Well first let’s answer the question, what is an expired listing? An expired listing is simply a listing that an agent was able to secure from the home owner but for whatever reason was unable to get it sold. Why? There are numerous reasons why a listing might not sell. Most agents would immediately say, “the market”, or it’s “priced too high”. And in some cases, other agents would argue in most cases, they would be right. Home sellers are very emotional when it comes to the price the home will actually be listed to appear on the MLS (multiple listing service). This is certainly understandable because of the lives lived and memories attached. To them it is more than just “selling” their home. It is an extension of the memories they have created. This is where the experience of the agent plays a great deal in helping the home owner understand the pricing strategy and getting the home owner to help you sell the home as soon as possible.
In Atlantic County, NJ looking at a snap shot of May 2010 to May 2011, the number of expired properties is down 9% according to Clarus Marketmetrics. The number has dropped from 254 to 232.