Why are expired listings up 26 percent in our Austin market compared to last year?
It’s a myth, of course, that every home that goes on the market sells. I bet you’ve noticed in your neighborhood that a real estate sign will go up in front of a house. Then a few months later a different sign goes up from a different company. And, sometimes you’ll even see a third real estate company list the house. It may even never sell.
Here in the Austin market we’ve had a strong seller’s market for years. Now, I’ve been telling you that our market has been shifting. But, it’s still a strong seller’s market. Yet, we now have a 25.8 percent increase in the number of homes that failed to sell compared to this point last year.
More expired listings. More disappointed sellers.
I’ve been selling homes since 1995 and for all these I’ve specialized in homes that other agents failed to sell. Expired listings are my speciality. Like a detective I come in and find out why the home didn’t sell and help to get it sold.
I’ve found that three factors determined whether or not a home sells.
1. Condition
The condition of your home is important to buyers. Buyer’s are looking for a home that is move-in ready. Expired listings are often homes in poor conditions.
2. Marketing
It takes great marketing to sell a home. That’s why I’ve created an 89 Point Marketing Plan that works like magic to sell homes. They sell twice as fast as the average listings and for more money.
3. Price
The third factor is price. I believe price is 90% of what sells a home. If you price a home too high it will not sell. If you say, “I want to price it high leave room for negotiation”, the home will not sell.
Overpricing a home is the number one reason it will not sell. Expired listings are most often overpriced listings.
You have to be careful because some agents will suggest a high price that sounds good to you just to get the listing. Then the listing doesn’t sell. Don’t fall for it. It’s the oldest trick in the book.
So, you’ll want an agent who is an expert in pricing the home to sell. This way you can get on with your life and accomplish your goal.
I am an expert in pricing your home to sell. Give me a call when you are thinking of selling?
