“Position your home to effectively compete from the start, or you'll find your home still on the market long after competitively positioned properties have sold.” ~ Letitia Stevenson
In a normal market, the majority of houses will sell within 30 to 90 days. However, in some tough markets, homes linger on the market and as many as 30% to 50% of listings expire unsold. Usually by the time a house has been on the market for 120, 150, 180+ days, the seller has had more than his or her fair share of frustration and headaches.
If your house is languishing on the market (or has already expired), you may be wondering what’s wrong (or what went wrong) and where do you go from here.
Four (4) Possible Reasons Your Home Isn't Selling (or Your Listing Expired)
1 | Asking Price Too High. Overpricing is often the number one reason houses don’t sell. Overpriced homes generally linger on the market long after competitively priced homes have sold. When your home doesn’t sell within a reasonable time period buyers may start to think there is something wrong with the home, you (the seller) is desperate or not serious about selling.
If your house does eventually sell, you may end up netting far less money than you expect, especially in a declining market. If your house lingers on the market for too long, you may end up having to stay put, trying to pay two mortgages, renting out your home until you can find a qualified buyer, selling as a short sale, or in worst-case scenario, in foreclosure.
2 | House in Poor Condition or Doesn’t Show Well. Failing to properly prepare/stage home and neglecting to make necessary repairs can keep your house from selling. The condition and appearance of your house impact the number of potential buyers interested in purchasing the property, which can ultimately affect final price and speed of sale.
3 | Wrong Agent. Most sellers think all Agents are alike. As a result, they may hire an Agent who lacks the knowledge, skills, tools and resources necessary to produce a successful sale. What’s important to know is that all real estate Agents are not the same. In fact, many lack the marketing skills necessary to get terrific exposure for your home. So, when you’re ready to sell your property, make sure you choose your listing agent wisely.
When it comes to getting your home sold (fast, for top dollar), who you hire to market and sell your home truly matters. The right agent will help you attract qualified buyers, skillfully negotiate the sale, effectively manage the transaction and successfully closed the deal.
4 | Ineffective Marketing/Inadequate Exposure. Even homes that are priced right and in turn key condition can still fail to sell if they are not effectively marketed for maximum exposure. In marketing your home for sale, maximum exposure to potential buyers and their agents in the marketplace is the name of the game.
This goes back to the wrong agent. Getting terrific exposure for your property is the responsibility of the Listing Agent you hire to market your home. Yet, too many agents rely solely on the Multiple Listing Service (MLS) and a sign in the front yard to sell homes, and so many seem to know little about marketing.
Today’s results producing agents have a multi-level marketing strategy for terrific exposure. With 90% of home buyers beginning their search online, you need a tech-savvy Home Marketing Professional with a robust online marketing strategy.
Don’t make the same mistake!
There are at least 15 to 20 factors to consider and perhaps you could use some help sorting through them. Don't even think about putting your home back on the market until you discover why it did not sell. With thousands of dollars at stake and your precious time invested, you can’t afford to make the same mistake this time around.
Before you put your property back on the market, you owe it to yourself to figure out what happened and what needs to be done to get your home SOLD this time. To get started, you’ll want to have a home salability evaluation done on your property.
My exclusive Home Scoring System is a way to evaluate your home that will aid you (the seller) in recognizing how to more effectively position your home to sell in the marketplace. It predicts a home’s odds of selling based on its competitive strengths and weaknesses combined with current local market conditions.
Let’s discuss your plans and how I can help you position your home to sell! Contact me for a complimentary Home Marketing Consultation!