One of the most important factors when listing your house is the listing status, which contributes tremendously to a successful home sale. Usually, a typical sale and closing occurs within the listing period.
However, there are cases whereby the house stays up for the entire listing period, and at the end, when the listing expires, there’s still no buyer.
Now, this can be a pretty tough situation, and while your listing is expired, there are some alternatives you can explore. So, how do you go about selling a house with an expired listing?
What Is an Expired Listing?
A listing agreement usually comprises certain information such as commission costs, parties responsible for various fees, the listing price, and, most important, the listing duration or the expiration date.
When your house stays on the market past the expiration date, this doesn’t necessarily imply that it can no longer be sold. It only implies that the terms of the initial listing agreement may have to be renegotiated — usually the commission.
You could have your agent bolster marketing efforts or explore new marketing channels you previously didn’t. Lowering your sales price or including certain attractions is another option. You could also choose to explore some other selling routes.
Why Do Real Estate Listings Expire
There are several reasons why a listing ends up expiring. More often than not, the offers that were received within that period were unacceptable, this is the most common reason. Other reasons could include a lack of interest in the property, a high listing price, or challenges that pop up regarding appraisals or inspections.
Listings usually last between 90 and 120 days, depending on the listing agreement. Once the expiration date is past, the property is taken off the market pending the signing of a new listing agreement.
Expiring listings typically motivate agents and buyers to move the deal along quickly since an expired listing could disrupt this. Furthermore, sellers not selling their home within the initial period can exploit the expiration.
During the period when the home is off the market, and they still maintain ownership, they can decide to take a different approach. Usually, this can only happen when an expired listing doesn’t remain a valid contract.
When expired listing agreements remain valid pending renegotiation, no action can be carried out just yet.
How Do I Sell an Expired Listing?
Once your listing expires, your house is off the market, giving you ample time to restrategize and understand why the sale didn’t happen the first time. Generally, there are two approaches you can take during your second attempt at selling:
- Implement changes and list again
- Sell as-is to a cash buyer
Implement Changes and List Again
This usually involves a top-to-bottom review of everything regarding the house when it was listed. Here are some key elements that might need review.
Review Pricing
You might have overpriced your house when putting it on the market. Alternatively, there might have been a change in the market since you listed, or certain changes occurred to your home that should have induced a price review.
If any of these happen, it’s advisable to lower your price to attract more buyers possibly. Similarly, ensure that you run a detailed comparative analysis to help you with proper pricing.
Analyze Feedback
If you have any interested buyers who later backed out, understanding why they did can help you during your second attempt. In certain cases, price isn’t the only reason potential buyers choose not to buy.
Request and review feedback from brokers and buyers during showings and open houses. Classify the feedback from “easy to work on” to “impossible to change.” The former can include a new coat of paint, while the latter could be things like a non-preferred school district and a small lot size.
Ensure you factor these in when determining your new listing price.
Review the Marketing Plan
The right marketing is critical to making a home sale. If your listing agent was solely in charge of marketing, revise their plans to see what they did and didn’t. Review how they implemented it to see whether it could be revamped and made more effective.
What areas did they neglect or put in little effort, and how can you do better? If there was no solid strategy documented, ensure there is this time. Also, it could indicate that you aren’t working with a good agent and could be time to make a switch.
Minor Fixes and Upgrades
Before listing your home, you probably already made the major repairs and renovations. Or you were willing to offer credit for some things. If some of these major repairs were dealbreakers, you would have received sufficient feedback.
So, if you can have them fixed, it could do wonders for your home the next time you list. If you can’t, you would likely have to consider other alternatives for selling.
On the other hand, if all you need to do is minor repairs or activity to make your home presentable and aesthetically pleasing, ensure you make this happen. You can deep clean, declutter, landscape, and ensure the house looks great overall.
When you’ve done all of these, you can go ahead to list again. However, there are no guarantees that you will sell this time.
Sell As-Is to a Cash Buyer
Selling to a cash buyer helps skip the need to list. A cash buyer can close your home sale in as little as seven days, which allows you to experience a quick sale.
You do not have to list and wait for bids since a local cash buyer is ready to make an offer. Also, you do not have to pay any commissions or fees.
So, rather than go through the hassle of pricing low to get an offer, you can simply opt for a cash buyer and get a cash offer. Whether or not your home is in prime condition, you will get a fair offer for your home’s value.
You can also skip making any repairs, renovations, or upgrades since a local cash buyer would buy as-is.
Who’s going to buy? We can help out with that! We buy houses that need serious repairs or are in various other conditions. At dsouzahomebuyers, we can provide you with a cash offer for your house in no time!
You don’t have to deal with any of this hassle. No need for repairs or renovations! Fill out this form to get the process started, and we could be closing in as few as 7 days!
If you have any other questions, definitely call us at (925) 503 8193.
Final Thoughts
Waiting through the listing period without getting the desired offer can be frustrating. This is especially true if you know your sales strategy should have done the job. However, it happens sometimes. To save yourself the hassle of listing again, consider selling to a local cash buyer and getting the cash value of your house fast.
