Richmond expired Listings The present market down turn had resulted in many homes expired or terminated by home sellers due to lack of buyers interest. During the last quarter of 2008, the number of Richmond expired listings totaled 1,610 units. The ratio of Richmond "sold" versus Richmond expired listings for the last quarter of 2008 was 1 to 4.26. There were 1,610 homes expired or terminated during this period.
Why listings expired?
Poor market sentiment is the major reason for the high number of expired listings. The lack of buyer interest had resulted in poor sales and home prices coming down as a result. Reporting by the media and declining home prices kept many home buyers to stay on the side-line.
What should a home seller do?
For home sellers wanting to sell, they have to aggressively price their homes according to the market expectation. Sales data on homes sold in the past 30 or 60 days would provide good indiacation as what should be the right pricing for a home. In a buyer's market, baby-step price reduction is not going to work. Most home sellers are chasing the market on the way down instead of "pricing their homes to sell".
Follow this link for info on selling your home sooner.
If a home is not price right, home buyers may not be attracted to view or make their offers. If you want to have your home sold, you have to deal with the market reality. As a home seller, the best you can do is to evaluate the current market, and take a bold decision to price your home to sell. Your Realtor can help market your home. You need to gauge your showing appointments. Lack of showing activities is a tell-tale sign that your home is still priced too high.
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