We’re often left with a bitter feeling when we try to do something and it doesn’t work out. But as they say, if you fall down, you get back up, and selling real estate is no different. Selling a home in a hot market with lots of buyer demand can be fairly easy, because sellers and agents can get away with little or no preperation and still sell the home. However, a changing market can quickly alter the flow of buyers on the market, and if the property is not looking its best for potential buyers to see, the seller may end up on the market for a very long time. If the property stays on the market long enough, the seller will find themselves with an Expired Listing.
What is an Expired Listing?
Property listed for sale that sits on the market past the Listing Agreement timeframe becomes what is known as an Expired Listing, meaning the listing contractual agreement between the Seller and the Realtor has expired and is no longer valid.
Why do property listings expire?
Property listings can expire for a number of different reasons, such as:
- Improper presentation, such as not staging or preparing the property for the market.
- Difficulty viewing the property.
- The price is set too high.
- The seller may be hesitant to accept an offer.
- Something about the property or location is preventing buyers from submitting offers.
Some things about a property, such as the location or neighborhood, cannot be changed. In our experience, it pays to worry about the things that CAN be changed, such as the presentation, overall feel, and the price of the home.
What happens after a listing expires?
Once a listing expires Sellers typically do one of three things:
- Take the property off the market completely.
- Relist with the previous agent with a new strategy.
- Relist with a NEW agent.
The seller’s choice will likely depend on why the listing expired in the first place. Some sellers end up changing their minds about the sale and pull the property off the market completely. If the seller still wants to sell but did not follow their realtor’s suggestions the first time around, then relisting with them and doing said suggestions may be a good option. However, If the agent’s suggestions were followed and resulted in a stale listing, then perhaps a new agent may be a better option.
How do you prevent a listing from expiring?
Nobody wants to end up with an expired listing. It is usually bad news for everyone involved. The best way to prevent a listing from expiring is to sell the home the first time! Selling a home is simple, but not always easy! Our experience has shown us that proper presentation and pricing are key. Taking the time to prepare the property to show in its best light with our given resources is vital to the success of the sale. Investing in cleaning, beautifying, updating, and/or remodeling can drastically improve the chances of getting thousands more for a property. Pricing is another major factor that can either make or break the listing. Overpricing a listing can definitely be detrimental to the overall success of the sale because you will lose the important ‘new on market’ momentum if your price scares away potential buyers.
It comes down to the suggestions the real estate agent presents and whether or not the seller is willing to do them. An experienced listing agent knows how to sell a home with just the right amount of work, so it is always recommended that you work with an agent with adequate experience.
Expert Expired Listing Agents
Karen Anderson & The Prestige Team have consistently sold more homes, faster, and for more money than 95% of the agents in our area. Our passion for selling real estate can be seen in the amount of work we invest in preparing listings for the market, most of the time at NO additional charge to our clients. Presentation is key in selling real estate, especially in today’s digital market – photos, videos, social media, etc. To ensure our presentation is consistently at a high level, we offer FREE STAGING, photography, video, 360 virtual tour, and much more! See Our Services page for more information!