Why Do Listings Expire or Do Not Sell
More than 40% of all homes for sale do not sell or the listing changes to an expired or cancelled listing. Sometimes that sellers situation changes and they decide not to sell, so they cancel the listing agreement.
Most of the times though, when a listing expires, sellers feel frustrated and usually the blame goes to the listing agent or the listing company. This is when sellers often ask whose fault is it that the home isn’t selling?
Here are brief videos of reasons why a listing does not sell or the listing expires. Following the clips is an explanation as well on what conditions need to be met to sell a house at fair market value.
Some of the Reasons why a house does sell and becomes an Expired Listing.
Check Your Motivation
The first step is to review your reasons to sell. If you don’t fit one of the 15 reasons listed, then you might want to revisit why you are selling. In other words, maybe you don’t have a reason to sell. Perhaps you should temporarily take your home off the market.
If you are not motivated to sell, you are not a seller. You’re a home owner with a sign in the yard. Without motivation, you’ve got about as much hope for selling as an owner with a sign that reads, “Keep Off the Grass.”
Review The Marketing Plan
Where is the business plan to sell your home? Review the marketing plan with your agent, step-by-step. Did your agent drop the ball? Did you? What worked, what didn’t pull ad calls or showings? Did you do a virtual tour, send out direct mail, put a lockbox on the property?
Consider The Condition Of Your Home
Go out and look at other homes on the market to determine if your home is in the same condition as those actively for sale. Perhaps you need to do repairs before selling. Maybe your home needs to be staged. Does your home scream curb appeal? Have you followed the top 10 home showing tips?
Look Again At The Buyer Objections
What have buyers said about your home? Review buyer feedback, which your agent should have obtained for you when your home first went on the market. Is there validity to what buyers were saying? How can you compensate for those objections?
Talk to Your Current Agent About Why the Listing Expired
If your agent has fulfilled the marketing plan, worked diligently to sell your home, and the market is not answering the ring to your dinner bell, then you might need to conform to the market. This means a price reduction. Ask your existing agent to prepare another comparative market analysis to determine if your home is priced to sell.
If you respect and value your agent, re-list with that agent. Adjust your price accordingly and follow your agent’s suggestions, even if it means making repairs or improvements you’d rather not do. If your agent is spending money on your listing through advertising, aggressive marketing and networking that listing, that agent deserves your loyalty.
If you would like top discuss further about the reasons why your did not sell or what it would take now to your home,
Why Use Mike Patel to sell Your home:
“ We Listed with Mike Patel because of his years of experience with selling expired or cancelled listings in this area. We liked his honesty and integrity.”
Lu and Paul Aukerman. Dewcrest Dr, Anaheim HIlls 92808
“Mike did a fantastic job of helping to sell our house in a difficult market, after it did not sell the first time.
Never did we expect a viable offer within weeks of re listing. Mike stayed in touch with us throughout the entire process ensuring a quick and successful close of escrow.”
Chris Hall and Holli. Camino Vista Dr, Anaheim Hills Ca
“We never thought it would go this easy selling with Mr. Patel, after getting frustrated the first time it was on the market with another Realtor. Mike did what he said he would do and sold our house prompty.”
Beauford Zircumference. Cutty Way, Anaheim 92802
“Selling a house for the first time I realized I needed someone with experience, good communication skills and a good referral. Mike Patel came highly recommended. He clearly understands the real estate business and guided me with correct information helping me make informative decisions. He kept me updated and was there when I needed questions answered.
Ms. Virginia Logan Santa Ana Ca
“Mike realized what was needed to sell our house after we were unable to sell with another Realtor. Mike gave maximum exposure to our property, he gave us exemplary service and he worked really hard to sell our house. The results were positive under difficult market conditions.”
Rafeal and Mercedes Caloca. Cherrywood LN, Anaheim