If you have ever experienced an expired listing when selling a home, you know how stressful it can be. If you encounter the situation for the first time, just know it is not the end of your home-selling process. While it can be an aggravating bump in the road, there are a few things that you should know about why it may have happened and how you can move forward with your listing.
Why Did My Listing Expire?
There are various reasons why a home has not sold in time before a listing expires. Selling a home traditionally on the real estate market has many moving parts and factors that impact the speed with which your home is sold. Here are the top three reasons causing your listing to lapse:
1. Lack of Exposure
One of the most common reasons people don’t sell their homes before their listing expires is that not enough people know the house is on sale. Poor exposure means fewer people know your home’s ‘for sale’ status, so not enough interest was generated in the property. With many home-selling sites, groups, and noticeboards, you or your realtor may not have used the right ones, or any, for that matter.
If you chose to list your home on the market For Sale By Owner (FSBO), you may not have been aware of how much time and effort you need to go into marketing your listing. Often, FSBO sellers face difficulties in knowing how to generate interest in their home. It isn’t uncommon for homes to have listings lapse, so don’t be disheartened if this happens to you.
2. You Priced Your Property Too High or Too Low
Listing your home on the market for the wrong price can be an easy way to end up with an expired listing. It is essential to properly research housing prices for similar properties in your area to pinpoint a reasonable selling price to generate interest in your property. If you are not working with a realtor, you can hire a professional appraiser to help evaluate your property.
Homes priced too high turn away potential buyers as your property becomes one they cannot afford. Pricing too far below market value, on the other hand, causes potential buyers to wonder if something is wrong with the property. If you think pricing your home under market value will help it sell quicker, you aren’t entirely wrong; however, if speed is what you are looking for, it would be wiser to sell off-market to a cash homebuyer (check out Option #3 below for more details).
3. Your Property Is in Poor Shape
If your home isn’t one of your neighborhood’s gems, it will probably not attract much interest on home-selling sites or when there is a ‘for sale’ sign in the front yard. Many traditional homebuyers are looking for homes with all the best features and are ready to move in immediately. They don’t want to fuss with renovations or pay for upgrades after taking out a mortgage. A home in poor shape won’t sell quickly, and your listing will lapse.
In addition to the cosmetics of your home causing your listing to expire, a lack of quality staging can also be at fault. Even if your home is in good condition, poor staging or no staging does not put your home’s best foot forward. Buyers want to see a home’s potential, and professional staging does just that. If you choose not to invest in good quality staging or good photographers to advertise with, you may not give your home a fair shot on the market.
Can I Sell My Home After My Listing Expires?
Yes! Not only is it still possible to sell your home after a listing expires, but you also have a few options:
Option #1: If you were working with an agent, you can continue with them and renew the listing.
But if you want to proceed with a different agent or list your home ‘FSBO,’ you will likely have to wait about three months before listing again.
This is because many realtors have a listing protection agreement, meaning that if you don’t sell your home and want to drop your agent, you must wait for a specified period and ensure that all of your fees have been paid to your agent.
Option #2: If you do not have a listing protection agreement or have waited the appropriate time, you can return your property to the market.
But it might not be the best idea. Unless you make meaningful changes to your home selling method or the market drastically changes, you will likely face the same stress and outcome as before.
It would be unfortunate to wind up in a cycle of lapsed listings, but thankfully, there are other methods by which you can sell your home.
Option #3: If you are looking for a new approach to selling your home, consider selling it to a cash home-buying company. An all-cash sale allows you to avoid the three common reasons for lapsed listings listed above.
A lack of exposure is not a problem when selling off-market to a company that buys houses in Northern Virginia. You do not need to wait around for prospective buyers to come to you because you can reach out to buyers yourself.
When you reach out to a buyer who deals in cash, they will make you an offer based on the value of your home. This means that you do not have to spend time working out how much you think your home is worth because you have a professional coming in and doing that grunt work for you.
Cash buyers are often also as-is home buyers in Northern Virginia. This means they will make an offer on your property in any condition. You no longer have to worry about the costs of renovations and upgrades to get your home in tip-top condition.
The Bottom Line: Don’t Let an Expired Listing Derail Your Plans
While having your listing expire can feel discouraging, it’s not the end of your home-selling journey. Whether you decide to relist your property, improve your strategy, or explore selling to cash buyers, there are plenty of paths forward.
If you’re looking for a quicker, less stressful sale, cash buyers in Northern Virginia can offer you a fast, hassle-free solution that bypasses the common pitfalls of traditional sales. Don’t let an expired listing hold you back—take charge of your next move and find the best option that works for you.