Did your Washington DC home not sell? We may have a new record in Expired Listings!

Like many Realtors, I monitor the number of "Expired" Listings in the Washington DC area. An "Expired" listing is a home that has not sold; and the listing contract the seller had signed with their Real Estate Brokerage has now ended or Expired.

The end of the month usually sees the greatest number of these homes expiring and coming off the market. The largest number I have seen in recent years was at the end of last August '07; there were 260 for that last week of the month.

However, on January 1st alone; Washington DC had 403 homes that did not sell! Prince Georges County; which had a whopping 537 homes Expire for the week ending September 3rd; had 670 homes expire or come off the market and Montgomery County had 531 homes whose listing agreements have ended.

While many of these Homes will return to the market; others will wait until the spring. While this is considered "typical"; it may not be the best strategy.

Some Facts to Consider:

• More Buyers are out in the spring - but there is much more competition.
• Many companies hire and transfer people at the 1st of the year. These folks need homes now.
• Many experts predict Interest rates will go up later in the year. This may deter buyers later in the year.
• In March; Fannie Mae and Freddie Mac will start new fees; that may make your home less affordable to a buyer.

If your home did not sell; there is a reason. Many times it is a combination of price and competition - but not always. Yes - the home next door may sell quicker if it is $20,000 less; but how was it marketed? Did your agent use a great many pictures and virtual tours to show it off to those Internet Buyers? Did they maximize their marketing efforts on selling your home with flyer's, brochures, open houses, broker tours and buyer incentives?

Now is the time Sellers need to re-evaluate several things:

• Is this the right time to move? Can I wait a year or two?
• Did my agent do everything they could to sell my home?
• Was my home marketed with a plain a sign and a prayer or was it marketed professionally?
• Is my home REALLY priced correctly?
• Have I staged my home? Does it look like a model?
• Does my home have repairs that should be made to make it "better than the competition"?

Mr & Mrs Seller - if you have questions like this - you need to talk to discuss them with your Realtor - and just like if the Dr. didn't fix your ache and pain - it may be time for a second opinion.

Mr & Mrs Buyer - watch for homes returning to the market after expiring - with new prices - repairs made and in show-like condition. Don't wait for spring - this batch of sellers are SERIOUS about selling.

If you would like a Second Opinion - Pick up the Phone NOW to get your Home Back on the Market!

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Call James for all your Real Estate needs and questions; servicing Washington DC, Maryland and Virginia.