What to Do if Your House Listing Expires
March 12, 2016
March 12, 2016
Many people think that listing a home for sale with a broker or Realtor “guarantees” a successful sale—not so. Market fluctuations, inaccurate pricing, and other issues can prevent your home from finding a buyer before the listing ends.
Real estate listings are contracts, and should have an ending date. When the listing expires, the broker-seller relationship ends, and the seller has several important options. Instead of signing a listing extension, consider each of these critical questions and let the answers help you to decide the best next steps for your home:
Why Are You Selling?
People sell houses for a variety of reasons and motivations. Are you moving? Seeking a larger (or smaller) space? Have you inherited a relative’s house, or recently gotten married (or divorced)?
If you don’t want to sell, or lack the motivation to accept a reasonable offer, expired listings may be a hint that you should take your house off the market, either temporarily or permanently. But if you need to sell—particularly if you need to sell quickly—it might be time to consider selling your house to an investor instead of signing another lengthy and possibly unsuccessful listing contract.
Was the Listing Price too High?
Houses don’t sell when the price doesn’t match the property. Sometimes, Realtors set the listing price too high, either at the seller’s request or because they hope to “test the market.” Don’t let the listing agent use your house as a guinea pig. If the listing expires, examine the housing market in your area and evaluate how your listing price compares to comparable houses that recently sold.
Is Your House in Saleable Condition?
Evaluating the proper sale price for a home requires not only an examination of comparable houses, but also an honest look at the home’s condition. Houses that look old or in need of repairsgenerally sell for less than newlyremodeled homes in good condition.
If your house is in disrepair, you may get a better selling price from investors than you would from an owner-buyer. Investors don’t care if the house needs paint or repairs, and make an offer based on the same comparable sales information real estate agents use to evaluate prices. If your house’s condition is partially—or completely—to blame for the lack of a sale during the listing period, investors may give you a better price with far less hassle and delay.
Did Your Listing Agent Have a Proper Marketing Plan?
Listing agents should prepare a plan to market and sell each home they list. Your agent should have reviewed this plan with you when you signed the listing contract or shortly thereafter. Without a proper marketing plan, and marketing follow-through, even a well-priced house in good condition may fail to sell. If your agent failed to create and execute an effective marketing plan, you may not want to extend the listing agreement, or take a chance on a new one.
Would You Rather Skip the Hassle and Sell Your House Immediately?
If your house didn’t sell before the listing agreement expired, consider contacting an investor like 4 Brothers Buy Houses. We’ll buy your home for cash, regardless of its condition, and close the sale in days instead of weeks. Renewing or extending a listing agreement won’t guarantee a sale, especially if your house didn’t bring in acceptable offers the first time around. Consider all your options before you sign another listingcontract.
Curious about how to sell your home to investors, or how much your property is worth?Click here to get more information or a no-obligation quote today.