Tuesday, September 13, 2011

Expired or Withdrawn Property Listings = Overpriced listings.


What do most people think happens to a property when it is up for sale one day then the sign is gone the next...they typically think it sold or the sellers decided they did not want to sell the home anymore and wish to remain living in it. Maybe a few savvy individuals realize that the listing could have expired or that the sellers may have decided to withdraw the property from the market for some reason other then wishing to remain in the home. Why do listings expire or why are they withdrawn? Simply put an expired or withdrawn listing was an overpriced listing. If it was priced properly it would have sold...no matter what the market conditions. There is a buyer for every home no matter how unique the property is...granted it may take a bit longer if the home has some features which are not sought after by the general purchaser but if priced correctly it will sell eventually.

Sellers of expired/withdrawn listings would probably pipe up about now and say “It was my Realtors fault the home did not sell!” Then they would give one or a few reasons... “He never showed the home himself.” “He did not advertise enough.” “He did not try to sell it...he just waited for someone else to do it.” “She did not do enough open houses.” “She did not tell buyers that I will look at offers.” “He did not do any of the things he said he would!”...etc.” Maybe those statements are true...maybe they are not. A common mistake made by Realtors is not keeping their clients up to date during the selling process. We agents like to feel that we are not burdening our sellers with every little detail (like every phone call, email, market stat, etc.) regarding the property. It is a double edged sword...share too much and get “stop pestering me and do your job” don’t share enough and get “you did not do anything.” Every client is different...but an overpriced listing is always an overpriced listing.

Most sellers assume that their agent is trying to make them sell their home for less then it is worth in order to make a quick paycheck. To that end they disregard the agents advice regarding price and set their own price; stating ‘Buyers can always make an offer’...That is the worst mentality you can have as a seller...it sounds totally true but in my and my partners 11 years of experience it just does not happen. Buyer will just look at the listing and say “too much money...lets see what else is out there.” Or the property will just not make it into their search because they have set their price perimeters to weed out properties they can not afford. Most sellers never turn their eye on themselves or their pricing as a potential reason the home did not get much attention...When you are a Seller you have to think like a Buyer. Sellers do not want to sell themselves short and buyers don’t want to pay more then they should have. There is no easy answer to setting a price for a property. It takes years of experience in real estate to have the ability to correctly price a property so that it will appear attractive to a buyer but still net the seller a fair price. 

Most sellers want to price their home at a price higher then they themselves would even pay for it if they were a buyer! I will agree that there are some bad Realtors out there...that is true of all professions. The one constant is that even if your agent does nothing more then put your listing on MLS if the price is right the home will sell. It is that simple...Of course you have a better chance if your agent has an extensive marketing plan but a correct price is most important. Expired or withdrawn the fact is that the home did not sell. It was a missed opportunity and likely a frustrating experience for both the listing agent and the seller alike. Time was wasted for everyone and typically that time translates into money lost by both the agent and the seller...If you seriously want to sell your home be serious about it. don’t hope that someone will come along and pay you more then the product is worth in the fair market...If you want to play the Lotto buy a ticket if you want to sell your home price it accordingly.

If you are thinking of selling your home and want an accurate market evaluation done on the property contact me today...If you don’t like what you hear don’t hire me for the job...the truth is that I will be honest with you...you may not like what I have to say but you can be assured that it is the truth…

Century 21 Assurance Realty (Kelowna)
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