An Expired Real Estate Listing: What To Know If You’re a Buyer or a Seller

Key takeaways: Expired real estate listings

Just like in the Boyz II Men classic “End of the Road,” when a real estate listing expires, it can feel like a painful ending for sellers. However, this isn’t necessarily a final goodbye. Instead, it’s an opportunity for both sellers and buyers to start fresh.

For sellers

For a seller, an expired listing is a chance to reevaluate your strategy. If you weren’t happy with your previous agent’s performance, it’s the perfect time to find a new one. This is a chance to do a reset, get fresh eyes on your property, and find a new agent with a clear, different plan to get your home sold.

For buyers

For a buyer, an expired listing can be a golden opportunity. The seller has already shown they’re motivated to sell, and the property is no longer competing in the open market. This gives you significant leverage to negotiate on price and terms, potentially allowing you to secure your dream home at a better value.

Expired real estate listings often indicate that something didn’t go as planned during the initial selling period — but they can also create new opportunities for both buyers and sellers.
For sellers, an expired listing can feel like a setback after a long and emotional process, leaving you wondering what went wrong and what to do next. For buyers, a home with an expired listing may look like a potential opportunity — but it’s important to understand why the listing stalled before moving forward.

In this guide, you’ll learn why listings expire, what sellers can do to relaunch their home successfully, and how buyers can evaluate expired listings with confidence.

What is an expired real estate listing? 

An expired listing occurs when the listing agreement between a seller and their real estate agent ends without the home being sold, causing the property to be removed from active market status.

Here’s what typically happens when a listing expires:

• The home is removed from the MLS and no longer appears in active search results.

• The listing agent’s contract officially ends, meaning they no longer represent the seller unless a new agreement is signed.

• The listing is categorized as “unsold,” which often points to issues such as overpricing, limited marketing exposure, or insufficient buyer interest.
  

Seller tip: Use this pause as a chance to reassess your pricing, marketing, and presentation strategy before relisting. 

Is a canceled listing the same as an expired listing? 

No, although both result in a home being removed from the market, a canceled listing and an expired listing are not the same thing.

An expired listing occurs when the listing agreement between the seller and their real estate agent reaches its end date without a sale. The contract simply runs out, and the home is automatically taken off the MLS.

A canceled listing, on the other hand, is removed before the contract ends. Either the seller or the agent can request the cancellation, depending on the terms of the agreement. A listing may be canceled for several reasons, including:

• The seller decides not to sell.
  • The seller wants to switch agents before the contract expires.
  • The home needs repairs or updates before going back on the market.
  • The home is overpriced, leading to low activity and frustration.
  • A buyer fails to meet contractual contingencies, causing the listing to be withdrawn.

Canceling a listing is often a strategic decision, while an expired listing is typically the result of time running out without a successful sale.

If you decide to find a new agent, do your homework

If you decide to find a new agent, make sure to do your homework. You’ll likely be contacted by many agents hoping to re-list your home, so it’s important to be prepared. Take the time to interview at least a few candidates and ask them specific questions about their strategy.

Look for a Redfin real estate agent who is empathetic and takes the time to understand your previous experience. They should be able to clearly explain what went wrong with the last listing and present a detailed, fresh plan for marketing your home differently this time.

12 key questions to ask a new agent

When you’re ready to interview new real estate agents, consider asking these questions to find the best fit:

1. Experience: What’s your experience selling homes in my specific neighborhood?
2. Pricing strategy: How will you determine the right price for my home, and how will that strategy differ from the last listing?
3. Marketing plan: What is your marketing plan, and how will you make my home stand out?
4. Home preparation: What specific steps do you recommend I take to get my home ready to be shown?
5. Communication: How often and through what methods will you communicate with me about the process?
6. Professionalism: Do you work as a full-time real estate agent?
7. Contingency plan: What’s your plan if my home doesn’t sell this time around?
8. Negotiation skills: What’s your strategy for handling offers and negotiating with potential buyers?
9. Differentiators:What makes you the right agent for this job, and how do you set yourself apart from the competition?
10. References: Can I speak with past clients or read their testimonials?
11. Fees: What are your commission fees and other associated costs?
12. Home staging: How will you stage my home, and who will be responsible for the cost?This is a good point to bring up during your negotiations with an agent. Make sure to discuss all aspects of staging and put everything in writing.

Asking these questions will help you find an agent who is not only experienced but also has a clear, fresh strategy for getting your home sold. However, don’t overlook newer agents; what they may lack in experience, they often make up for with drive and a willingness to work harder to prove themselves.

Advantages and disadvantages for buyers considering an offer on an expired or off-market listing

For a buyer, finding a home that has an expired real estate listing can be a mixed bag of opportunities and risks. Understanding these can help you decide if it’s worth pursuing.

Advantages for buyers

• Less competition: The most significant advantage is that the home is no longer on the public market. This means you won’t be competing with a large pool of other buyers in a bidding war, which is common in a hot market.
• Motivated sellers: A seller with an expired listing has likely been through a frustrating and disappointing process. They’ve already committed to selling, so they may be more motivated and willing to negotiate on price and terms.
• Negotiating leverage: Because the home has been on the market for an extended period without selling, you may have more leverage to negotiate a lower price. The seller might be more receptive to a reasonable offer that gets the deal done.

Disadvantages for buyers

• Potential issues with the property: A listing often expires for a reason. Common culprits include an overinflated price, a lack of buyer interest due to poor condition, or an undesirable location. You’ll need to do your due diligence to uncover what the underlying issue was.
• Seller frustration: The seller might be jaded from their previous experience and could be difficult to work with. They may be resistant to low offers or unwilling to make necessary concessions.
• A “stale” property: Homes that have been on the market for a long time can get a reputation. Even if a buyer is interested, they might wonder what’s wrong with the house that kept it from selling, which can create a psychological barrier.

What should a buyer do if they find a home they love that’s no longer on the market? 

Work with your Redfin agent. Your agent can review the previous listing to understand why the home did not sell. For example, it may have been priced too high, or the marketing may not have been effective.

Have your agent contact the seller directly. Because the seller is no longer represented by an agent, your agent can reach out to see whether the seller is still interested in selling.

Make a strong offer. The seller has already been through the selling process once. A straightforward offer with a fair price can be appealing and may be exactly what the seller is waiting for.

Frequently asked questions

How can I look up expired real estate listings?

Expired listings are removed from public search sites, but a licensed real estate agent can access them through the Multiple Listing Service. Your agent can review the full listing history, including pricing, photos, and how long the property was on the market.

What is the 3-3-3 rule in real estate?

The 3-3-3 rule is a guideline some agents use to manage buyer expectations. It suggests viewing three homes that meet your criteria, narrowing your choices within three days, and making an offer within three weeks. It is not a formal rule but a way to keep buyers focused and prevent decision fatigue.

What happens to expired listings?

When a listing expires, the agreement between the seller and the listing agent ends. The home is removed from the MLS, and the seller can choose to relist with the same agent, hire a new one, adjust the price, make improvements, or pause the sale altogether.

What does “expired” mean on a house listing?

An expired listing means the home did not sell within the timeframe of the listing contract. Once the expiration date passes, the property is automatically taken off the MLS unless the seller renews or extends the agreement.