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Expired Listing? How to sell your Home FASTER

Expired Listing? How to Sell Your Home Faster

Selling a home is an emotional process. You love your home and know its value, so how could it go so long without a sale? Or in some cases, without even an offer? The first step is to take the emotion out of the equation and look at the four factors that determine if and when a home sells.

If the supply of homes increases without a corresponding increase in demand, the time your home stays on market will increase.

The more competition your home has, the harder you have to work to attract the right buyer. This is the situation that so many sellers have faced in the past few years as the housing market has fallen off. This is unfortunately beyond the control of any individual seller. Things are looking up, though—with interest rates at historic lows and more buyers entering the market, selling a home is no longer as daunting as it was just one year ago.

If you increase the price, the time on market will increase. If you decrease it, the time on market will decrease.

No explanation needed here—a lower price will attract more buyers. This is not to say that you should give your home away or leave the transaction feeling cheated. Work with your agent, look at comps (listing or sale prices of similar homes in the neighborhood), and arrive at an appropriate number. Your agent is really your best resource here, because he is not as emotionally invested in the home as you are. An agent should be able to objectively and fairly price your home so that it will appeal to the right buyer in a reasonable amount of time.

If the quality of your home increases, the time on market will decrease.

Cosmetic upgrades like a fresh coat of paint, a crisply made bed, or a well-kept lawn will get buyers in the door, and your home’s fabulous features (and reasonable price!) will get them to the closing table.

If the quality of marketing increases, the time on market will decrease.

This last point is really key, because the quality of marketing is dependent upon the work of the agent. Choosing an agent who understands how to appropriately present your home to the right buyer will get your home sold. If your listing has expired despite being priced well and attractively maintained, look to your agent’s work. How has he marketed the listing? Does he have the necessary networking ability to get the word out about your home? If the agent has worked hard to get your home sold, consider sticking with him—he’s as much at the mercy of the market as you are. However, if you find your agent’s efforts lacking, consider choosing a new agent who can inject a fresh perspective (and a new list of contacts!) into the situation. Ask how the agent plans to market your listing and why he thinks that he will succeed in selling your home.

Finally, don’t get discouraged—help is out there! I am a Lancaster native with extensive local knowledge that has proven invaluable to many sellers faced with expired listings. For professional real estate services you can depend on, please call me @ 717-286-9607.