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?
Listing Expired? Check the quality of your home’s online pictures.
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:
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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?
About the Publisher
Bo Kauffmann is a residential real estate agent with over 18 yrs experience in helping buyers and sellers achieve their goals. Inducted into the REMAX Hall of Fame in 2010 and receiving the REMAX Lifetime Achievement Award in 2019, Bo has sold over 500 houses and condos in the Greater Winnipeg market. He is an accredited buyer representative (A.B.R.) and a Luxury Home Marketing Specialist.
Bo provides exceptional service to First-Time Home-Buyers, Seniors looking to downsize and Home Sellers of all ages.
He can be reached easily By E-Mail or call/text him Call/Text Here
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Stephanie
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!
Briana Turner
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
Justin Dee
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.
Charlene G
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.
Maury Cheskes
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.
David Tjoe
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.
David Mureithi
There are lots of factors that lead to an expiry. I think you did good research on the points. They are well explained.
Aissa Jo Quizon
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.
Rae
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
Scott Summerrs
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.
Randy Savrin
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
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
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
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
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 a homeowner can do to make their home more likely to sell without putting out a lot of money. Even if a homeowner is selling “as is”, they should at least take care of simple and inexpensive things that give a better appeal to potential buyers.
meisme66
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
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
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
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
Jacq
I’m from the Phils, and I can say selling condo units here is kinda difficult. Most of the people here can’t afford the amount of money needed in buying a property. These are useful tips for sellers though.
Cassandra
Fortunately, we did not have to go thru this when we were selling our home. I love this article and how uplifting it is. It can be heartbreaking when your home doesn’t sell. This gives a silver lining to that dark cloud!
Drago Ivanovich
Very insightful and informative article here. This is so helpful especially for someone like me who is new at property investments.
Agnes Magdaraog
Hi there, Bo, I would likely to have an Agent to do job as I am not that really good in selling or a people person. Yes, online marketing will be such a great help!. Thanks for the advice and I’ll try to apply it here in the Philippines.
Bill Ostroski
Lots of listings are expiring before the winter hits. Many will be back in the spring market
Bo Kauffmann
Thanks for the comment. Right now is an excellent time to buy a property in Winnipeg
Wu Jay
Thanks for the great tips. Sellers should read this post and take your advice.
Brenda N
I know the pain of selling a condo in a city like Winnipeg. You have some great tips to sell it before it expire. I’ll consider this list next time.
BenniGholami
Great tips to follow. Sometimes people simply overlook these factors thinking they are just trivial matters which do not affect their house for sale. However, little do they know every little detail matters to potential buyers and a little change would make a lot of difference. Homeowners should do some homework before listing their property so that their chances of selling their house would definitely be higher than before.
Bo Kauffmann
Lots of listings to chose from
Winnipeg Home Finder
Some agents might described this as ” some TLC required..”. Lol
Lou Lou
I see this picture… my heart skipped a beat and I was wondering where in Winnipeg it was! Only to see it was just a pretty picture for a story… lol. I guess I do like fixer-uppers
https://independent.a
Howdy, I do believe your site could be having web browser compatibility issues.
Whenever I look at your website in Safari, it looks fine but when opening in Internet Explorer,
it's got some overlapping issues. I just wanted to give you a
quick heads up! Other than that, wonderful website!
Bo Kauffmann
Thanks for the heads up…… I think we may be changing to a different theme, and hopefully that will fix that issue..
Airdrie Homes for Sa
Great tips! I think most of people are not knowing these things. Really appreciated for your efforts!
ginakennemer
A thoughtful article at all costs, trying to teach us what to do in tough times. It is good to see that the author realizes the common problems, which any of us could stumble upon, and tells us viable resolutions for them. Let’s hope that he we will continue gathering up valuable information, and sharing it with us. Hopefully next time we find ourselves stuck in a rut, his advice will do us good work. You should keep writing such wonderful and detailed articles. Kudos for the good advice that you have shared with us today.
Bo Kauffmann
Thank you for the kind comments……always appreciate that!