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