Not only does it feel frustrating when your house doesn’t sell, but it also feels personal. You invested emotional, financial, and time resources in this move. You informed your loved ones that it was taking place. And now that there is no buyer and your listing has expired? You’re left feeling helpless and possibly even a little ashamed.
The majority of agents won’t tell you this, too. When homeowners relist with a different agent, more than 70% of them sell their home.
Use the same agent to relist? According to the most recent REDX data, that statistic falls to just 50%. That would be like letting a coin toss determine the outcome of your sale. Furthermore, that is insufficient.
Only one out of three homeowners with expired listings actually make that change, according to REDX data. This implies that the majority of sellers either give up or make the same mistakes again, which results in the same unsatisfactory outcome. You’re worthy of better.
same residence. A different approach. entirely different outcomes.
Let’s examine what could have gone wrong and how a new viewpoint can help you come up with a successful plan this time.
1. It Was Priced Too High
Higher mortgage rates are putting pressure on buyers today, so even a slightly overpriced house will be passed over. Additionally, it can be challenging to get your listing back on track once it starts to stale.
Too many homeowners are currently making the costly error of underestimating their prices.
To ensure that you’re hitting the correct number, we must now examine the most recent sales in your area. This entails closely examining buyer behavior in real time as well as any feedback you received from initial showings or open houses. Setting your price at or slightly below the current market value is a smart move because it attracts more buyers to your listing, increasing the competition for your house.
2. It Didn’t Show Well
First impressions are only given once. Most buyers will pass over a house without ever setting up a showing if the listing photos were poor, the house was not updated, or it was poorly staged. Additionally, minor issues like worn walls, old light fixtures, or a shaky doorknob can turn away potential buyers even if they do show up.
Now, let’s take a new look around your house to see if there are any spots that might have been trouble spots both inside and out. A buyer’s perception of the house can occasionally be totally altered by removing outdated draperies, adding some light staging, or even applying a new coat of paint.
3. It Didn’t Get the Right Exposure
It’s likely that your house wasn’t receiving the attention it needed if it didn’t sell. These days, generic flyers and a few internet photos are insufficient. To get your listing in front of the right buyers at the right time, today’s top agents use social media tactics, highly targeted digital marketing, and custom video content, among other tactics.
Now, we must do more than simply list your house on the internet and hope it sells. We can work together to develop a practical strategy to increase its visibility. Your home will sell quickly if the pricing, staging, and marketing are all done correctly. A real-world example is shown in the graph below:
4. You Weren’t Willing To Negotiate
Sellers who are unwilling to compromise on closing costs, inspection repairs, or other concessions are frequently left behind in this market. It’s a great shame if your previous agent didn’t set that expectation for you.
We must now be prepared to meet customers where they are. The objective is to close the deal, which occasionally calls for using creativity to assist buyers in completing the transaction. Over the past five years, home values have risen by more than 55%, so you probably have enough leeway to provide some benefits without hurting your bottom line.
Bottom Line
You don’t have to give up if your listing has expired and your house didn’t sell. All you need is a better strategy. And perhaps a better companion.
More than 70% of homeowners who change agents go on to sell their home again. There’s no coincidence there. That’s a tactic.