What to Do When Your For Sale Listing Expires 1

What to Do When Your For Sale Listing Expires

Sep 14 2015

An expired for sale listing is one of the most disheartening occurrences in the real estate field. Whether it happens to befall a home seller or their real estate agent, it can set them back months and potentially leave them in an emotionally wounded state.
Fortunately, there are several tactics one can utilize in this situation. Read on to learn how to pick up the pieces and move on so that the house can get sold and you can continue to the next goal.

Review Your Market’s Data

The first idea to consider is that perhaps the home not selling had little to do with you or the home itself. Some real estate markets can be slow, particularly during times of the year like winter and late summer. If your listing’s last few weeks or months happened to linger during these times, there is no reason to become distraught.
Analyze your real estate market sales data from the past several years to detect patterns. This data should be freely available from sources like your local Association of Realtors, who often provide statistics on residential home sales month-to-month.
Perhaps you should wait to list in a time when sales or more active. Maybe your local market is in a bit of a slump, so you should pause your sale and give yourself time to regather before you relist. Either way, take comfort in the fact that your home could not necessarily be the problem.

Put More Effort into Networking

Often one of the most valuable sources to leverage is your own group of peers. Use word-of-mouth and any contact points available, such as email or even Facebook, to broadcast that you need to sell your home. A friend-of-a-friend just might be the perfect buyer you were looking for.
You can also resort to professional referrals, but be well aware that these referrals can come with a high price — sometimes as much as three percent or more of the home’s final sale price. Diligently review any disclosures made by professional referrers before you procure their services, or simply ask for an up-front disclosure of what they would need to get your listing in the right hands.

Price to Sell

Naturally, an alternative to paying out a three percent referrer’s fee is to simply lower the home price by three percent. Your original home price should have been calculated based on your neighborhood’s averages adjusting for the size and amenities of your particular property. A lack of interest in your listing, barring a slow sales period as described above, could mean that your home was still priced too high in order for it to garner attention.
Reduce your listing price and be willing to accept a more flexible offer, such as from someone who wants you to reduce the price so they can afford a renovation when they buy the property. Honoring onerous requests like this may hurt your pride and also your wallet more than you would like, but consider the opportunity costs of losing out on a sale over a few thousand dollars.

Renovate to Add Appeal

Projects like repainting your walls and landscaping your lawn can have a profound effect on how buyers perceive your property. Research small renovations that cost little but add tremendous curb appeal, such as replacing your front door with a painted steel one. Even something as simple as planting seasonal flowers can potentially increase the attention your home receives, along with the competing offers that can come with it.
Ensure that anyone who buys your home will be protected from errors, deed ownership disputes and other such setbacks by strongly encouraging them to purchase residential title insurance. This invaluable product can cover them in the event of any contention in regards to their ownership of the home.
Learn more about how important title insurance can be and why it should be a part of every home sale by contacting us at info@marinatitle.com or via phone at (305) 901-5628.

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