The frequency of expired and canceled listings runs highest between October and January. They may be a source of properties for buyers and listings for agents.
Buyer and Agent Opportunities:
Expired and canceled listings are two types of unsuccessfully terminated listings. Expireds are listings that end based on predetermined date. Canceled listings are often intentionally managed to reset the days-on-market counter or sometimes because the existing listing path is not going anywhere and it’s time for the seller and lister to part.
In these times of listing shortages, expireds and canceleds can be a source of opportunity for buyers and agents. It’s likely that the seller is still interested in selling and may intend to put the property back on the market with a more favorable price or improved condition.
Buyers
Work with your agent and together monitor expired and canceled listings. The listings are likely to return to the market with a more motivated seller and improvements to the price or condition “package”.
Agents
Expired and canceled listings can be a great source for finding matches for existing clients and for building listing inventory heading into the new year. If you have a specific buyer interested in the property, you may be able to put together a win-win opportunity for your client, yourself and that seller.
When approaching sellers, before making assumptions, ask questions to gain a good understanding of why things didn’t work with the prior listing. Once you understand the seller’s perspective, you’ll be in position to better address those concerns and lead them to a successful experience.
Monitoring terminated listings can help get you and your clients off to a good start in 2025.
