Your Listing Expired ... Now What?

(Author’s note: If your home is currently listed with a real estate broker, please know this advice is not intended to solicit business nor should it be considered in conjunction with any material provided by your current agent representative.  We cooperate fully with the broker community and only speak to sellers at the end of their listing agreement)

So, in spite of all your hopes and the best intentions of your real estate agent no one has decided to purchase your house during the listing period you agreed to when you placed it on the market. Your listing is now known as “expired” the real estate world.  Don’t fret, many listings expire throughout the real estate year.  

You should know right up front that the expiration of your listing is announced by the Multiple Listing Service that covers your area.  According to the REALTOR® Code of Ethics other REALTORS®  may not discuss your listing with you while you are represented by someone else (note our disclaimer above placed for just that reason). Once your listing has expired, and the MLS has announced that your listing has expired...all bets are off.  Be prepared for a foray of phone calls, visits and mailings from other agents looking to win your business.  Be patient, listen to all of their points of view and offers and then go with the one that works best for you.  

While you’re listening to those offers, listing expiration is also a great time to do some soul-searching of your own.  Ask yourself a few key questions that may make your process work better the second time around.

Do I have enough motivation?

During many listing periods sellers tend to be very motivated at the outset.  They accommodate showing requests from anyone at any time, they allow open houses even if it means changing personal schedules and they get the cereal bowls into the dishwasher before the first appointment comes along.  As time drags on, however, that motivation wanes ... and sometimes that lack of motivation sends a signal to prospective buyers, to other agents and in some cases to the agent representing you. Make sure the positive attitude you brought to day one of your first contract is still resonating now.   Also make sure you bring motivated ears to any discussion; don’t say no outright to any idea just because it sounds difficult or may not be what you had dreamed would happen.

Is the marketing mix right?

Most real estate agents in Pennsylvania and New Jersey have a ton of marketing tools available to them - but sometimes even the most well-armed professional misses on the strategy.  Think back on what worked, and what did not - and evaluate whether any of that had to do with your initial requests or suggestions.  If you think video is the answer, then push for video.  Just recognize that the best videos are ones where sellers participate ... so be willing to play along.

Was the price too ambitious?  

Your Realtor would have a marketing plan to help sell your home. Have you examined thoroughly to check whether it covers all the major areas of marketing? Would your home get sufficient listing with the current plan? Do a competitive market analysis to check the market rates of similar other properties in the market, and find out how long they have been in the market. If the Realtor makes use of the latest marketing techniques then he shouldn't have much of a problem with getting the necessary information.

If everything is alright, then what went wrong?

You may have an impeccable marketing plan, your Realtor has made excellent listings across all medias and still the house is not sold. In such cases, you may want to sit down with your Realtor and brainstorm on what went wrong. Perhaps market conditions are adverse and they just don't allow you to sell. You may need to wait till the market is right again. It may also be that something is wrong with the property. Maybe there are some major repairs/upgrades that you need to do before you sell it.

Maybe you need to change your Realtor

Once the listing has expired, then you would lose trust in your Realtor and that's when you start thinking about hiring another one. If that is the case, then you would have to interview potential real estate agents. Be prepared by asking specific questions because you don't want history to repeat itself.

Here are some sample questions to ask a Realtor:

·         Does your price make sense and fit within the current market

·         Do they have any experience selling properties in your particular area

·         What will they do to market your property

·         How much should you spend on advertising your property

·         How will they tackle negotiations with a potential buyer

Philadelphia - A City of Phirsts

Chances are good if you had any American History class at any point in your life you know Philadelphia as the place where the Nation came into existence, where its first key documents were penned and where the system of government nations around the world now use was created and introduced.  Philadelphia, without question, is a city of firsts.  

The “City of Brotherly Love” boasts some of these key firsts:

·         The first zoo in the United States

·         The first Medical school and University

·         The first organized Hospital

·         Has the oldest running theater in the United States

·         The first stock exchange and US Mint

·         The first computer in 1946; the computer weighed 27 tons

Every June the nation also celebrates one of Philadelphia’s other famous firsts - Betsy Ross sewed the first American Flag in Philadelphia during the summer of 1776.

