There has been a noticeable increase in expired listings lately, and as we move into 2019 we want to introduce reasons why properties expire or fail to sell. While there could be a number of reasons on a case by case basis, these are three general rules for selling a property – mandatory needs in order to affect a sale.
A listing may expire due to the price. This is most common, and while many people think it’s the only reason, we’ll go into detail about how access and condition can keep a home from selling, and they all relate to one another and contribute to the outcome of the other, but first let’s discuss price. If a property is easily accessible, but the condition does not reflect the price, and the marketing is substantial, there needs to be a price adjustment because ultimately the market determines the price. When all other pistons are firing, price adjustments need to be considered every 30-45 days, and only when there are no other reasons why the property isn’t selling.
Easy access to a property means accommodating showings on short notice. Sometimes cooperating brokers will be driving their clients through a neighborhood and will want to bring their clients in on short notice. If the house is vacant, this is very easy, but if it’s owner occupied, 24 hour notice may be necessary. Accommodating short notice showings allows for the most possible exposure. The more showings we get, the better the chances are of affecting a sale.
The condition of the property needs to be in alignment with the price. It’s not always necessary for a seller to do repairs before listing a property, in fact many times that’s not the ideal scenario for the seller at all, but the condition and how the property shows needs to be top of mind when considering a pricing strategy, so these two go hand-in-hand.
When these three factors are in agreement with each other, the listing shouldn’t expire and you should be able to get your house sold. We are happy to discuss further if you have any questions.