If your listing expired and your house didn’t sell, you might be feeling a mix of frustration and disappointment. As you navigate these emotions, it’s essential to understand what went wrong and how to proceed to ensure a successful sale. Here are some key considerations to get your home back on the market and sold.
Was The Expired Listing Priced for Today’s Market?
Setting the right price from the start is crucial. While it might be tempting to set a high price, this can significantly slow down the selling process. If your home was priced higher than comparable properties, it likely turned away potential buyers. Rocket Mortgage highlights the importance of pricing:
“Buyer interest in your home is highest when it first comes on the market. That’s why it’s so important to start with the right price on day one. If you overprice your house, buyers may just raise an eyebrow and move on to the next listing without even coming for a showing. It can be easy to think your home is worth more but try not to let sentimental value color your judgment. Your home’s true value is whatever a buyer is willing to pay for it.”
Was It Easy for Buyers to Tour?
One of the most common mistakes sellers make is overly restricting the days and times when potential buyers can tour the home. Flexibility is vital. Minimal access means minimal exposure to buyers. ShowingTime advises:
“. . . do your best to be as flexible as possible when granting access to your house for showings.”
Was The Expired Listing Set Up to Impress Buyers?
If buyers weren’t interested, take another look at your home through their eyes. Are there outstanding repairs that may be distracting? Even small issues can signal poor maintenance. However, you don’t always need major upgrades. Selective small repairs or touch-ups can make a significant impact. Tidying up landscaping, a fresh coat of paint, and decluttering can work wonders. Consider staging the home to highlight its best features.
Were You Willing to Negotiate?
If offers came in but you weren’t ready to negotiate, this could be another reason your house didn’t sell. While aiming for top dollar is understandable, it’s essential to be realistic about current market conditions. The market still favors sellers, but the growing supply of homes and higher mortgage rates mean buyers are cautious. Being open to negotiation can make closing a deal much easier. Ramsey Solutions suggests:
“If you don’t have the money or time to fix home issues, consider offering some other form of incentive to buyers. An experienced real estate agent can help you arrange a deal where you and your buyer both come out on top.”
Did You Listen to Your Agent Before it Expired?
Expert advice is invaluable. Whether you continue with your previous agent or choose a new one, a great agent will sit down with you to discuss what worked, what didn’t, and the way forward. They will provide tailored advice and effective strategies for re-listing your house to get it sold. Better Homes & Gardens emphasizes:
“If you’re frustrated with the timeline of your sale, chat with your real estate agent. Agents want what is best for you and the sale of your home, and having open communication about any frustrations will be key.”
The Bigger Picture: Market Trends and Opportunities
In our recent blog post, we discussed the dynamic nature of the real estate market and the gradual move towards balance. This trend offers new opportunities for buyers and sellers. For instance, the share of home sellers cutting prices has risen for the first time in over a year, signaling potential advantages for buyers.
US Home Sellers Slash Prices Amid Market Shift
As of the four weeks ending May 26, about 6.4% of sellers reduced their property prices, the highest level since November 2022, according to Redfin. The median asking price dropped by $3,000 to about $417,000, marking the first deceleration in six months. Despite this, the median selling price jumped over 4% to a record high of $390,000, illustrating the market’s volatility.
Decreased demand is evident as properties now stay on the market for a median of 32 days, three days longer than a year ago. Redfin’s homebuying demand index also fell 12% annually and 7% compared to the previous month, hitting the lowest level in three months. Mortgage rates, influenced by the Federal Reserve’s rate hikes to combat inflation, have remained elevated above 7%, reminiscent of rates seen in 2002.
Why Choose Sell for 1 Percent?
At Sell for 1 Percent Realtors, we have the experience and know-how to get you in the best position to sell your home. We offer full-service real estate brokerage at just a 1% commission, saving our clients thousands of dollars compared to the typical 3%. Our innovative approach leverages cutting-edge technology to ensure top-tier service while maximizing your investment. We frequently re-list previously expired homes that other agents could not get sold and specialize in negotiations. Whether you’re buying or selling, our expert team is here to guide you through today’s dynamic market.
Final Thoughts
If your listing expired and your house didn’t sell, it’s natural to feel disappointed. However, with the right strategies and expert guidance, you can successfully re-list and sell your home. Partner with Sell for 1 Percent Realtors to explore how our services can help you save and succeed in your real estate journey.
For more insights on the real estate market, check out our previous blog post here. Stay informed and make the most of the changing market dynamics. Let’s connect to determine the best steps for getting your house back on the market and sold.
