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Wednesday, April 25, 2012

Selling Your Brevard County, Florida Home – Why Did Your Listing Expire?

One of my recent posts “Selling Your Brevard County, Florida Home - When the paint on the sign has faded, it may signal a problem” dove tails nicely with this post which is about expired listings in Brevard County, Florida.

Why do listings expire before they have a contract?

Most often it is a single issue – price!

On a recent day I sampled the expired listings in the Brevard Realtor MLS system.

On that particular day the average days on the market for the expired listings was 190 days.  I know from experience many real estate agents go for the six month listing agreement.  It looks as if these fit that description as well.  [Ask me about my 45 listing with a no penalty cancellation for any reason.]

I checked the original list prices as well as price changes for these listings.  The results did not surprise me.
The average number of price changes for these expired listings was less than one price change over the entire listing period (0.9 changes each).


I have a simple rule called the 30-10-1 rule.   Every one of these listings trounced all over that rule.

Certainly part of the problem could have been ease of showing but I really doubt that would be a six month problem as given an attractive price buyers are willing to jump through a hoop if necessary.

Still the obvious problem here is price.  To succeed you must set your price by  pricing for condition, location, competition.

My guess is the sign out front may have been faded as well!

If you have your Viera, Suntree, Rockledge or Merritt Island home for sale and it is about to expire – stop.

Do not just re-list with your real estate agent unless there is some plan for change.

And if you are considering a change in Realtors, call me (or email me) to see how I would do things differently.

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