Your Listing Has Expired, Now what?
It’s an unsettled feeling when you homes listing expires. Your listed your home usually 3-5 months and had many promises from your previous Realtor and they continued to give you hope but never any result. When we poll our expired clients we find out the most important reasons why the seller did not either feel the agent did not do a good job or the reason they would not re-list with the same. agent, the overwhelming response is communication. With lack of communication and proper guidance many pain points could have been resolved.
There are many different reasons why your home could have expired but here is just a few.
Your home may have been listed at a price point that flat out was not competitive with the current marketplace in your area. The price is the absolute most important feature on any listing. The reason for this is quite simple, when listings get syndicated they are aligned with other similar homes that show sqft, price per sqft, and Bed, Bath, etc. When your home is pushed to a higher price point than what buyers are either considering or are comfortable with they move to the next property on the list. In many of the neighborhoods in Little Elm, Frisco, and surrounding areas the homes are very similar. So this allows for buyers to have many opportunities to view and determine the best home for them.
In many of the Local Neighborhoods in Little Elm, Aubrey, and Surrounding areas where we service there are many master planned communities with similar homes. So in turn if you are priced $5,000 more than the next home that is basically the same home minus the cabinets being painted a different color or some laminate flooring, you can bet that the buyer will go to the other home that is less and your listing will remain on the market. With pricing so tight within many neighborhoods “bracket pricing” is very important as well. This “bracket pricing” is where we determine the closest pricing where we feel confident that the home should sell and then fill a void in the market place. Ex: if there is 2 listing at $250k and another listing a $255k, we should look at pricing at $252,500.
With so many available options in our area of Little Elm, Savannah, Aubrey, we will find that many homes in the are are going to be very similar. One of the many important things is to differentiate your listing from the pack.
Bad photos is almost as critical as price. If you are using a Realtor who either took the photos themselves or had a poor professional shoot this will affect your marketing. Your Listing must be professional shot with bright colors and usually using a high resolution camera with HDR effects in most cases. Roughly 50% of the expired listings we come across in our area of Little Elm, Frisco, Cross Roads, and Aubrey tend to have poor photos and photo media. If you have an agent that has previously listed your home and they had not been willing to pay $200 for professional photos and a Walk through video then they truly never thought they were going to be able to sell the home in the first place.
With so many different available outlets for buyers to find your listing you need to make sure that all the photos are available and present a clear picture of the home. The DFW MLS allows up to 36 photos, with this many photos the buyers can usually get a very good idea of what the listing is and is not. The usual issues such as space and size are sometimes hard to determine in photos. However, sometimes you have too many photos of one thing, or photos of negative items. Ex: Listing with an old boat in the driveway, or a home that has a poor condition out building.
The property condition can certainly be an issue with expired listings in Little Elm, Aubrey, Savannah, and surrounding areas. Condition can be resolved by price, however if a seller is trying to get a similar price to homes in superior condition this is a losing battle. If your home is dated, or has mostly carpet, these are conditional items. The two largest and best investments and seller can do is paint and flooring. If these two items are not in a good enough shape then you will lose on price or not be able to sell for near as much as other homes available in the area. With the many resources we have here at JHREPAIRAMDNREMODELING.COM we have the ability to get your home painted and floored for a far superior price than what you would pay a general contractor. This additionally will translate to a higher sales price that will pay for its self in the transaction more times than not.
The common thread from most sellers is that we should give a credit for repairs and this will relieve and issues related to wither these two items or others that are present in the listing. However, this can be a positive for many buyers, in the area of Little Elm, Aubrey, Providence Village and surrounding areas we find that if you go forward with remodeling the home or freshening up the home you will get a better outcome faster and for the desired price. Where if leave the credit in place and allow buyers to walk a home that is in poor condition then they visual effects of this is usually a turn off or they will want to give you a much lower offer.
Final Thoughts –
If you are going to do anything with the most important investment in your life, do it with a professional that is seasoned in Real Estate in YOUR Market. The unfortunate truth is that many Real Estate Agents have zero clue of common trends in local markets if they never work in that market. If your agent is thinking your home should sell for $10k more than the most recent comparable, you should try and figure out why he is thinking that. When your listing expires ti stinks but its an easy fix, find an expert you can trust, then have them be honest with you and be open to hearing what they have to say. As Real Estate Professionals we always love talking Real Estate so even if you decide to go another route than the person you are speaking to, they usually are always open to speaking about your concerns.
About the author: The above article “Your Listing Has Expired, Now What?” was provided by Justin Henry can be reached at [email protected] or by phone at 972-757-6273. With over 17+ years experience, if you’re thinking of selling I would love to share my marketing knowledge and expertise.
I service the following areas, Denton, Savannah, Providence Village, Little Elm, Frisco, Cross Roads, Aubrey, Prosper, TX
Why Your Homes Value Matters and How it can Lower or Raise your Monthly Payment
A monthly mortgage payment is usually supposed to stay the same, forever! The unfortunate thing is that in many counties and cities in DFW, such as Aubrey, Little Elm, Cross Roads, Savannah, and Providence Village many of these payments are going up! Most of us enter into a agreement to pay for 30 years on a home that we think that that payment will remain the same for this 30 years. The problem is that in most cases, if you are not over 65 or a veteran you this mean you, your taxes will continue to increase.
The problem is that we have little control over our Tax Valuation and what the cities and counties will value our property at. However we do have some control once our home is determined to be over 20% of loan to value. If you purchase a home in the last few years with a 5-15% conventional loan you can actually remove your PMI(Private Mortgage Insurance). What this means is that right now if you have originated a mortgage in the last 3-5 years you are spending money that you may not need to. If you own a home in Little Elm, Tx, Savannah, TX, Aubrey, TX, or Cross Roads, TX your homes value has indeed increased and if you have not looked into either refinancing or removing your homes PMI you are more than likely wasting money!
If you purchased your home 3 years ago for $220,000 you now are looking at a homes value of $265,000. This is how it would breakdown in you used a 5% Down Conventional Loan.
New Value: $265,000
Loan Amount: $207,000
Required 20%: 53,000
Determined: $265,000 – $53,000 = $212,000
Therefore your home now qualifies to have the PMI removed.