Why Didn't My Home Sell? Expired Listings
If your home didn't sell during the original listing period, you're probably wondering why. After all, the end goal is to sell your house, so understanding the reasons why a home doesn't sell may help you find areas to improve upon. There are five main reasons a house doesn't sell within the contractual term of a listing agreement:
PRICE is the primary reason most homes expire without selling. When you decide on an asking price for your home, it's critical to review comparable sales in your area. In this way, you'll have a better idea of what a reasonable asking price is. Overpricing from the beginning is, by far, the number one reason a home doesn't sell within the listing period.
LOCATION can be a factor to take into consideration. If your home is within a neighborhood where amenities and square footage are equal, location will probably not be the cause. That being said, homes that back up to a school, busy street, parking lots, or businesses, may have a tougher time selling.
CONDITION definitely plays a role in how quickly a home sells. When a home is properly prepared, i.e. fresh paint in neutral colors, neat and clean, odor free, and has solid curb appeal, it's likely to sell quicker and for more money. Even if it takes some time and cash to update the condition of your house, the payoff will be worth it. A real estate agent can help get your house seen by those in the market, but the condition of the house is up to you.
TERMS can make or break a sale. The house should be readily available and accessible, and as the seller, try your best to be flexible. When the showing times are too restricted, or the house isn't accessible by a lock box, fewer buyers will see your home. This reduces the chances of a sale. Additional terms, such as financing and possession dates can also affect the sale of a property.
AGENT/MARKETING is essential in the home selling process, and one many sellers don't put enough credence in. Your agent, and the marketing employed, should result in buyers. Assuming the other four areas are not an issue, you'll need to punch up the marketing. Considering that 80% of buyers begin their search online, a web presence is imperative. How many quality pictures of your home are on the Internet? Do they favorably represent your home? There are many marketing avenues that can zoom your house to the forefront ñ talk to your real estate agent about their intentions on marketing your home.
You'll notice that four of these five factors are controlled by you, the seller. So, while you can't do much about the location of your home, you can work on the remaining four factors. Evaluate them, along with your house, talk to your agent, and from there you should have a game plan that will improve your chances for a sale.
More Information About Selling Your Indianapolis Home
Tips for Preparing Your Home to Sell: First impressions are the most powerful sales tools. Emotion plays a tremendous part in creating an interest in your home from a potential buyer.
Maximize Your Investment: You've decided to sell your home and know you have to do some things to get it ready for the market. Where's the best place to start and what repairs will return the maximum amount? I'm glad you asked!
Staging Above the Competition: With the influx of homes on the market, many in builder subdivisions, it is hard to distinguish the value one home represents over another; so many homes are passed by.
Marketing: There is no secret to marketing homes in the real estate industry. Every Realtor® has access to the same programs, websites, online platforms, and advertising outlets.
Home Feedback System: Our team utilizes the benefits of Centralized Showing Service for feedback. This automated system is just one of the ways we keep you informed during the process of selling your home.
Should You Sell Short Sale? When there are no alternatives left for refinacing or having your loan modified, a short sale provides the homeowner an opportunity to sell their home for less than what is owed on their home.
Moving Checklist : Logical tips for a smooth move.
Real Estate Glossary: Real estate terms and definitions.
Paula Henry is an Indianapolis Realtor with Red Door Real Estate, serving the needs of homeowners in the Metropolitan Indianapolis area. When you're ready to sell your home, you want an agent with a plan for helping you attain your dreams and goals. Contact US for your Indianapolis real estate needs.