What is an Expired Listing?
In real estate, all listings have a time frame – they are listed for a specific period of time. When that time runs out on a listing, it is expired.
On the MLS® system, an expired listing status is shown as ‘X’.
Real Estate Agent Explains Expired Listings
All MLS® listings contracts have a term – the seller agrees to put the home up for sale for a certain length of time. After that time is over, the listing is over and the time frame has expired. Listings must be at least 60 days as per the MLS® system rules – anything less is really not enough time to sell a property and isn’t worth the hassle.
A listing may as long as the seller and REALTOR® agree to. Some listings can be more than 3 years! Some homes take longer to sell than others (especially very expensive homes). Also, some listings expire only to be renewed by the seller with the same REALTOR® or a different one. In the case of a renewal, a listing will get a new MLS® number as well.
Listings expiring is only one of many ways a property goes from active to inactive. Other ways include cancelling, withdrawing or selling a listing.
Why Does it Matter?
Expired listings are no longer on the MLS® system, so they should not appear in any online content after they are expired. Also, a different real estate agent cannot call on an expired listing to try to get business from the seller – this is prohibited. Many listings expire for many different reasons, but the most common reason a listing expires is because its asking price was too high and it didn’t sell as a result. To find out more on why homes don’t sell, read The 5 Biggest Mistakes Home Sellers Make. Often, expired listings say a lot about how much sellers feel their home is worth – and how many sellers (and their agents) are incorrect about the value of those particular homes.
by +Alan F Macdonald REALTOR® | Copyright © – gimme-shelter.com