19140 MCMYN RD, Pitt Meadows Houses for sale, MLS® R2833363

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Prime Pitt Meadows development potential property that could yield 6...



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2115 W 18 AVE, Vancouver Real Estate for sale, MLS® R2821377

7 months ago

Attention to Builders and Developers on this vacant land property situated...


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23223 DEWDNEY TRUNK RD, Maple Ridge Real Estate for sale, MLS® R2812215

Beds: 3Baths: 3Built in 19871620 sqft

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Beds: 3Baths: 3Built in 19871620 sqft

Rezoning for C2 Commercial Building had 3rd reading and PLA issues(now...


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Average Property Tax: 8113.223, Average Square Foot: 540, Average Days On Market: 199, Average Year Built: 663.

What does expired mean in real estate?

  • Expired real estate listings offer unique opportunities; understanding why they occur can guide your strategy to reactivate or capitalize on them.

  • Overpricing is a common reason for expiration; setting a realistic price based on market data can prevent listings from expiring and increase the chances of a sale.

  • Differentiating between expired and withdrawn listings is crucial; expired listings are unsold properties after the contract with an agent ends, while withdrawn listings are taken off the market by the seller but the contract remains in effect.

  • Effective marketing is key to preventing expiration; addressing shortcomings in previous marketing efforts can revive interest in an expired listing.

  • The number of days a property spends on the market can influence buyer perception; minimizing this time through accurate pricing and effective promotion is essential.

  • After a listing expires, exploring next steps involves evaluating previous strategies, adjusting the approach, and possibly changing agents to improve prospects for a successful sale.

Understanding the Concept of Expired Listings

Listing Lifecycle

Expired listings are properties that did not sell within their contractual timeframe. Sellers encounter this situation after a listing agreement with an agent ends without a sale. Real estate professionals view these as opportunities to reassess and adjust their sales approach.

Agents analyze market conditions and compare similar homes sold recently. They identify reasons why a property didn’t attract buyers. Sometimes, it’s due to pricing issues or poor marketing strategies. Other times, it could be because of the property’s condition or location challenges.

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Frequently Asked Questions

What is an expired listing in real estate?

An expired listing occurs when a property has not sold by the end of the period stipulated in its listing agreement with a real estate agent.

Why do real estate listings expire?

Listings typically expire due to overpricing, ineffective marketing, or unfavorable market conditions. Adjusting these factors can help avoid expiration.

How does an overpriced home affect its chances of selling?

Overpricing a home often leads to longer days on market and potential expiration, as buyers may overlook it for more competitively priced options.

What’s the difference between an expired and withdrawn listing?

Expired listings reach the end of their contractual term unsold, while withdrawn listings are removed from the market before expiry, often due to seller’s choice.

Can you reactivate an expired real estate listing?

Yes, reactivating involves signing a new contract with either the same or another agent and possibly revising marketing strategies or pricing.

What role do Days on Market (DOM) play in selling a house?

Shorter DOM generally indicates strong interest and potentially higher sale prices; longer DOM can signal issues like overpricing that need addressing.

Are there opportunities in contacting owners of expired listings?

Yes, they might be motivated sellers who could benefit from fresh marketing approaches or revised pricing strategies.

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The data relating to real estate on this web site comes in part from the MLS® Reciprocity program of the Real Estate Board of Greater Vancouver or the Fraser Valley Real Estate Board. Real estate listings held by participating real estate firms are marked with the MLS® Reciprocity logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by the Real Estate Board of Greater Vancouver, the Fraser Valley Real Estate Board, and Richard Morrison, which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent.