Why didn’t my home sell before my listing expired?
- Price: Overpriced for the current market will result in an expired listing.
- Product: Poor Staging and No curb appeal.
- Placement: Who, What and Where is it being marketed to.
- Promotion: Poor Marketing Strategy & photography.
Why Didn’t my Home Sell? is a very common question in Vancouver over the years 2018 and 2019. The market adjustment from the previous aggressive increases during 2016-2018 caused many Sellers to over-price. Many Buyers to Lowball, and more importantly, many new Real Estate Agents to “go along” with their clients. Instead of providing value, experience, and knowledge, they were afraid of losing a client due to a simple lack of experience. This caused many Sellers to miss opportunities to reach their goals. Contact Us at 1-604-374-5534 for a complimentary evaluation and do not be on the Expired Listings group.
HOMES DO NOT SELL THEMSELVES!
An inexperienced agent or a seller lacking proper advice may think that anyone can sell their house. Especially after the years 2016 to 2018 when demand far surpassed supply, this may be the case. Now that we are back down to earth in a Balanced and Normal Market, yesterday’s strategies do not work anymore.
“Expired Listings” are on the rise. The market is the market, and no one can manipulate it, no matter how experienced or great an agent is. The difference is that a qualified agent will advise you of what TODAY’s market value is, and establish a strategy based on a detailed comparative analysis.
Many (including Real Estate Agents) have the misconception that the reason a home did not sell is due to price only. This is very far from the truth. Yes, pricing is a significant factor in how quickly a home sells, and how much it sells for. But the price is only one part of the Marketing Mix.
Remember the “4 P’s” – Price, Product, Placement, and Promotion.
Every “P” needs to be addressed to sell a property in this market. Without the other 3 “P’s”, simply focussing on Price will net you much lower than what the property is worth.
Asking Price is dependent on YOU – The Seller.
However, Product, Placement, and Promotion are what sets a great Agent apart from a normal Agent. So the Seller needs to ask the right questions when interviewing Real Estate Agents for representation.
- Do they market properly?
- What has been their track record?
- What value and information are they conveying?
You are paying for their expertise, not simply going along with what you say. If that’s the case, you might as well sell it yourself, right?
If your home had been sitting on the market and not selling, there is definitely a reason. The longer your house sits on the market, the staler the listing becomes, which leads to fewer and lower offers.
Your home is your biggest asset. Trust not who is cheaper, but who is BETTER. 9 times out of 10, a stronger Real Estate Agent will net you more equity in a sale than their entire commission. Ask how they plan to market your home. Then with their proper analysis, set your price based on TODAY’s MARKET VALUE. Remember, yesterday is history, tomorrow is a mystery. Any home will sell quickly and for top dollar, if all “4 P’s” are addressed properly.
Call us at 1-604-374-5534 and see how a proper marketing system can turn your home sale around, and help you reach your goal!