The big drop in inventories of homes for-sale helps once-expired listings finally get sold. Many sellers find that relisting their properties now affords more luck now than a few months ago, real estate professionals report.
Nationwide inventories of single-family homes, condos, townhouses and co-ops has fallen about 20 percent in the last year, according to Realtor.com, and inventories are at some of the lowest levels ever observed. Meanwhile, more buyers are coming off the sidelines to take advantage of record-low mortgage rates and low prices. The new buyers, however, find fewer properties to choose from.
Some real estate agents are focusing their efforts on expired listings and convincing sellers that they can give them a successful second chance at making a sale. In Atlanta, one broker, who realized the value of expired listings, offered 25 iPads to the real estate agents who brought expired listings from competitors.
â€œThink about this ... every single listing is now twice as prominent and important as it would have been back in the day of 100,000 available listings,â€ broker Ann Bone told RISMedia. â€œEach listing today is worth two listings two years ago.â€
Many real estate professionals take a listing for a limited time and, if it doesnâ€™t sell, it expires. Some MLSs require that expired listings stay off the market for at least 90 days to prevent agents from continually relisting properties and hiding the actual length of time it has been on the market.
A few agents even report that theyâ€™ve had some luck taking expired listings and selling them within five days. But others caution itâ€™s not as easy as just relisting the property. Many expired listings may have flaws that have held them back in the first place â€“ such as not priced right for the market or not in the right condition â€“ that should be fixed before they return to the market.
Source: â€œDead Listings Live Again in Tight Markets,â€ RISMedia (June 27, 2012)