Why Your Metrowest Massachusetts Home Expired

By
Real Estate Agent with RE/MAX Executive Realty 91362

Metrowest Massachusetts Expired Real EstateAs a Realtor you are able to get on the Multiple Listing Service (MLS) everyday and see countless homes that have "expired".

The number one reason why any home expires and does not sell is because of an improper price. Unfortunately, this is the hardest obstacle in Real Estate to overcome.

In today's challenging Real Estate market, the price that is set on your home can be more  than 75% of the marketing. What do I mean by that? Simply, if you come on the market at the wrong price, the best Realtor in the country with the most sophisticated marketing will not be able to get the job done.

There is no easy way to say this. Pick the wrong price and you will be doomed to languish on the market. All the marketing and advertising will be wasted along with a lot of time.

Time, as in "time on market", is one of the most important Real Estate statistics. This is the one piece of data that every buyer asks for when viewing a home. In fact I can't ever remember a buyer not asking me "Bill how long has this home been on the market?" Every buyer wants to know this because if the home has been on the market for a long time, the buyer feels like there will be more room to negotiate. It is just human nature. Buyers also may feel there could be something wrong with the home when it has been on the market for an usually extended period of time.

The way the MLS system works in Massachusetts prevents a Realtor from re-listing a home to set the days on market back to zero. This used to be a common practice before the MLS board got smart. This change was made a few years ago in order to make market statistics actually valid and not allow a Realtor to deceive the public by manipulating market data. In order for a homes days on market to be reset to zero it now must be off the market for 91 days.

As far as negotiating, sellers are in the drivers seat when a home comes on the market.

See also Selling your home does not have to be a mystery

                                                                

This leads me to the next most important consideration. Do not pick a crappy Realtor! Picking a poor Real Estate agent and proper pricing in many cases go hand in hand.

There is a dirty little practice in Real Estate known as "buying a listing" that many Realtors employ as part of their business practice.

You see in many cases when a seller is interviewing multiple agents, a lesser skilled agent resorts to telling a seller what they want to hear in order to get the listing.

We all want to believe our homes are better than Mr. & Mrs. Jone's home that just sold down the street. This is just human nature at it's finest. A poor Realtor knows this and uses it to their advantage.

With a long term contract in hand and not much activity on your home, the Realtor starts to beat you over the head to reduce your price.

Folks the Real Estate data never lies but Real Estate agents do! Avoid falling into this trap at all costs. Being tied to this kind of agent is the pits. You may be able to drop your price but you signed a contract and will be stuck with this agent until the contract expires. 

 

What can you do to avoid getting stick with a less than stellar Realtor? Ask smart Real Estate interview questions! One of the best pieces of information to find out about the Realtor you are thinking about hiring is their list price to sale price ratio from the original list price and their average days on market.

You should be looking for an agent that beats the averages for your area. It goes without saying that a Realtors previous track record is an important consideration.

Just like in any other good interview process, the agent you select should have an excellent resume.

Actually this is a funny subject because most Realtors have their past client list already typed up and ready to hand to you. I admit it I do too.

The thing is nobody is going to give you a list of clients that are going to say things like "Bill was awful to work with", "Bill's service sucked", "Bill never returned calls".

Remember anyone that is on the list is probably the Realtors best clients. The agent has probably asked the client if they could be included on the reference list. What you are going to hear are the finest compliments about the Realtor. I have always thought this was really hokey.

Believe it or not I don't even ask permission for the people I have on my list. I take a leap of faith that they were happy with my services. Another way around this is to ask the agent for a list of homes that they have sold and just do your own home work. If the agent asks why you want a list you should just tell them you want to see what kind of homes they have sold. Pick up the phone and call a few people. It certainly can't hurt!                                                                                                                                               

Look for A Realtor that is Internet savvy and has a social media marketing strategy. The majority of all buyers find their home online. You need an agent that knows how to make your home the center of attention online.

When looking for an internet savvy Realtor you should do a few things....Google the agents name, an address of a property they are marketing, and a very competitive term like the town, state and Real Estate as keywords.

An Internet savvy Realtor will have pages and pages of results for their name. You may also learn things that could be important about this agent.

If you Google the address of a home they are marketing you will see all the places on line where your home will be found.

There should be a mix of websites, blogs, and videos.  Searching for a term like "Hopkinton MA Real Estate" for example, which buyers will do by the way, will show which agents have a real strong website.

