I have noticed a few things about why listings expire here in California. There are thousands of listings and having some of my own listings expire after 6 months, here is the list of things that happens with a listing when it expires.
1. Buyer’s searching habits online have slowed the market because they are confused AND they constantly believe that something new is coming on the market tomorrow. The average buying cycle now for a buyer is 6 months.
2. The listing’s photos stink or there is only a photo of the front.
3. The house was hard to view because the owner did not provide lockbox access or made it very difficult to show. This also happens sometimes with renters who don’t want to move or a divorced half of a couple that does not want to sell the house but has to by court order.
4. The commission to the buyer’s agent was below what most agents feel they work for, which is 3% in most cases.
5. The listing was wrong, meaning the fields were wrong or not complete or something like the city or zip code was wrong.
6. And, believe it or not, the price or some other critical information was wrong like the owner’s phone number and the owner did not check the listing.
I do everything possible to make sure that the listing is correct, but ultimately it takes the owner’s eagle eye to make sure that it is correct. Listings expire every day and the old stigmatized property rule is out the window. I don’t believe that it is about price anymore. I believe it is precise exposure that has a marketing angle to it.