If you’re trying to sell your home and your listing has expired on the Multiple Listing Service (MLS), it’s normal to feel discouraged and less than optimistic. Unless you have decided not to sell for some reason, it can be frustrating to wait day after day with little to no progress until your listing expires.
First of all, you should realize that expired listings are a very common occurrence.
7 major reasons why your listing may expire:
1. Price: because the wrong asking price might deter buyers
2. Condition: because most sellers don’t realize that improving the property’s condition increases the value
3. Staging: because setting your space the right way can be transforming
4. Marketing: because making a market for a property requires a balance between mastering marketing fundamentals and being savvy in the Digital Age
5. Communication: because the lack of an open dialogue between you and your agent matters in order for the correct adjustments to be made
6. Negotiation: because of an agent’s lack of ability to solve the problems of challenging buyers and the cooperating agents who represent them
7. Closing: because overlooking closing details will result in broken contracts
If you are trying to sell your home and have an expired listing, take a look at the above list and ask yourself if any (or all) of these seven reasons could be a contributing factor. Did your agent use recent, comparable and accurate market data to help you determine the sales price? Did he/she help you stage your property and suggest improvements to its condition in order to stay competitive against comparable properties? Did he/she outline a strategic marketing plan that utilized paid social media, website traffic, and other forms of digital advertising? Did he/she discuss how they would be negotiating on your behalf?
These are important aspects to discuss with your real estate agent and are the seven key steps that we pride ourselves on with our clients in the Fountain Hills and Phoenix metro area.
If you’re looking to sell your home for top dollar in the Fountain Hills or Phoenix metro area, send us a note and we will happily help you.