Expired Listings in Richmond B.C.

February 11, 2009

Richmond expired Listings

The number of Richmond expired listings fluctuates with the housing market activities. The present market down turn had resulted in many homes expired or terminated by home sellers due to lack of buyers interest. Active listings peaked sometime around October/November, 2008. In 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. The sales figure showed that the probability of a listed home expired or terminated was more than 4 times as likely as it would get sold – not a very good bet for a home seller! Find out how I can help you sell your home in 30 days or less!

condorichmond.jpgWhy 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, hence many homes sit on the market. When these listings were due, the home sellers decided to let them expired rather than extending the listings.

While, the seasonal winter months may account for less real estate sales activities, the poor economic news and credit crunch affect home buyers’ confidence. News reports by the media and projections by many housing critics for further price decline are scaring many home buyers to stay on the side-line. Home prices continued to fall due to anemic sales. Richmond expired listings to sale ratio is expected to continue for the next few months until home sales pick up.

Pricing in a declining market

For home sellers wanting to sell, they just have to aggressively cut their prices ahead of their competition. Majority of home sellers are reluctant to slash their prices to sell their home. Many of these homes will expire if their listings are not extended. Some home sellers are taking baby-steps reducing their listing prices, chasing the market on the way down.

What should a home sellers do?

The expectations for home sellers and home buyers are wide apart in term of the values of the homes sellers want to sell and buyers want to buy. The best you can do as a home seller is to evaluate the current market, and take a bold decision to price your home to sell.

Gauge your showing appointments

Showing activities are direct feed-back whether your home is attracting the interest from buyers. Lack of showing activities is a tell-tale sign that your home is still priced too high. Your Realtor can help market your home and provide you info on your competition.

You can use the link below to research the real estate market in Richmond:

BannerFans.com

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