Listing agreements all have an expiration date. No one wants to think about what
happens when the listing expires; both the seller and agent hope the home will
sell long before that time. But it does happen. An expired listing means two
things; first, the home is now off the market, and second, you as the seller are no
longer under contract with your agent.
Now you have some decisions to make. The most important question is to decide
if you still want to sell the home. Let’s face it, it’s a challenge to have your home
on the market; the home must always be kept show-ready and the last-minute
scramble to accommodate a potential buyer is tiring. You should also consider the
real estate market and whether current conditions will still allow you to sell in
your expected price range.
If you decide to continue with the plan to sell, it’s time to consider whether you
want to change agents or stick with the current one. There are many reasons why
a home doesn’t sell that have nothing to do with your representation, but if you
sense that the agent is not the right fit, this is the time to make a change. If the
agent isn’t the problem, then the next step is looking at the home itself and the
price. Are you overpriced for the home and its competition?
No one wants to think about an expired listing nor a home that didn’t sell—but
this is the time to take stock of the situation, adjust if necessary, and try again;
hopefully with the right combination of condition, price, and agent.