Canceled and Expired
Expired Listings is a term for homes which were listed for sale and failed to sell during the listing. If your home expired recently, you are almost in the majority of South of the River Home Sellers. Beautiful, well cared for homes expire too. Canceled Listings refers to homes which were listed for sale and during the listing term, the home seller canceled the agreement.
How do you get an expired listing to sell? Properties for sale in Apple Valley, Burnsville, Eagan, Farmington, Lakeville, Prior Lake, Rosemount and Savage share common standards to affect a sale. Examine the reasons your South of the River home didn’ sell, there are 3 common reasons:
The Top 3 Reasons a home does not sell 1) Asking Price 2) Condition of the home 3) Marketing Exposure
If your home expired, it’s important to carefully and candidly examine all three reasons.
Start by evaluating the list price, pay attention to which homes in your area sold while you were on the market. Determine which homes are comparable based on concrete factors including location, style of your home, foundation size, finished square feet, the year it was built, number of garage stalls and other significant, not-easily-changeable criteria. For this first step, ignore the written descriptions, updates and photos when you determine the comparison home. Resist the temptation to compare your list price to other homes currently for sale, this can be misleading.
Next, take a sincere look at your home’s condition. Read through the descriptions of the sold homes in your area and pay attention to the updates. Ask yourself, does my home’s condition keep pace with the condition of comparable homes sold South of the River? If the updates and condition of your home appear inferior to the comparable homes, it must be reflected in your asking price.
(Here’s the really tough part, if your home’s updates and condition appear better than the sold properties, we will not be able to add much to your asking price…if any at all. A Buyer’s market favors the buyer, demonstrated by this point for sure. It will seem you are ‘giving away your updates’ or ‘giving away the upgrades’ you paid for when building your home. Unfortunately, you are ‘giving them away’ as an incentive for buyers to select your home over others.)
Finally, examine the marketing that was done for your home. Did your home recieve the latest Marketing Operations available such as Professional Photographs, Buyer Motivating Descriptions Under Photos, Virtual Tours on Major Websites, a Custom Website, a Web Commercial, Email Marketing Campaigns? Buying a home in Apple Vally, Eagan, Farmington, Lakeville, Rosemount, Burnsville, Prior Lake or Savage almost always starts online. The buyers for South of the River homes are certainly Web Savvy. Read my previous post, Online Appeal is the new Curb Appeal, for more information.
I hope it’s reassuring to know, since 2008, I have listed and sold over 150 homes, nearly half were previously canceled or expired listings. Homes which expired in Apple Valley, Farmington, Eagan, Lakeville, Rosemount, Prior Lake, Savage and Burnsville can re-enter the marketplace and achieve sold status. If you would like my help to determine What’s your Home Worth just follow the link. Together we can determine the correct homes for comparison to yours and decide which updates are cost effective for your home. Then using my Online Marketing Operations, your home can be ready to sell.
This time, before entering the mareketplace have a list of questions ready regarding marketing activities, make the necessary changes in condition, and take an assertive approach to pricing.