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Estimates are that between 135,000 and 149,000 properties are expected to expire in the first week of January. This presents a huge opportunity for agencies looking to gain momentum in early 2025.
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In this article, David Childers from Keeping Current Matters shares the data agents need to understand and communicate with expired listing owners to get more listings.
The ability to provide prospective clients with factual data that demonstrates your expertise in a visual way is invaluable. The following slides were created by Keeping Current Matters in combination with data provided by REDX.
Historical data and expected number of listings expired, canceled, and withdrawn
The week with the highest number of expired listings has historically been the first week of the year. As we prepare for the new year, the number of expiring listings expected in the first week of 2025 looks set to be the highest in a decade.
In the first week of 2024, there were 129,686 expired, canceled, or withdrawn listings. Estimates provided by REDX indicate that between 135,000 and 149,000 listings are expected to expire, be canceled or withdrawn in the first week of January 2025.
To better understand this opportunity, listed property sales expiring in the first week of 2024 were valued at $12 billion. RedX forecasts sales of exchange-traded products expiring in the first week of 2025 are expected to be between $12.6 billion and $13.8 billion. This creates an incredibly big opportunity for agents in the coming weeks.
“After receiving this information from REDX, we started analyzing what happened in 2024. This allows us to think about what we expect to happen in 2025,” Childers said. All of this is so that your agent knows what’s going on when listing your property, what to expect, and how to navigate your personal circumstances to sell your home. I will. ”
How many of these expired listings will be relisted?
Childers shared the chart below showing that more than half of the homes that expired in the first week of 2024 (66,613 units) were relisted at some point during the year. Also note that 49 percent (63,073 units) of homes that expired that week were not relisted.
While this article focuses on opportunities arriving in the first week of 2025, don’t miss out on the huge opportunity of 63,073 homes that have not been relisted since expiring in that week of 2024.
It’s been about a year since people who didn’t relist had their homes taken off the market. Examining agents that expired that week and did not relist or sell revealed a market with far fewer agents competing for listings than recently expired listings.
Calling these owners to let them know you saw their home for sale a year ago and asking if they’re still considering selling could also be a useful activity in the coming weeks. There is.
Who relists an expired listing?
“Of the homes that relisted, approximately two-thirds (44,601) relisted with the same agent, while approximately one-third (22,012) relisted with a new agent.” Childers said.
The key to this is that if you are an agent listing a property that is scheduled to expire, there is a good chance you will be able to relist the home if you are proactive. Plan to reopen your listing and have an extension signed as soon as possible.
Statistics on who achieved results
“Statistics show that 58 percent (38,723 units) of relisted homes sold, while 42 percent (27,890 units) did not sell after relisting.A really interesting statistic is that 58 percent (38,723 units) of relisted homes sold, while 42 percent (27,890 units) did not sell after relisting. 71.2 percent of homes sold, while only 51.7 percent of homes relisted with the same agent sold,” Childers said.
This is valuable information available to agents during listing presentations when sellers are considering relisting with the same agent. Statistics show that sellers who use a new agent to list are approximately 40 percent more likely to successfully sell their home (71.2 percent vs. 51.7 percent).
What happened to the statistics regarding relisting prices?
“As you can see in this graph (below), over 60 percent of the homes were relisted at a lower price, just over 17 percent were relisted at a higher price, and just 20 percent were relisted at the same price. There’s nothing shocking about it, but it does mean we’re ready for data on the prices that relisted homes actually sold for,” Childers said.
How much did the relisted home sell for?
“This is where the data shows a clear message that agents can share with potential listings: More than 80% of homes that were relisted and sold closed at a sales price lower than the expiring list price Over 14 percent were sold at a higher price than the previous list price, and less than 5 percent were sold at the previous list price.The last thing you want to do based on this information is to keep the price the same.” he added.
While every home and every property is different, this data clearly shows that when a home expires and you relist it with the intention of selling, it has a greater than 80% chance of selling for less than its previous list price. I am.
This is the data and information homeowners need to make the best decisions for themselves and their families. A professional agent who can effectively communicate factual data can further increase your success.
Knowledge may be power, but knowledge without action is useless. This is a unique opportunity to build momentum early next year by obtaining an expiring listing.
Develop an action plan. Arm yourself with the data and marketing strategy to position yourself as the agent of choice for these expiring listings. That way, you can set yourself up for 2025 to be your best year in real estate.
Jimmy Burgess is a real estate agent and national team builder with Real Brokerage in Northwest Florida, serving the 30A, Destin, and Panama City Beach markets. Connect with him on Instagram and LinkedIn.
