Life...Fun and Kentucky Real Estate

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Breathing The Life Back Into An Expired Listing

Breathing The Life Back Into An Expired Listing

Lizette Realty Lizette FitzpatrickHouse pictured is not a current listing or for sale

Sellers do usually have the best intentions when they put their homes up on the market. Most want to get top dollar for their homes. Some spend a lot of time getting their houses ready by painting cleaning and staging.

 

Every now and then, I have had sellers be very proactive and go through a home inspection prior to listing so they can find out ahead of time what the problems might be that they can repair before a buyer looks at it. This is really a great idea, but few sellers do this.

 

Some home inspections can kill a deal. Happy buyers get disillusioned when they show up for inspection and all the wonderful things they loved about the house get shot down by all the bad things that are uncovered. Then they start to doubt their decision to go forward. So if they fall out of contract over inspection and repairs, the house will be back on the market and take more time to sell. Then it may even become expired.

 

Another reason a home might expire is because the sellers are unrealistic in pricing the home when they list. If they bought their home at the top of the market like in 2007, it probably is not worth the same money now. Appraisals that are older than 6 months are not used for a current market value today. You are only as good as your sold comps in the last 6 months in your neighborhood. In some cases the appraisers can go back a year.

 

So, if you overprice your home and you do get a contract and the appraisal is lower than the sales price there will be a problem. Banks will only loan on what it will appraise for. If the seller doesn't drop the price or the buyer doesn't want to pay the difference between the appraisal and sales price, the deal may be dead. So the overpriced house goes back on the market...and expires.

 

Condition and location can be a big factor why houses expire. Houses that need cosmetic work, ones that are dirty and have outdated fixtures don't sell well. What surrounds the house concerns may buyers. It's not always something that the seller can do anything about. In that case he may have to have a low price just to get some interest. The fixer-uppers can linger on the market and then….expires.

 

Really the one occurrence that usually bugs me the most is that the seller previously listed the house with a Realtor that did not give it the proper attention to get it sold.

 

As I review the property, before I am interviewed or hired by the seller, I can clearly see what went wrong before. Bad pictures or no pictures are at the top of my pet peeve. Next would be that the agent had done the “list and leave” technique, (Put the sign out front had an office worker put it on the MLS then waited for another agent to bring a buyer).

Agent's lack of marketing skills or next to zero Internet and social media presence killed it and the listing expired.

 

If you are thinking of listing with a Realtor or broker please Google their “name” to see what kind of marketing they do. There should be pages and pages of their work for you to study. It really does not have much to do with what company they are with. That won't sell your house.

Realtors are independent contractors and they are the ones that do the work to get your home sold or lack of work that make it expire. Agents that have too many listings are not the ones that will give you individual attention for your home. Ask how many they have currently listed. Remember less is more in this case if you want focus on your home being sold.

 

The market in our area is strong and by spring it should be more of a seller's market. Please give me a call, 859-979-2834 if you are interested in getting your home on the market. I will be happy to help you prepare to get the top dollar for your property. 

 

 


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 Lizette Fitzpatrick - Principal Broker at Lizette Realty.

   For more information on Lexington or Richmond KY homes for sale. click on Lizette.us.

   Copyright © 2012 By Lizette Fitzpatrick, All Rights Reserved 

*Breathing The Life Back Into An Expired Listing*

 

916 Cobble Dr Richmond KY 40475 - Basement House For Sale - MLS 1203987916 Cobble Dr Richmond KY 40475 - Basement House For Sale - MLS 1203987

 

Comment balloon 7 commentsLizette Fitzpatrick • September 18 2012 08:55AM

Comments

110% agree with you!  Prospective sellers need to google the agents they are thinking of hiring.  It is amazing how many still do not blog, facebook, etc. Real estate marketing has changed, a lot, and sellers need an agent that knows how to keep up.

Posted by Catherine Ulrey, Equestrian and Acreage Property Specialist (Keller Williams Capital City) over 6 years ago

Not only will they find an Agent's body of marketing work, but wonderful articles they've written about the market such as this one!

Posted by Brian Kuhns, Fort Wayne Real Estate by Brian Kuhns (Coldwell Banker Roth Wehrly Graber) over 6 years ago

Lizette-This is a great guide for things to do to get a house sold quickly and for market pricing.

Posted by Wayne Johnson, San Antonio REALTOR, San Antonio Homes For Sale (Coldwell Banker D'Ann Harper REALTORS®) about 6 years ago

Lizette

Great read and great info. I think it is also great when my sellers get an inspection prior to listing

Posted by Tom Braatz Waukesha County Real Estate 262-377-1459, Waukesha County Realtor Real Estate agent. SOLD! (Coldwell Banker) about 6 years ago

Lizette,

You hit the nail on the head. Often times when a seller asks me "how many listings do you have" I ask them "Why are you asking?". You never know whether a seller thinks it is better to have more listings or to have less listings. Usually my response is something like "Since we just sold most of our listings we are down to about 10 now". 

I have my eye on 2 listings right now that the agent took HORRIBLE photos and you can tell that they are doing nothing to market the property. As soon as the homes expire, I will show the seller exactly why their house didn't sell.

Great Blog post.

Posted by Aaron Smith, Northern Kentucky Agent & Investor (Keller Williams Advisors ) about 6 years ago

Lizette, Lexington is such a wonderful town that I can't imagine there are too many really awful houses.  Awful agents?  Well, that I couldn't tell from a day I spent there last summer!

Posted by Patricia Kennedy, Home in the Capital (RLAH Real Estate) about 6 years ago

Hi, Lizette!  I'm back!  LOL

I love the less is more.  I have tried having a ton of listings and having just a few and I guarantee sellers that they will have a better experience if they don't hire the guy with "all the signs" in the neighborhood.  They never stop to think how long that sign has been there!

Posted by Shelley Rowton, ABR, RSPS - (512) 507-5779 MoveToRealty of Austin (Move To Realty) almost 6 years ago

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