When the seller contracts with an agent to sell her home, the listing agreement will have a set expiration date. A listing expires when this expiration date has passed and the contract has come to the full term of the contract without the property being sold, and without the seller renewing the listing contract with the real estate agent.
Some Reasons why your listing expired without being sold:
Wrong Selling Price for your market
Properties similar to yours are priced below your asking price. When home buyers are looking they compare your property to similar homes in the same neighborhood. You are competing with other properties for buyers. You can explore your competitors by viewing other homes listed for sale in the same neighbourhood. If your home is overpriced it helps your competitors sell their homes instead of yours. It will end up costing you more money in the long run if your home is overpriced. To receive the highest amount of money is in the first couple of weeks and the price needs to be correct right from the beginning.
The Condition of your home
You must make your home presentable for selling inside and out. Make sure when buyers view your home it presents well and is in move in ready condition. If there isn’t a great deal for a buyer to do it will help in getting the best price and for your home and for it to sell quickly. Price and condition of your home are the two most important aspects.
The location of your home
Sometimes the location of a home makes it difficult to sell. Some of the negative attributes that make the location of your home less desirable are: too far from schools, bad neighborhoods, busy streets, too close to a gas station or industrial area, etc. Lower pricing will help you sell a home with these attributes faster.
Poor Marketing of your home
If you did not receive the right exposure to give you the best opportunity for your home to be viewed you have suffered from poor Marketing. Not enough listing exposure, advertising, open houses, local and internet advertising. You do not want to suffer from and overpriced stale listing as they tend to be ignored by other agents.
Feel free to contact us at 604-265-9356 anytime if you have a question on Expired Listings or any other Vancouver Real Estate topic.