What exactly IS an expired listing? Just as it sounds, it’s a listing which is dead. Every listing is given a lifespan when a seller and realtor put together a listing contract. The listing goes live on the date that the contract is signed (this is the effective date). The date at which the listing contract terminates (or dies) is the expiry date.
With a buyers market in Vancouver, we are seeing the return of the much feared Vancouver expired listing. Many of us haven’t seen the prominence of the expired listing for years. In the seller’s market that dominated the market for much of the last seven years, the expired listing was a rare breed.
- 2008 – 2247 (first 8 months)
- 2007 – 2267
- 2006 – 2233
- 2005 – 1748
So far, in the first eight months of 2008 we’ve already had 2247 listings expire. I expect that we will easily see another 50% increase on this number by the end of the year and thus end up surpassing the totals for the last three years.
When your listing expires, you feel a little angry, a little embarrased and quite a bit of frustration. Even the best homes don’t sell sometimes. It’s not time to give up. There are plenty of buyers out there willing to pay full market value for your home.
There can be numerous reasons for an expired listing. To properly understand what went wrong, a real estate agent needs to ask the right questions and listen carefully. As a real estate agent specializing in selling expired listings I know how to help you correct some of those issues and ensure that you meet your goals and make that sale.
If you’d like to ask me a few questions – no pressure, no hassle, no obligation – just a friendly conversation about your plans, please give me a call or send me an email.
Copyright © 2008 by Sebastian Albrecht, Vancouver Realtor with Royal LePage Westside ”What Does Vancouver Expired Listing Mean?”
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{ 1 comment… read it below or add one }
Incredible to read the statistics of new listings on the market followed by the expired listing article.
In Toronto they are howling the sky id falling with a 25% increase in inventory
Continued success!
David Pylyp