The selling of a property can be a frustrating process. Everything starts out wonderful. You hire an agent with a winning attitude and a ready smile. You expect the offers to come pouring in, and you expect to sell quick, making a huge profit. The weeks go by with no offers to purchase and reality sets in. It is going to take a lot longer than expected and you may not make the money you originally hoped for. As time wears on it becomes apparent that the property may not sell at all and thus ends your listing agreement with your current agent. It is perfectly understandable that you will be stressed beyond belief, frustrated with your agent, confused as to why your property wasnt good enough for someone to buy, and depressed about the whole experience.
I want to reassure you that there is probably an identifiable reason why the property didn’t sell. If the reason can be identified then its safe to assume that it can be corrected. One of the most common reasons a property doesn’t sell is that the price is incorrect for the current area market. For example if three bedroom homes in the area are selling for $350,000. You are not going to be able to sell your three bedroom for $450,000. The first thing an experienced agent should do after seeing your property is talk to you about the importance of pricing it right for the market to generate interest and viable offers. Another drawback to incorrectly pricing your property is the extended “days on market”. When a property doesn’t sell it remains on the market for an extended period of time. The amount of time on the market is viewable by anyone so it is no secret that your property isn’t selling. When a property has been on for a while then potential buyers wont even bother looking because they assume there is something wrong whether its location or structurally. Whether or not you drop the price wont matter because most people don’t understand that the price was the problem not the property. In essence the property has been stigmatised because originally it was priced incorrectly. You may as well advertise that there is a ghost living in the house because no one is going to want to see it if it has been on the market to long. Now how long is too long depends on the market area. If houses are selling on average within three months of listing then 6-7-8 months is to long.
Now when your listing agreement expires just be aware. You are about to receive tons of phone calls, mail, and even people at your front door. Agents need to prospect for business and one way to do this is to go for the expired listings. Obviously if your still motivated to sell then its your personal choice with whom to go with. Since your listing is expired you have no more contractual obligation to work with your current agent.
Keep your chin up and don’t despair. Property does sell its just a question doing it right. Work with an agent your comfortable with.
As always I welcome any questions, comments, or concerns. Feel free to email me TheBostonMovesGuy@Hotmail.com or firstname.lastname@example.org, or contact us by phone.