Home didn't sell? Possibly these 3 reasons

Expired Listing happens when the home was listed on the market with an agent, but within the contractual period, the home didn't sell and the home owner is no longer in contract with the previous agent after the period is over.  It can be frustrating to home owners who are trying to sell their home in order to reach a certain life goals.  These home owners, however, are not alone.  Statistically, in the average market, 30% - 40% of the homes fail to sell for the first time on the market. When homes fail to sell and expired off the market, home owners normally would either try again with a different agent, sell it themselves (For Sale By Owner), or have a plan B of staying in the property or turn it into a rental property.  

Here is a countdown of the top 3 reasons why a property will not sell during it's listing contract term:

3.  Condition: How does the home look? Has it been well maintained and updated with current trends or is it showing decades of wear and tear with outdated kitchen counter-top? Are there a lot of major repairs or is it ready to move in?  The condition of the property can either be a huge deterrent or an appealing factor in a buyer's decision to bring an offer.  In the current market, homes in great condition with more updates are selling faster and for more money than a home that has not been updated.  Selling a home that is dated for the most possible money is not impossible however... in order to do this, you have to be "on-point" with the next 2 reasons.

2.  Marketing: This is one of the most important things that will make or break your home selling. When it comes to marketing, most agents will just put your home on the internet and MLS and wait for the traffic to come during weekend open house. If this is all they will do with marketing, it is not enough. We currently live in the digital era with information overload, if we do what majority of agents to, how are we going to make your home stand out among all the others homes? In my opinion, to market your home means to actively promote your home for sale. Yes, promotion strategy is what's lacking in general home sales. Promotion involves a list of things to be done and packaging before putting the home on the market, prep works prior to the open house and most important of all, the timing control! It is the same concept and strategies that make new movies either a hit or a flop, a new restaurant to be successful or not. A holistic marketing and promotion strategy coupled with internet technologies and MLS software to maximize your home exposure online and offline is what's going to make a difference in your home selling.

And now for the #1 reason why most homes do not sell during the first listing contract term...

1.  Price: With all the marketing and home prep, it all comes down to pricing of the home and how many days it's been on the market, these are basically what buyers care about the most. In an increasingly competitive market, specially when buyers are used to seeing homes fly off the market, Your home pricing, conditions and marketing have to all lined up even better. How do we know if the home is overpriced? Besides evaluating the condition of the home and how similar homes in the area are selling in recent months, what's more important is to identify which direction the market is going. Has the interest rate gone up in the last few months, are there more homes for sale compared to before? Home can be well-priced now but not so in a few weeks depending on where the market is going, so be ready to adjust your pricing strategy to stay in line with the market. In short, these 3 factors work together to either create success or to create another expired listing.  If you would like to ensure your real estate sale goes smoothly, the best thing you can do is to take these three factors in to account and either find an agent who knows his/her stuff or make sure you have the time to do it on your own.