If your house hasn’t sold and your listing has expired, you’re probably wondering what to do next. There could be many factors that have prevented your home from getting sold, and you need to also take into account what to do with regards to the contract you had with your real estate agent.
What Happens When Your Listing Expires?
The moment you put your home up for sale and you’re using the services of an estate agent, you sign a contract with them to advertise your home. This contract is usually between three and six months, with the contract including an expiration date. Your real estate agreement expires when it reaches that date and your listing will get removed from the multiple listing services, also known as MLS. In simpler terms, an expired listing means your home is off the market.
An expired contract also means you no longer have a real estate agent representing you, so you need to consider your options, such as either keeping your estate agent or finding someone new.
First, discuss with your real estate agent why they think your house didn’t sell in the first place. There could be many reasons why it didn’t sell. If you’re unhappy with the service you received, you can look for another real estate agent to help you further. But, you will need to ensure there are no fees payable by you.
Ending a Contract With a Real Estate Agent
You will have the ability to walk away from your current real estate agent to find a new one to help you get your home sold if your real estate agreement has expired.
Your agreement will likely have a safety clause that outlines an agent’s commission protection period. This clause will stipulate the number of months after the listing expires, during which the estate agent can still get a commission should you sell your home. This is to ensure they still get paid for a sale they may have helped facilitate.
A safety clause can vary from contract to contract and can last anywhere between three days to up to a year after the listing has expired! Ensure you read your agreement carefully to understand the terms.
If you have no safety clause or the safety clause has ended, you can go ahead and find a new estate agent to help you. Interview new estate agents, to find someone who will be the right fit for you. Check their track record and ask them questions on how they will efficiently market your home. This will include open houses, correct pricing, staging, or prepping. By doing this, you can prevent your listing from expiring again.
Six Factors to Consider To Get Your Home Sold Fast
Besides location, there are five other factors for you to consider to get your home sold quickly. If these factors are in place, an estate agent can get your home sold.
Unfortunately, the location of your house can’t get changed. Buyers are looking for their new home that’s away from power lines, busy streets, etc.
Homes near desirable schools and that have lovely views, etc., are likely to sell quicker.
Sometimes the price you want for your home is too high. Overpricing your home can have various effects, including:
- Market time increases, causing homes to sell for less than market value
- Overpriced homes will have less foot traffic at open houses
- Buyers tend to purchase bigger homes at the same price
- You receive offers that are too low or no offers at all.
3. The Condition of Your Home
Buyers are looking for the most value for their paying price and will pay top dollar for a house in excellent condition. Your estate agent should give you advice on what you can do to improve the condition of your home.
4. The Real Estate Market
The real estate market consists of three markets:
- Buyer’s market – there are more homes for sale than there are buyers available. This causes a decline in home prices
- Seller’s market – there are fewer houses for sale and more buyers, causing a rise in prices.
5. Your Choice of Real Estate Agent
A good real estate agent will have the following characteristics for you to look out for:
- Create a plan on how to get your home sold at the highest possible price in the shortest time
- Conduct market research of all homes that got sold previously in the area
- Has experience in marketing and listing houses for sale
- Understands how to efficiently use technology to market your home 24/7 to buyers globally
The right real estate agent will know what the market is like and how to get your home sold quickly. They will have a lender on standby to help potential buyers get financing and help you find a new home once you’re ready to move.
6. Sell Your Home for Cash to a Trusted Real Estate Investor
If you’ve got no safety clause, or the safety clause has expired, and you’ve decided not to use a real estate agent, consider selling your home for cash.
It’s clear you’re struggling to get your home sold on the market, so you might want to avoid going through the listing process again. Considering everything like location, your home’s condition, etc., you’re likely to get a low offer on your home from a potential buyer, and you’ll need to consider the commission that needs to get paid to your estate agent.
We Buy Houses For Cash All Over Massachusetts
To prevent the hassle of listing your home again, contact us, and we will make you a fast, fair cash offer, regardless of the condition your home is in. If you accept our offer, we will set a closing date on your terms so that you can get your cash.
We offer top dollar for homes in Massachusetts, and selling to us for cash is quick and easy with no obligations!