You’ve had your house listed with a real estate agent for months, waiting week after week for a purchase offer that never arrives. Now the house listing has expired and your home is no closer to selling than when you first signed the listing agreement. You’ve lost all that valuable time you can’t get back. How frustrating!
Whose fault is it that your house didn’t sell?
Problems usually come down to one of these reasons:
Why are you selling and do you really want to sell your house? We work with homeowners who need to sell a home for a variety of reasons, including they inherited a house, they’re relocating, or they’re going through a divorce. Maybe you’re not motivated, in which case you would do well to take your house off the market and focus your energy on something else.
Condition of House
You always want to make it as easy as possible for potential buyers to see themselves living in your home. Therefore, your job in preparing your home for sale is to make it appealing to the widest range of buyers as possible.
Staging your home doesn’t have to be expensive. In your yard trim the trees and shrubs, pull the weeds, and keep your lawn nicely mowed and edged. Put down some fresh mulch in the flowerbeds and plant some seasonal flowers.
Inside your house, remove any and all excess furniture and fixtures. Put away family photos and nick-knacks. Pack and store all the extra stuff you keep in closets. And scrub the house from top to bottom, including the windows. Add a fresh, neutral color coat of paint to walls – think beige or gray. You want to make your house seem as big and bright as possible, so keep blinds and shades open.
Buyers want to see themselves living in these rooms and are always thinking, “Are these closets big enough for me?” They can’t visualize all that if your rooms and closets are cluttered with furniture and belongings.
Did your agent create a plan to sell your home and review it with you, step-by-step? Marketing is crucial because if no one knows your property is for sale, you are not going to get any purchase offers. You can make all the repairs and stage your home beautifully, but then you need to get prospective buyers through the door to see it! These days, effective marketing includes both online and offline tactics.
A common complaint among home sellers is their agent wasn’t good at communicating with them. Working with an agent who can share feedback received from buyers who’ve viewed your home is important. You need to be able to make adjustments and improve the showing experience for the next prospective buyer.
Ultimately, it always comes down to price. Any house will sell when the price is right – even if the place is full of junk and falling apart. Sure, it may not sell for the price you want, but there is usually a buyer for every property, given it’s priced appropriately. That’s why it is critical to understand the housing market in your area. If you don’t, you have a house that sits on the market indefinitely.
Real estate agents use what’s called the MLS system to create a comparative market analysis on your property. They search for similar properties (square footage, bedrooms, bathrooms, lot size and features) in your area and use three active listings and three listings sold in the last 3-6 months. Usually this analysis gives you an accurate price range of what to expect you can get for your home.
It was your agent’s job to help you set a list price that would attract the right buyers, get your home in optimal showing condition, and evaluate the market to put you in a better negotiating position. Either he or she didn’t do their job or you didn’t listen to what they told you.
If you’re frustrated because your house listing expired and you want to sell your house fast, we have articles, videos and information that can help you figure out what to do next.