Is Your House or Condo an Expired Listing? What is the next step?

74
5/5 (4)

Is your house an Expired Listing?  What’s the next step?

Did your house or condo fail to sell, (expired listing) 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:

8Has 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.

7Is Your Home Clean?

Having a professional cleaner take a run at your home is a great first 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:

6Is Your House or Condo an Expired Listing? What is the next step?

5Selling 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.

4Be 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?

3Poor 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?

2Inadequate Marketing

Expired Listing? Check the quality of the pictures of your home

A major contributor to an Expired Listing.  One side-effect of a super-hot market is ‘complacency’.  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?

 

1Price

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.

Please give us a 5-star rating? We really appreciate that!

74 Comments on "Is Your House or Condo an Expired Listing? What is the next step?"

(Optional) Notify me of....
avatar
500
Sort by:   newest | oldest | most voted
Bill Ostroski
Guest

Lots of listings are expiring before the winter hits. Many will be back in the spring market

Randy Savrin
Guest

As I read in your other post, internet marketing and social media promotion are the best way to promote your sale ad. You can reach to the maximum number of people in very less type.

Bilal
Guest

I was trying to sell my condo in “as-is” condition, that was my fault. But after reading this I know what next to do with my condo and how to sell it easily.

Maury Cheskes
Guest

Those are some useful tips. My advice to those selling their homes is to not give up hope. It’s a tough market finding a suitable home and if your house is presentable there’s no reason it shouldn’t sell.

vrimee
Guest

Inadequate marketing is one of the main reason for failure of selling any property. One should post advertisement about your property in all major free advertising websites in your country. If there is not any good response within a week or so, can post in free magazines and paid services.

Ava
Guest
I have lived in the same home for almost 32 years, but I have given thought to selling and moving. However, due to the market in my area, I’ve been afraid of not being able to sell my home. I especially like the part in this article about “selling as is”. I believe there is a lot of simple things… Read more »
meisme66
Guest

Great little read and helpful advice.
Really wish i knew a lot of this when I was selling my house and maybe i would of got a higher selling price.
Thanks for this, will know for next time

Somoe
Guest

A really good article and informs you the different methods of marketing your condo, and also advices to sell the house in excellent condition and letting the buyers be alone when viewing the house.

PaigeM
Guest

This is a very concise and helpful article – thanks! Sometimes a step by step guide is all you need to get things going again! It can be very depressing waiting months for someone to buy!

gats
Guest

I think we need to sent more advertising to the right market or community. We need to determine our segment for selling this home carefully. Thanks

wpDiscuz