What is an "Expired Listing"?

Have you ever filled a bowl full of cereal, took a carton of milk from the refrigerator to pour the milk on your cereal only to find the milk has a strange aroma?  The “best used by” date has come and gone.

Many food items we buy have an expiration date or “best used by” date.  These items taste the best if used by the date stamped on the packaging.  I suppose many things in life have an expiration date.

If you are actively looking for a home, or have the in past, you may have heard the real estate term “expired listing”.  Expired listings are simply houses that were listed with a real estate sales professional “for sale” for a period of time.  If circumstances are such that the property remains unsold, the date in which the listing contract concludes, the listing contract is referred to as “expired”. 

You may wonder why a house does not sell and become an “expired listing”, as we refer to it in the real estate business.  The reasons can vary, depending upon who you talk to.  There may be nothing wrong with an expired property.  The reason the house “expires” off the market may be as simple as the price wasn’t able to be supported due to the market conditions at that point in time. 

Truthfully, several factors influence when or if a property sells.  Those factors include the seller’s motivation to sell the home and the price the property is offered for sale to the market.  Certainly, the number of houses offered for sale in a price range and geographic area can impact how much a seller may ask for the property.  It amounts to “supply and demand”.  The time of year a property enters the market can have an impact on the market value of the home.  Many people believe the best time to present a home to the market is in the springtime.  The seller’s circumstances play a great role in this strategy, based upon what they wish to achieve.  However, no one should discount the potential for market advantage by placing a home on the market during the winter.

I’ve represented and helped many home sellers whose home has “expired” with other real estate agents and companies.  Typically, a sellers first question is “Why hasn’t my home sold”?  It takes a proficient real estate professional to assess what adverse market factors caused the home not to sell and to determine what strategy must be employed that results in a successful sale. 

My advice:  Consult a qualified, full time, real estate professional with the experience necessary to determine how a successful sale of your home is best accomplished, whose focus is centered on your needs and goals.