Disappointment and frustration are what we experience after we put a home for sale, and it does not sell. The expired listing is telling us that nobody showed interested in the property.
Reasons Your Home Didn’t Sell Before the Listing Expired
- The home was priced well-above the Fair-Market-Value of the property. It is difficult to sell for $600,000 where every other home in the neighborhood is selling for less than $450,000.
- Working with the wrong agent. Perhaps, your realtor was not aggressive with his marketing efforts.
- Applying the wrong selling strategy. Some properties are better sold to a real estate redevelopment company or a cash buyer. It is hard to sell an outdated, distressed house or an ugly home in the retail market. Most current buyers are not interested in doing the work required for such properties.
- You are selling in a buyer’s market. Yes, the market condition does affect your selling experience. If similar properties are sitting on the market, then the chances are that your home won’t sell anytime sooner.
- Maybe, something is wrong with the house. Perhaps, you were not aware of the problem which was preventing your home from selling.
What most sellers do not know is that you can still sell a house even after the listing has expired. Selling an expired listing is possible. No, we are not talking about re-listing the home again with an agent and doing all the work again.
How to Sell an Expired Listing?
To sell an expired listing, you first, must review your marketing strategy. What was your reason for selling the house?
- Do you want to move into a better place?
- Are you selling because of bad tenants/neighbors?
- Do you want to sell because the house is unaffordable?
Sometimes, the reason is that lifestyle circumstances have changed and you no longer want the house. The cause can be a divorce, job change or a different lifestyle. It is essential to know the reason. Are you motivated enough to sell the house?
You did put the house on the market but seems like something went wrong on the way. Perhaps, the price was not right, or the timing was wrong. Once the listing expires (90 or 180 days’ limit), your contract with the agent ends too. At this moment, you can re-list your home with another agent or try selling your home yourself. You must understand your priorities. You can hire another agent and wait for another 3 months to sell the house or you can take the matter into your hands.
Understand How the Pricing Works
Overpriced homes do not sell. In the real estate sector, if you want the maximum exposure for your home, list it for 10% below the comparable price.
- For example, if comparable homes in the market are selling for $305,000, you list yours at $298,000 or a bit less. That’s when you get the attention of the crowd.
- If you chase the market by asking for the comparable price, you can expect 60% people to look at your house.
- You go above the comparable price by 10%, and now only 25% of the market will look at your property.
You Need an Effective Marketing Strategy
The world has changed. You can no longer rely on MLS marketing and print media alone. Everyone else is doing the same thing. What you need is a home that shines and provides the functionality required by today’s buyer. You are competing with others, and you also need a competitive pricing strategy that can help you sell your house in the shortest time possible.
Sell Your House Fast in Any Market
If conventionally selling the house, does not work for you, you can sell your home to a cash buyer in Connecticut. Cash buyers can close quickly.
You do not have to wait for months or years. In fact, you can get your offer within 24 hours, and you can sell your home as-is for a cash price within ten days. The benefit of selling to a cash buyer is that you do not have to make repairs. You can sell the home as-is. You do not have to spend any more money on marketing or advertisement. There are no realtor commissions or closing costs to pay at the end. The best part is that your home sells within 10 days.