Your Northeast Ohio Home 'Expired'— Now What?

Dated: February 16 2021

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An Expired Home is a real estate industry term for when a listed house does not sell.

Selling your Northeast Ohio home begins in a hopeful manner.

When you decided to list your Greater Cleveland area home for sale, you probably didn’t expect it to not sell. Quite the opposite— Most likely you thought the house would sell quickly, especially in this Northeast Ohio market. And hopefully in a bidding war.

You hired a real estate agent. Pictures were taken. The house was entered into the multiple listing service.  Ads were run……and the house gets put on the Internet in more places than you can ever imagine, with just the click of a few buttons— How could it not sell?

Big brother is watching.  Remember from above, with just a few button clicks, your house gets distributed all over the Internet…In some ways, this is great. Your house is exposed to the entire market quickly and efficiently. In some ways it’s bad, though…Not too long ago, it was pretty difficult to figure out if a home had been listed more than once, or for how long it was on the market. Real estate agents had access to the information, but consumers did not.

Now, everybody and anybody can see:

  • If a house has been listed before.
  • How many times it has been listed.
  • How long it’s been on the market.
  • And even more information…like if there’s any pending foreclosure, for instance.

Basically put, more information is available than you would ever want made available. And you have no control over it. All of this information is “scraped” and aggregated by real estate websites, like Zillow and realtor. com.  Back in the day, it was no big deal for a house to expire, and re-list it. Few people would be aware of it, unless a real estate agent dug up the information and chose to share it with their client. 

Now, a buyer would almost have to deliberately avoid seeing this information.


So, what’s the big deal?  Whether it’s right, wrong, or somewhere in between, the number of times your home has been listed, and the length of time your house has been on the market, affects how buyers perceive your home and its value. 

And it’s awful (for sellers at least), but the Internet and available information can cause buyers to sense that the house isn’t selling because “something is wrong”. Or buyers may feel like, “since the house has been on the market for so long, the owner has to be negotiable or desperate.”

So, here’s what you can do.  Control what you can control.

    • Honesty matters. Make sure the next agent you hire gives you an honest assessment of your home’s value.  Do not hire an agent that simply says your home is worth the amount you want to hear. Or one who agrees to list your house for a higher price than they recommend, just to appease you and get your listing.
    • Actions matter. Make sure the next agent you hire has a plan to re-package the house to beat the system. 
    • Experience matters. Make sure the next agent you hire has experience with selling houses that did not sell previously. For example; I’ve successfully put a house under contract in 2 weeks, after it did not sell for 6 months with a previous agent. And recently, I sold a house that did not sell for over a year with 2 other agents. 

If you would like to sell your Northeast Ohio house, I would like to be your Realtor. As your Realtor...I'll be your person who'll have your back, who’ll support what you want and watch over your interest. Who'll high-five you, be your calm in the storm, and who’ll guide you through the details. Who’ll help you feel comfortable in this crazy world of real estate, and who’ll be your mama bear if needed. I’m just a call, text, or email away…

Christine Pappas, Realtor

eXp Realty
(216) 956-7635

Christine@LoveYourHome.house

 

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Christine Pappas

Long ago I heard this crazy stat that 50% of home buyers did not like the house they bought- I cringed! --- Buying a home is not like buying a pair of shoes, you can't simply return a house. I truly w....

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