What is an Expired Listing and why do Listings Expire?

Simply put an Expired Listing is a home that was for sale and did not sell during the term of the listing contract. This can be a very frustrating and confusing situation for Sellers who have not only worked hard to get their home ready and available for showings and Open Houses but have probably already planned their move and the next step in their lives.

There are three main reason listing tend to expire from their listing contracts:

  1. 1.       The Property is Overpriced. Think of your home as a delicious can of Coke, by far the best soft drink on the market today. If a can of Coke cost $20 and a can of Pepsi (the home next door) cost $1, 99% of people would choose Pepsi, in fact your can of Coke would probably sit on the shelf at the market and collect dust because no one would be able to look past that ridiculous price tag.
  2. 2.       The Property is Under Marketed. Ask yourself the question: Was my home actually Marketed? Not advertised, not for sale, but marketed to qualified buyers? Or, was your home simply put on MLS with a couple of Open Houses? If there was not an aggressive marketing plan in place to sell your home this could be a very reason your home did not sell.
  3. 3.       The Sellers are Unmotivated. Did you really want to sell your home? Did you, personally take positive steps in setting your home up for a successful sale? Was the house spotlessly clean for every showing? Were you flexible with showing times? Did you look at every offer that came in with an open mind and work proactively to get the offer to a place where each party was happy? Did you collaborate, brainstorm and communicate with your Realtor as to what could be done differently-from both sides-to have more positive results?

Hopefully now you have a bit more insight on why Listings Expire and some proactive steps to ensuring the likelihood of it happening again is minimized.  

If you are thinking about relisting your home and are looking for more positive results give us a call today and start packing!

Craig
CENTURY 21 In Town Realty, Vancouver

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