The moment you place your home on the market, you wait by your phone, hoping and expecting it to ring with an acceptable offer. But what if it doesn’t happen? If your home has been on the market with no offers and little attention, you may be wondering what went wrong.
Your expired real estate listing may be due to circumstances outside of your control, such as market conditions. Other times, it’s your selling strategy. In any case, there are steps you can take to make your listing a bit more attractive to potential buyers.
Listen to Feedback
Most of the time, buyers who come to see your home and choose not to pursue it can give you some insight into why. They may tell their agent what they didn’t like or why they didn’t decide to make an offer. This can be the most valuable information for you.
- Did they mention the price was a factor?
- Did you hear people at the open house talking about all of the changes they would need to make?
- Did they complain about the size, location, or features?
Listen and make adjustments based on the feedback you get. It’s the easiest way to know what needs to be changed.
Consider the Updates and Renovations That Could Help
Most home sellers don’t want to put more money into a home they are planning to sell. Yet, this may be essential to get people to take a closer look at your property.
Start with projects that you know are concerns. Look for those projects that give you the highest return on your investment.
That’s usually simple things, like painting, staging, and decluttering, but it can also include updates to kitchens, bathrooms, and living spaces. Talk to your agent about the steps you plan to take. They can often give you far more insight into what to do to get the best return.
Consider the Importance of a Price Drop
Price is another major concern for many home sellers and could likely be the reason your real estate listing expired. Pricing the home lower could interest more buyers, including those willing to put in little time, money, and effort into repairs and renovations in exchange for a lower price. It’s best to consider a price drop if you need to move fast.
Work to understand the true value of your home in current conditions. To do this, get a new appraisal of the home. Look at comparable homes in the community that have sold in the last few months.
Those that are about the same size and style can offer some insight to you about the market’s pricing. Online pricing tools like Zillow can provide a good starting point, but be sure to do your own research to verify that the price point is accurate. Remember, your home is only as valuable as the price someone else is willing to pay for it.
Rethink Your Marketing Strategy
Sometimes, not enough people are getting a look at your home. It may be time to adjust the marketing strategy you are using to improve this. You may be marketing to the wrong type of buyer, too.
Remember, as much as 50 percent of your home’s most likely buyers are on the internet. Do you have stylish, modern photos taken by a professional on your listing? Can you list your home for sale on more sites and use social media a bit more heavily to reach your audience? Consider a video walkthrough. Do some staging.
Consider All of Your Options
If you’re trying to sell your home yourself, consider the value of working with a real estate agent. Or, if you have an agent, consider switching to one that knows the area better.
You may want to take the home off the market for a few months, make some changes, and list it again. Or, why not rent it out instead?
Once your real estate listing has expired, it is time to consider a faster, easier, guaranteed sale. With HomeGo, you will receive a same-day offer and can close in as little as 7 days. No need to risk another failed real estate listing, HomeGo offers a better solution.