If you can get on the 1st page for this kind of search term when you are competing with the big boys like Realtor.com, Homes.com and Trulia.com you have found an agent that knows their way around the net or at the very least their web provider does.

 

See also Social marketing blogging short sale and the seller I never met and

Selling your home in a buyers market

Pricing your home incorrectly and picking a Realtor with poor business skills are the two most likely reasons why your home has expired. There are however, a few other reasons that can contribute to the possibility of making your sale more difficult to achieve.

Other reasons include a home that does not show well. At the very least your home should be neat and clean.

Access to your home should not be difficult. If you place a bunch of restrictions on when your home can be shown you will increase the likelihood that your home will take a lot longer to sell.

Lastly you should make sure you get out of the house when it is being shown. This is Real Estate 101. A buyer and their agent should be able to walk around the home freely and speak their thoughts without worrying about the seller lurking around the corner.

Here is a neat little video that summarizes some excellent home selling tips.

See top ten mistakes to avoid when selling your Massachusetts home for a complete summary of things to avoid.

______________________________________________________________________________________________________

About the Author: The above Real Estate article why your Metrowest home expired was provided by BillRE/MAX Executive Realty Hopkinton MA Gassett, a Nationally recognized leader in his field. Bill can be reached via email at billgassett@remaxexec.com or by phone at 508-435-5356. 

Have a home to sell in Metrowest Mass? I have a passion for Real Estate and love to share my marketing expertise! 

For Metrowest Massachusetts Real Estate and homes see Metrowest Mass Real Estate. Want to have MLS access to beat other buyers to your dream home? Sign up with no obligation at my MLS Property Finder Site.

I service the following towns in Metrowest Massachusetts: Hopkinton, Milford, Upton, Southboro, Westboro, Ashland, Holliston, Mendon, Hopedale, Medway, Grafton, Northbridge, Uxbridge, Franklin, Douglas, and Framingham MA.

Click here to view Bill Gassett's Real Estate profile.

 

 

 

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  1. Lori Lincoln 01/31/2009 10:43 PM
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Topic:
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Location:
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Tags:
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Comments 82 New Comment

Show All Comments
Rainmaker
259,779
Mara Hawks
Inactive-2012 REALTOR - Homes for Sale Auburn Real Estate, AL
First Realty Auburn

I do like to show Sellers the comparable expireds that didn't sell. This seems to get them thinking more realistically. TOUGH LOVE!!! They don't all go for it, of course,...it's harder for some to let go of their mispreceonceptions. This is so well organized and written. Thank you! 

January 30, 2009 07:12 PM
Anonymous #65
Anonymous
Anonymous

Bill, I tried to comment the other evening but there was a glitch or something (maybe user error!). This is probably one of the best posts you've written. It's all so true!  Why waste time and money and not be able to get your home sold.

You would definitely be the go-to REALTOR in the Metrowest area for me!

January 30, 2009 08:05 PM
Anonymous #66
Anonymous
Cindy Hartpence Edisto Real Estate Company, Edisto Beach, SC

I Just love your posts.

Thanks,

Cindy

January 30, 2009 10:46 PM
Rainmaker
114,672
Jason & Amber Gardner
REALTORS, Sherwood and SW Portland Real Estate
The Hasson Company

Super fantastic post.  With so many expired listings coming up in today's market, we can't get enough of this information out there.  Pricing is KEY.  I just love the photo with the house heads.  That is perfect.  You have your finger on it so well, you should almost put together an expired kit now and sell it to agents.

January 31, 2009 03:29 AM
Rainmaker
908,080
Bill Gassett
Metrowest Massachusetts Real Estate
RE/MAX Executive Realty

Thanks again everyone for all your terrific comments about this expired homes article.

January 31, 2009 12:18 PM
Rainmaker
164,574
Lori Lincoln
Your Local Housing Expert, Keller Williams Taunton
Serving Freetown/Asonet, Taunton, Rehoboth and more!

Bill, I wished I had brought you on one of my most recent  listing appointments. I couldn't have said it better myself. Seems that some sellers STILL don't get it!

January 31, 2009 10:41 PM
Rainmaker
658,395
Sharon Paxson
Newport Beach Real Estate - HOM Sotheby's Int'l Re
HÔM Sotheby's International Realty, BRE License 01501912

Bill - this is a great article and an excellent reminder for sellers on how to prep your home for sale.