Art connoisseurs throughout the country know Philadelphia for its contributions to mural painting and impressionism.  Thomas Eakins is widely regarded as one of the best painters of realism in the 19th Century; he is also renowned for educating some of the areas best.  The “New Hope School” of impressionism brought fame to artists such as Edward Redfield, Daniel Garber and Fern Coppedge.  The “Plein Air” paintings are still some of the best representations of the beauty of Bucks County found today.  Museums in the area are plentiful, including the Barnes Museum (which recently moved from Montgomery County into the City) and the world-famous Philadelphia Museum of Art.  In the suburbs the Brandywine Museum is well-known for its Andrew Wyeth collection and the Michener Museum in Doylestown, Bucks County has found acclaim for its impressionist collection.  The city of Philadelphia boasts close to 2000 outdoor murals and has earned the moniker “mural capital of the U.S.”

Based off of William Penn’s original design, the city’s neighborhoods are mainly walk-able.  Some of the most notable areas include Washington Square, Society Hill, Bella Vista, Queen Village, Logan Square, Rittenhouse Square, Fitler Square, Old City and South Philadelphia.

If you love seeing shows then you can hop on the train and visit the Broadway in just an hour and half. You can also visit The Walnut Street Theater, known as the oldest theater in America. If you love musicals then Kimmel would be the best. Philadelphia is also famous for Fringe Festival and the Philadelphia Film Festival.

The city is great for young families with children. There are plenty of parks and playgrounds in every neighborhood. The Please Touch Museum in Fairmount Park and the Franklin Institute along the Benjamin Franklin Parkway are known throughout the nation for their unique and fun offerings for children.

Some historical attractions in Philadelphia that are worth mentioning here:

The Liberty Bell is the symbol of freedom in Philadelphia and its ubiquitous crack is still visible and attracts thousands of tourists every year. The bell is hung in the Independence Hall.

The National Constitution Center is another major point of attraction in Philadelphia and is noted for its rich collection of changing and permanent exhibits. And you have special events too.

If you want to see the spot where Benjamin Franklin's house once stood, then head to the site known as Franklin Court. You can see a steel-framed outline of his home, a working post office, print shop and the one that attracts most people - the museum.

In short, Philadelphia is an amazing city going through a major cultural renaissance - an excellent art scene in the south, a converted fisherman's village in the north and very bustling commercial center. The city is abuzz with a rich history, mouthwatering culinary and plenty of physical activities. Affordable urban living attracts people of diverse backgrounds, and the city’s recent tax-abatement programs for new residential construction has generated a renaissance of condominium and luxury suite living.

5 Things You Should Consider Before Listing Your Home

Here are a few things to consider before listing your home for sale. 

1. Eliminate surprises

How do you make your home stand out from the crowd? Consider getting a home, termite and radon inspection BEFORE you list. Address the issues that you can and get a home warranty for the prospective buyer. Another option - get an appraisal. Feel confident about your list price and have the appraisal to back up your number. Your agent can share these items with interested buyers and promote that you've taken these steps (to attract more buyers) in the marketing of your home.

2. Curb appeal counts

Experts have stressed time and again that an enhanced curb appeal will definitely make your home sell faster than you expected. Mow the lawn and weed the gardens. Check the trim around your doors and windows and caulk as necessary. Grab some mums and put them by your front door - yellow is especially inviting and new buyers will love the effort.

3. Clean up

If you don't have the time to clean your house, then hire a professional cleaning service. Have a thorough cleaning of your home, from the mold in the shower to the smudges on the windows, before the first showing. Painting is an inexpensive way to spruce up your home and neutralize your color scheme.

4. De-clutter and depersonalize 

Take the time to de-clutter your home and simplify the layout. If you are using the dining room as a playroom - now is the time to turn it back into a dining room. Bonus: less stuff inside will make rooms appear larger! Depersonalizing will allow the prospective buyers see themselves in your home. 

5. Renovations matter

Take care of any minor renovations that need to be done. Use your home inspection as a guide and remember to follow township/borough/municipality rules. Your Realtor(r) can help you prioritize what should be done before you list the home for sale.