What To Do When Your House Doesn’t Sell
By Atlanta Realtor John Foster
When a homeseller decides to sell their home they usually call a Realtor and put their home on the market. When listing with a realtor the listing agreement usually has a 90 - 180 listing time period. If the home does not sell during that time period the agreement "expires" . Over the past 18 months about 25% of all homes listed expire.
If your listing expired and your house did not sell, it’s very natural to feel a mix of frustration and disappointment. And as you’re working through that, you’re probably also wondering what went wrong and what you should do next.
If you still need to move and want to get it back on the market, here are some things to consider as you make plans.
Make Sure you Understand the Market
Was the market a buyers market? A sellers Market? Did the market change? This is key in understanding how to market your home. In a seller's market, there is a shortage of inventory (homes for sale) and home values are usually going up. Buyer have limited choices of homes which affects how many options they have available to them. In a buyer's market it is the opposite. Lots of homes to choose from so they Buyers are more aggressive in offer price and what they ask for. Why do they do that? Because if one seller will not give them what they want other sellers will.
Watch interest rates - if they go up less buyers are interested in buying a home. When they go down, are buying coming into the market.
When pricing your home and when buyers show interest in your home, make sure you understand the market - this is a key to getting your home sold. Make sure your next agent understands the market and how it impacts selling your home.
Finally, understand our real estate market can change quickly. Interest rates, jobs and number of homes for sale a key metrics to watch.
Was It Priced for Today’s Market?
Setting the right price from the start is key. While it might be tempting to try shooting high with your price, that can slow down the selling process big time. If your house was priced higher than others similar to it, it may have turned away buyers. And that’s likely why it sat on the market. As Rocket Mortgage explains:
“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 biggest mistakes you can make when selling your house is overly restricting the days and times when potential buyers can tour it. Even though it might feel stressful to drop everything and leave when buyers want to see your house, being flexible with your schedule is important. After all, 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 It Set Up To Make the Best Impression on Buyers?
If buyers weren’t interested in your house, it’s worth taking another look at your home through their eyes. Are there outstanding repairs that may be distracting them? Even if it’s a small thing, some buyers may see it as a sign the maintenance on the home is falling behind.
Just remember, you don’t always need to make big upgrades. Selective small repairs or touch-ups go a long way. Things like tidying up your landscaping, a fresh coat of paint inside, or removing personal items and clutter can work wonders in sprucing up the house for potential buyers. You could also consider staging the home.
Were You Willing To Negotiate?
If there were offers coming in, but you weren’t ready to negotiate, that may be another reason why it didn’t sell. While you want to get top dollar for your house, you also need to be realistic about what your house can net in today’s market. The market is still tipped in a seller's favor, but the supply of homes for sale is growing and buyers are feeling the sting of higher mortgage rates. So being willing to play ball can make closing a deal a whole lot easier.
Did You Trust Your Agent's Advice?
The biggest complaint Sellers have about their Real Estate Agent, per the National Association of Realtors, is Agents do not communicate with them. You should have a weekly call with your agent at a minimum just to get updates. If you agent offered advice, you to try the advice and how did it work? The primary value a Realtor brings to a seller is their experience and advice so realize that advice is what you are paying for.
Moving Forward
If you still need or want to sell your home, get an expert's advice on why it didn’t sell. Find a Realtor you trust and will rely on. Evaluate your prior agent and you may want to try again. If you want to new set of eyes to look at your home and are going to interview agents to get your home sold, I would love to interview for the job of getting your home sole.
I specialize in Selling Homes that did not sell the first time. Call John Foster at 770 722-7010 and request my FREE Book "HOW TO SELL YOUR HOME AFTER YOUR LISTING EXPIRES".
I will sit down and take the time to talk off advice in a very straightforward way so you know what it takes to sell your home. There are many reasons a home does not sell. I find most sellers in this situation want to hear my honest opinion and what they should next.
I always listen to the Seller's perspective and goals and offer tailored advice and effective strategies for re-listing your house to get it sold. As Better Homes & Gardens says, an agent should be your go-to resource in this situation:
“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.”
Bottom Line
It’s natural to feel disappointed when your listing has expired and your house didn’t sell. Let us connect to determine what happened, and what changes you should make to get your house back on the market and sold this time. Call or text John Foster at 770 722-7010.
If you are interested in selling your home and want to interview another agent, I use my Expired Merchandising Review form to figure out why homes do not sell. Usually takes less than 10 minutes after walking through the home. If you are interested in this Free Service - just contact me at 770 722-7010.
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