Sellers...Why Your Listing Expired!

By
Real Estate Agent with Real Estate Marketplace - Louisville KY

Why Your Listing Expired...And What You Should Do About It

expired meterI suppose it's best to open with a brief disclosure...In no way will this post be all inclusive. I understand that circumstances vary and the points touched on within may not apply 100% to your situation.

So why did your listing expire? Most likely...either you, your real estate agent, or both of you short-sighted the real target. Some ambiguous goal was assigned to your situation and you were set along your way to simply let things happen as they may. You weren't often updated on the status of your listing, nor did you hold your agent accountable for their lack of communication. Having not been kept informed of what's happened around you, this continued for several months until the day that your agent removes the sign from your yard, hands over your house key and says "Please call me when you're ready to relist."

Maybe it didn't happen exactly like that, but I'm sure there are similarities to be found. You're certainly not alone as, in Louisville's current market, 30% of all listings throughout the year will end up expired. This is nothing new however! During our peak years in 2004 & 2005, Louisville saw 22% of all listings ending up expired. This highlights the slight adjustment in our market...and one that nearly 12,000 sellers overcame in 2010!

missed targetWondering what I mean by short-sighting the real target? Your home wasn't poised to sell within the most opportune window. In the Greater Louisville market, we know that of the homes that sell, nearly 75% of those go under contract within 90 days on the market. This must be the goal you establish! Set your sights at 90 days and Aim High! Once you've talked yourself into giving your home six months to sell, then you've just short-sighted the target, less likely to hit the bullseye and your arrow just might end up in the dirt.

Knowing where to set your sights, you may now focus your attention toward each factor affecting the length of time your home will remain on the market. Factors such as list price, presentation, marketing & promotion efforts, and availability for showings all require thorough and constant consideration until the day your home goes under contract. Additionally, Moving On From Your Expired Listing will assist you in selecting the best path forward. Establish your target, aim high, and you'll find yourself at the closing table in the near future!

 

Wishing to sell your Louisville home in the near future? Looking for guidance on how best to prepare for your upcoming sale? Contact Chris Dugger, your REALTOR in Louisville KY, today via e-mail, or call (502) 641-9802, to schedule a full pre-listing consultation. Don't forget to check back often with my Derby City Homes Blog at TheLouisvilleDrop.com for additional topics relevant to Louisville's homeowners.

Comments (10)

Vickie Nagy
Coldwell Banker Residential Real Estate - Palm Springs, CA
Vickie Jean the Palm Springs Condo Queen

Chris, well priced listings here go on the market for Broker's tour on Friday. Are open houses on Saturday and Sunday and offers are reviewed on Monday.

Mar 14, 2011 05:02 PM
John Michailidis
Real Property Management of Sarasota & Manatee - Sarasota, FL
Real Property Management of Sarasota & M

Excellent blog post! Thank you for sharing it with us!

Mar 14, 2011 05:04 PM
Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

I like the 90 Day Aim High Concept, Chris.

Regrettably, in many Florida Markets, the Days on Market are not measured in months; they are measured in years.

Price it right, fix it / clean it / prep it / stage it, and it WILL sell.

 

Mar 14, 2011 05:17 PM
Roger Radcliff
FREEDOM REALTY - Barksdale AFB, LA
AFB Specialist - Barksdale

Chris, I like to ask, "Is your Listing your P.A.L.?"

P = Price

A = Appearance

L = Location

If your listing is your PAL, it will sell.

Mar 14, 2011 05:23 PM
Chris Dugger
Real Estate Marketplace - Louisville KY - Louisville, KY
Louisville REALTOR

Vickie ~ Pricing is half the battle...if it's fairly priced, it will move

John ~ Any time

Fred ~ Our DOM are getting better...Avg DOM dropped again in 2010. If there's a positive side to the tough market in FL, I guess it's the natural cleansing of the professional pool. Those that survive will be poised for incredible highs once you're into full recovery!

Mar 14, 2011 05:23 PM
Chris Dugger
Real Estate Marketplace - Louisville KY - Louisville, KY
Louisville REALTOR

Roger ~ Hadn't heard that acronym yet...I like it!

Mar 14, 2011 05:24 PM
Marte Cliff
Marte Cliff Copywriting - Priest River, ID
Your real estate writer

"Aim High" seems like a good thought to apply to anything you do. Good advice!

Mar 14, 2011 07:29 PM
Paul Caloca
The Papas Group (DRE #01766524) - Scotts Valley, CA

A very important statistic for sellers to understand is how many days on the market a house should sell if properly priced and in good condition.If not activity happens after that number of days, then price adjutments of 2-5% are in oder to be catch up to the market.

Mar 14, 2011 08:38 PM
Larry O'Sullivan
Sandy, UT

Chris - Chase or catch up has always been with us with pricing. Often comes down to motivation and expectations of the seller, before considering DOM as an issue. If not priced for the market, a home will not sell before expiration.

Mar 15, 2011 12:43 AM
Chris Dugger
Real Estate Marketplace - Louisville KY - Louisville, KY
Louisville REALTOR

Marte ~ Thanks. The 'Aim High' theme has been stuck in my head for a couple years now...ever since reading Millionaire Real Estate Agent.

Paul ~ The real key is presenting a clear case for pricing right the first time...so we're not chasing the market as Larry mentions.

Larry ~ Agreed...DOM are not an issue, rather a suggestion as a point of reference. Once you have your target set, it's time to bring all factors into line such as price, presentation, promotion so that the target isn't missed.

Mar 15, 2011 05:07 AM