February 01, 2009 09:18 AM
Rainmaker
908,080
Bill Gassett
Metrowest Massachusetts Real Estate
RE/MAX Executive Realty

Lori - There are some home sellers that will never listen to good advice. You can't worry yourself with those people. Theya always learn after it has cost them thousands of dollars.

Sharon - Thanks I really appreciate your compliments on my expired article.

February 01, 2009 12:21 PM
Rainmaker
604,178
Teri Eckholm
Acreage & Lakeshore REALTOR Minneapolis St Paul
REMAX Specialists

Bill--You must stay up nights writing this stuff...very cute idea with the don't be a dummy comment! Got my attention. :)

February 01, 2009 12:47 PM
Rainmaker
908,080
Bill Gassett
Metrowest Massachusetts Real Estate
RE/MAX Executive Realty

Teri - I just have a passion for Real Estate thats all:) I enjoy helping my clients make the best decisions for them. Making sure that I give great advice about a proper price and giving my clients terrific market exposure are the keys to a successful sale!

February 01, 2009 03:06 PM
Rainmaker
1,369,668
Rebecca Gaujot, Realtor®
Lewisburg WV Real Estate, Greenbrier County
Coldwell Banker Stuart & Watts Real Estate

Bill...absolutely great post.  Really liked the video, too.  The post and video have great some tips.

February 02, 2009 10:07 AM
Rainmaker
908,080
Bill Gassett
Metrowest Massachusetts Real Estate
RE/MAX Executive Realty

Rebecca - I am glad you liked my expired homes article. The video is simple yet covers a multitude of very easy steps to help sell your home.

February 02, 2009 10:21 AM
Rainer
42,250
Becky Brand
Shorewest Realtors

Great post!  I find that there are still Realtors out there who don't get it and they take overpriced listings because the seller "had to get that price" or that's what the seller "needed" to make the move to their next home.

Those listings are destined to be "Sign Swingers" and poor advertising for not only themselves but their company.

Thanks for all the great tips in the post too! 

February 02, 2009 02:56 PM
Rainmaker
908,080
Bill Gassett
Metrowest Massachusetts Real Estate
RE/MAX Executive Realty

Thanks Becky. There are plenty of agents that lack the ability to price a home properly or they just cave with a sellers request to list higher.

February 02, 2009 04:12 PM
Rainmaker
494,751
Lora "Leah" Stern 914-772-4528
Real Estate Salesperson
Coldwell Banker, 170 N Main Street, New City NY 10956

What seems to work best for me is simply to tell my potential sellers that "I'm not here to tell you what your house is worth, I'm here to tell you what it takes to get it sold"  -  and, the price of the house is determined by the market - not by the seller or what he hopes to net from the sale.

I must admit though, that educating the seller is not an easy job!

February 02, 2009 08:25 PM
Rainmaker
908,080
Bill Gassett
Metrowest Massachusetts Real Estate
RE/MAX Executive Realty

Lora - You are right market value is never determined by what a seller wants or needs. It is determined by what the market is willing to pay. Looking at comparable market data is always the basis for that. Unfortunately many sellers look at their homes through rose colored glasses.

February 02, 2009 08:51 PM
Rainer
33,584
Zilkia Olmeda-Martins
GRI, Realtor, San Antonio Texas Luxury Homes
RE/MAX North - San Antonio

Bill - I couldn't have put it better myself!  ;-)

February 05, 2009 06:45 PM
Rainmaker
908,080
Bill Gassett
Metrowest Massachusetts Real Estate
RE/MAX Executive Realty

Thanks for commenting on my article about expired homes Zilkia.

February 05, 2009 07:41 PM
Anonymous #82
Anonymous
Anonymous

Great points Bill.  What we are doing is showing sellers and buyers what has sold in the past 90 days as comps. We are finding is that homes sold before the 90 days are not a true reflection of where our market is now. In our area we were at 14 months of inventory in Dec. 2008 and as of January 2009 we are at 21 months.

February 18, 2009 10:09 AM
Rainmaker
908,080
Bill Gassett
Metrowest Massachusetts Real Estate
RE/MAX Executive Realty

Patty it sounds like your area is similar to mine. A home that sold 4 months ago that was put back on the market today will not sell for the same price unfortunately.

February 18, 2009 10:27 AM
Show All Comments
Rainmaker
908,080

Bill Gassett

Metrowest Massachusetts Real Estate
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