WHY Listings Expire
Lack of Marketing
Although it sounds fairly obvious. Just listing a property on the MLS wouldn't be enough for it to receive the amount of exposure required to generate enough traffic to find a buyer. It seems to be that most properties stats are treated that way. Unfortunately it might be too late by the time you realize that your property didn't sell because of lack of marketing. The professional real estate agent will use every potential venue to generate traffic because you only need one single buyer. it could be hidden within the sphere of influence of the Realtor, facebook, behind the traffic of the open houses or a passerby we wave to.
Agent-Seller broken communication
Agent and seller are partners to accomplish the same objective: getting the property sold for the highest possible price. Partners have to communicate and review results together. When putting together the marketing plan, also has to be taking in consideration the frequency and objectives of the follow up communication between the seller and the agent. During the weekly contact both partners have to discuss changes in the market dynamics like new properties that have entered the market, properties that are on the contract or offers to be reviewed.
Arbitrary high price
When listing a property timing could be the key factor for success. Not reviewing one by one the properties that are listed in your neighborhood is a mistake. Those properties will be reviewed by potential buyers too. They will check the pictures on each and every one of them. They will calculate the price per square foot. They will consider if bathrooms need updating or if the kitchen design is current, if it is in a cul-de-sac, if it has a pool or if it is a waterfront. After all that detailed reviewing they will also sense if it is appealing to them or not. And finally they will ponder if the property is a good value for the price.
Unfortunately, there may be a few aspects of your home that need to be overhauled and replaced entirely. Items like tub liners and certain types of wood floors don’t age gracefully and get scuffed and scratched with regularity. Moreover, pet owners can attest to their friendly feline and canine pals ruining things like carpet. Should you make major replacements, like new flooring, ensure you select high-quality, visually appealing material. When in doubt, go with a popular paint color, floor material, countertop surface, etc.
And last but not least is location. The image above is dramatic. Usually is not as bad, but highlighting the best qualities of your location can help you convince possible home buyers that your community, and even your particular neighborhood, is one in which they should lay their foundation. All it takes to persuade potential buyers is a carefully thought-out pitch using powerful language.