes thru. Don’t have it looking like this:
Selling In “As-Is” Condition
Another side effect of the hot market is that home-owners start to believe that every house will sell…….no matter what! I recently toured a home where nearly half of the light-bulbs were burned out. After going into yet another dark bedroom, flicking the light-switch in futility, I suggested to the owner that they replace the burned out bulbs. The response was “We’re selling it “as is”…..if someone wants our home, they can replace their own bulbs”.
This is a bit of an extreme example, but you get the idea.
Be Out Of The Home When It Shows
This is where the private sellers completely ‘miss the message’. The fact is, most buyers want to be able to examine a home in peace and leisure, with their agent, so that they can discuss various options and features of the home, without having the owner overhear what they are saying. Don’t believe me? Think of it this way: the next time you go to test drive a car, do you want the salesman to drive you, or do you want to go for a drive with your spouse or significant other, so you can discuss the car, test it, etc etc, without a pushy salesman nattering in your ear?
Poor Quality Listing Description and Photos
The MLS® allows for over 1,000 characters in the description field of the property listing. Make sure they are used to full benefit. Is the listing enticing? Does it make buyers WANT to come see the house? Even more important are the quality of the pictures. Did your agent use his cell phone to take the pics? Are they properly lit and framed?
Inadequate Marketing Leads To Expired Listing
A major contributor to an Expired Listing. One side-effect of a super-hot market is ‘complacency’. Real_estate”>Real Estate Agents, who are traditionally known as some of the best marketers in business, start to believe that every house will sell, even without advertising and marketing. The thinking went: “Just put it on the M.L.S. and it will sell”. That may have been sufficient in most cases, but in a slower, more level market, it will not be enough.
So question is: did your home receive adequate coverage, in printed newspapers, magazines and on the internet?
Setting The Correct Price
Actually, this has always been the main factor when a house or condo listing expires. And these days, it will be even more important to get the ‘asking price’ correct, right from the start.
These are some of the main reasons why a home might not sell right away, and become an failed listing. As our Winnipeg market starts to level off a little, going from a super hot sellers market to a more balanced one, these reasons become even more important.
What to do next?
Take a close and critical look at which of the above reasons might apply to your situation and when re-listing the house, correct any or all of them before putting the home back onto the market. When in doubt, call me for a 2nd opinion. Please listen for a quick message and direction on how to contact me:
F.A.Q. about Expired Listings
What is the main reason why listings expire and fail to sell?
While there are many reasons, it really boils down to one thing: price. You can literally sell ANY property in any condition, so long as the price is right.
My listing has expired. What are my next steps?
First, you should realize that you are not alone. Depending on local markets, 30-40% of listings fail to sell the first time around. Then, take a step back and analyze the reasons for this:
– Was the home staged?
– Was it clean during the showings
– Was it properly marketed and advertised?
– Did the photos look accurate and attractive?
– Was it priced correctly for the market?
It’s a detailed process trying to sell a condo (or most any other property for that matter). Your steps have helped me a lot to see the mistakes that I made in the past with condo sale attempts. Next time I will be more prepared!
Photos are everything in real estate. They can make or break your sale, which is why you have to make sure that you take good photos
At this point when it’s very difficult to sell real properties, much more on a pretty high rate, it’s best to be mindful of these reminders in order to keep up with the trying times. While marketing and competitive presentation is needed, I agree that the price of the property being sold really matters. The seller should be mindful of what amount would work well – for both sides. That’s why real estate agents are important as they are much more knowledgeable on appropriate pricing.
I think it is important that we make sure the house we’re going to sell is in very good condition, to avoid inconveniencing the buyers. Most buyers want to live in a house that feels like home.
Good points that I’m sure many home sellers have missed. It’s definitely key to try and look at the property with an outsider’s perspective on how it should be marketed. Making assumptions that anyone will take your offer regardless of what shape it’s in or how it’s advertised is very poor judgement.
Yes, all this time I always set prices according to what I want and they only come to visit once and then bid prices, continuously from several different people. Maybe I need to study this further. Thank you for the information from this article.
There are lots of factors that lead to an expiry. I think you did good research on the points. They are well explained.
I admit that I’m one of those guilty ones thinking that a house can sell itself by its own. Reading through this article made me rethink about my stance. I am honestly surprised that there are a lot of things that could go wrong and why your house didn’t sell. These are things to really think about before deciding to sell a property.
I don’t know much about this stuff but it helped me a lot. I didn’t know that expired condos can be a pain. I think I will have a wide range of understanding now that I’ve read this article
As they say FIRST Impression is everything. Even more so when we are selling. With that said do not overdue it because honesty is important as well. I mean as a buyer I do not want any surprises if you know what I mean.