Expired Listings In Louisville
You had high hopes when you first put your home on the market. But that was more than two years ago. Now your original home listings has become one of many expired listings in Louisville and you’re looking for a new real estate agent to try to sell your home.
But before you choose that next agent, it’s time to take a close, and honest, look at what happened between you and your last real estate agent. Selling expired listings – which is what your home is now considered in real estate parlance – isn’t an easy task. But it can be done. It just requires an honest assessment of what kept your home from selling the last time it was listed.
The housing market today is highly competitive. So when your real estate listing agreement with one agent expires – after a time period that you and your original agent set – you can expect to get a flood of calls from other agents hoping to gain a chance to help you sell your home.
That’s the good news. You will have another chance to sell your expired listing. The bad news is this: If you don’t know why your home didn’t sell with your last agent, the odds are good that you’ll struggle to sell it after a new agent takes over your listing.
Why Didn’t It Sell?
There are many reasons why a home doesn’t sell. One of the most important is pricing.
The top reason why listings expire is because they are overpriced for their market. And this pricing problem is especially prevalent in today’s market.
That’s because housing values have dropped significantly since the peak of the real estate boom in late 2006. Homeowners who purchased during this boom undoubtedly paid more for their homes then than what they can sell them for now. That’s frustrating for homeowners. And many try to force a sales price that will allow them to at least break even.
The problem is, buyers don’t care what you originally paid for your house. They only care what its current market value is. Today’s buyers are too smart to overpay for a home. If you are asking for too much, they’ll simply move on to the next listing.
Look back at your expired listing. Were you asking for too high of a price for your market? If so, this time around you’ll need to be more realistic with your asking price. If you can’t accept taking a loss, maybe it’s not time to sell your home.
There are many other reasons why a listing may have expired. Was your home too cluttered with furniture, pictures, artwork and knick-knacks? If so, buyers might have considered it too small for their own families. Remember, houses look their best when they are as free of clutter as possible. This makes their interior spaces seem larger.
This time around? Make sure to listen to your real estate agent when this professional tells you to remove that extra couch from your living room or your collection of antique vases from the dining room.
Maybe you didn’t make your home available often enough for showings. In today’s market, it often takes several showings before homes generate a realistic offer. If you only allowed showings during a set period of time – and didn’t make your home available in the evenings or on weekends – you might have prevented several potential buyers from viewing it.
When you re-list your home, you’ll need to be more open to showings. You can’t expect to sell your home after just a handful of showings.
Click here to read the full transcript of Greg’s podcast episode where he discusses expired listings and how to recover and move forward.