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I have been getting a lot of inquiries about expired listings. Today I'm going to tell you a little about them because they are somewhat common in all markets, including here in the Merrimack Valley.
Expired Listings:
First off, let me explain what an expired listing actually is: An expired listing occurs when a property goes up for sale, but 6 or 9 months later it has not sold and the 'for sale' sign is removed from the yard. In the Northeast Association of Realtors there have been 22,262 expired listings in the past 6 months.There are a few reasons why these properties do not sell:
- Lack of Exposure: If the property is not marketed well, you will not find a buyer with a good fit. Properties need to be marketed locally, regionally, nationally, and even internationally.
- Improper Pricing: Homes must be priced accurately and attractively so that buyers see good value in a property. Affective pricing requires lots of experience, so you need a capable agent such as myself to do this for you.
- Failure to Negotiate: If the seller and the listing agent cannot bridge connections between buyer agents, attorneys, home inspectors, underwriters, etc, then there will be turbulence. Negotiating is an essential skill in real estate, so once again, you will need to find a capable agent to do this for you.
- Poor Communication: If an agent and a client are not in sync, this can cause a cascade of problems to arise in the home selling process.
- Lack of Experience on Behalf of Agents: Unfortunately, most homes that do not sell can trace their problems back to a poorly prepared agent who did not bring the seller to an awareness for a successful sale to occur. It takes knowledge and ability to sell a home, and some agents just don't possess the necessary skills.
