Your Listing Expired - Now What?
Listing your home creates expectations and stress. But, when the sale does not occur, it is even more stressful and very disappointing. So here are some aspects to consider before you jump back into the market and relist your home:
Take a few moments and truly think about why you want to sell your home. Don’t just think about the reasons…. jot them down.
Decide if you want to relist right away or wait. Many agents will push you to relist with them immediately but it is so important to identify why the home didn’t sell the first time around before jumping back on the market.
What worked and didn’t work for you during the listing period? What frustrated you; what did you wish your agent had done differently; what did you like about the process?
How did the market react to your listing? How many showings did you have? Did you receive any offers? What was the general feedback?
Was it the Price? Maybe…Maybe not. Sometimes the price is fine, and it was something else entirely that caused the house not to sell. But many agents presume the price had to be the issue. In real estate we have a saying – Price isn’t always the problem, but it’s always the solution.
Was it the market conditions? Some price ranges have lower demand than others and other times the market is just slow. It could just be a matter of supply and demand…and patience. Before you do relist, make sure you have a thorough market analysis and assess whether it make sense to relist right away or wait until conditions are more favorable.
Did your agent provide a marketing plan? Putting the listing on the MLS and a sign in the yard is no longer sufficient. Make sure there is a comprehensive plan to get your home in front of as many buyers as possible. Target marketing is a necessity.
There’s a fine line between making your house “show ready” and over improving it to make it look like a “show room.” Spend some time reviewing the condition of your home and how it compares to other homes currently on the market.
How accessible was the home? One of the most important things a seller can do is make the home as easily accessible for a buyer to see.
Whether it was something you could have avoided or not, the next time you list your home for sale it should be the last time. Even if you are not quite ready, or you are on the fence about relisting, I will gladly help you analyze and assess whether it makes sense to go back on the market now or to wait. So, feel free to give me a call and pick my brain.