The real estate market in the Boston area is absolutely booming right now, that’s for sure. Take Somerville, MA, for example. Homes are selling on average at around 102-103% of their sale prices. It’s nothing short of fantastic!
Yet, there are still sellers who put their homes on the market…and their listings expire. Especially in highly competitive markets like Somerville, MA, seeing this can be really shocking.
So, why is this still happening? I’m going to give you a few of the potential top reasons why!
1. You didn’t choose the right agent.
Selecting the right agent is key whether you are working towards the real estate goal of buying or selling. When picking a listing agent, you need to pick someone who is:
A. highly trained and qualified in the art of real estate and negotiation
B. loyal and conscious of confidentiality
C. obedient and available for you and your potential buyers
D. dedicated to both modern and tried-and-true methods of marketing your home
2. The price wasn’t right.
This is where picking the right agent comes into play. A thorough agent will know the area’s market, do their research, ask clarifying questions, and perform a solid comparative market analysis on your home to determine its value. From there, they can make educated recommendations on the appropriate listing price of you home – a price that will sell. (And one that most likely won’t sit on the market for a year…)
A home on the market gets it’s most exposure right when it is listed. That first week should see a flurry of activity. If the home isn’t priced to sell, the listing can turn stale. It is better to price your home correctly from the start instead of implementing price reductions later. In fact, homeowners generally tend to net less when they overprice the home.
3. The home didn’t show well.
Updates that can be made should be made. The home should be kept as clean, neat, and minimalistic as possible. Spaces should be staged tastefully to showcase the functionality of each space without overcrowding.
Unless your buyer is a contractor looking to do a complete renovation, your home shouldn’t be in disarray, jammed with unnecessary items in weird places, or littered with junk and evidence of the furry, four-legged members of the family.
And, as always, keep curb appeal in mind!
4. You don’t take a step back.
I know it all too well. This is your house! You know it, and what’s in it, best. It’s your pride and joy and you want your potential buyer to appreciate it just as much as you….And the right buyer will!
However, don’t be present during showings – however tempted you are. The buyer wants to envision how they will live in the home, not how you did.
And if the home inspection comes back with a few issues and the potential buyer wants to negotiate a little, don’t completely balk at the idea (depending on the situation of course). Negotiations are all about give-and-take, and your agent should be able to provide you with advice on this!
Has your home’s listing expired in Massachusetts?
Feel free to reach out to me if you have any questions!