What To Do If Your Home Listing Has Expired
If you feel like you’ve done everything you can to prepare your home to be sold, you might feel lost when your listing expires without a buyer in place.
Where did you go wrong? Why didn’t anyone make an offer?
In some cases, it might simply be that buyers weren’t interested due to reasons out of your control. Sometimes you just need to give it more time.
However, even if that is the case, it’s still a smart idea to do what you can do increase interest in your property. If your home listing has expired, you should look for ways that you can improve the appeal of your home. This could mean making renovations that you previously neglected, marketing your home more aggressively, or a number of other option.
Here are a few steps you should consider taking before re-listing your home.
Get a Renewed Appraisal
One thing you should consider doing after your listing has expired is getting a new appraisal.
The housing market can be incredibly volatile. Housing prices can rise and fall unpredictably. While it’s unlikely that your home’s value has drastically changed if it was recently listed, it may be worth getting a second appraisal.
If buyers know they can buy a similar home in the same area at a cheaper price, they aren’t likely to bite on your offer. It may be worth considering lowering the cost a little bit, if possible.
Review Buyer Suggestions
Try soliciting feedback from potential buyers who have seen your listing or toured your home.
Did they identify any issues in particular that turned them off from making an offer?
Sometimes, buyer suggestions may include affordable changes you can make to make your home more appealing to future buyers. Repainting the exterior of your home is one change that can make a significant difference when trying to appeal to a large pool of buyers.
Making adjustments based on buyer feedback is key to selling a home that doesn’t seem to have a lot of interest.
If you’ve lived in your home for a long time, it’s likely that either you or the buyer will have to make some minor or major renovations.
Some sellers avoid making renovations for many reasons. They often don’t want to through the hassle of making repairs themselves and they don’t want to cough up the money to cover expensive renovations.
However, making changes to improve the appearance and safety of your home can add value while attracting new buyers. Basic things, like fixing or replacing your roof, can go a long way when trying to sell a home.
Revisit Your Marketing Strategy
Unless your home is in an incredibly desirable location, chances are you’ll have to put some effort into marketing your house in order to sell it.
If you didn’t put too much effort into marketing the first time around, an expired listing might be enough to convince you of the importance of a solid marketing plan.
Consider hiring a professional to take high-quality interior and exterior pictures. You should also consider putting together a video walkthrough to make things easier for online buyers. Lastly, be sure to thoughtfully stage your home to appeal to a wide range of buyers without being overbearing. Buyers want to be able to see themselves living in your home, so you shouldn’t necessarily decorate it in the way that you think is best.
Talk to Your Agent
Perhaps most importantly, you should meet with your agent after an expired listing to discuss how to move forward.
You should listen to your real estate agent’s thoughts on how you can more effectively market your home. Your agent can compare your home to others in the market to see whether or not a price reduction is in order. Your agent can also aid you in revamping your marketing strategy in order to attract as many buyers as possible. Real estate agents are experts in their field, and you should trust them to help you sell your home as quickly as possible and for a good price.
Last but not least, you can always consider selling to a cash buyer if you are unable to sell it via more traditional methods.
An expired listing can be frustrating, but it doesn’t mean no one is interested in your home. You may just have to take some time to re-evaluate your approach.