What Does Expired (Listing) Mean? | Real Estate Definition

By August 21, 2013 TERM
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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

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Alan F Macdonald

Author Alan F Macdonald

Alan F Macdonald is a real estate agent with Maxwell Challenge Realty in Edmonton, Alberta.

More posts by Alan F Macdonald

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