Expired Listings In Fresno California - The Numbers Just Keep Getting WORSE!

By
Real Estate Broker/Owner with Lazarus Realty

I just pulled the number of expired listings on Fresno MLS in the last 24 hours.  Are you ready for the numbers?  

216 EXPIRED LISTINGS!

and remember folks that's just last 24 hours!  I did a blog on EXPIRED LISTINGS on Nov 1st of last year and the statistics have only gotten worse.  In November I ran the numbers on the expireds and as you can see on the blog the average days on the market at that time was 165/185 days.

Today's expired listings have been on the market an average of 236/239 days!  

Yes, this is a REALLY CRAPPY MARKET.  BUT, Its my opinion that the primary reason that so many homes are expiring without buyers is PRICE

In the last 24 hours we had 109 price reductions and 3 price increases ( the 3 increases all look illegitimate to me)

I just looked at one reduction that has been on the market for over 300 days and the agent has the all too common “This house… is priced to sell” in his marketing remarks.

if the house is priced to sell - how come then Mr. Agent you havent sold it? does that mean your marketing SUCKS?  (Well, I wont post your crappy MLS pics or the MLS # )

Unfortunately, even with today's price reduction your listing is priced 40k to 60k too high.  Looks to me like the listing will either expire or be on the market another 300 plus days.

AGENTS - do your clients and the real estate community a favor and figure out how to do a current CMA of your area so you can price your homes to sell.  Either that or take the home off the market.  This stagnant inventory isnt doing anyone any good.  

____ 

Are you a buyer looking for a home in the Fresno area. Let me assist you in making an offer on a home so the sellers and their agents can find out what the TRUE sales price is.

Are you looking to SELL A HOME IN FRESNO? Look no further, I can help. You may not like what I have to say about the value of your home, but I can assure you I will be truthful with you and do my level best to get you the highest possible price in this very difficult market.

CALL ME: Lazarus @ 559-301-1647

Broker: Lazarus Realty

 

 

 

 

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Location:
California Fresno County
Tags:
fresno
real estate
lisitings
expired

Spam prevention
Show All Comments
Rainmaker
149,202
Krista L. Walker
Coldwell Banker Pro West - Medford, OR
Oregon- Homes & Real Estate for Sale
well I am glad i live in Southern Oregon right now.  239 is about how many we have in a month
Apr 01, 2008 11:58 AM #1
Rainer
20,689
Nathan Diones
Regioncy Real Estate - Redlands, CA

WOW! Go after them and try to get the sellers to price them right! Good Luck!

Apr 01, 2008 12:00 PM #2
Rainmaker
79,032
Randy "Lazarus" McAtee
Lazarus Realty - Fresno, CA
Owner/Broker, Lazarus Realty, Fresno California
uhmmm Nathan, how can I  go after them and still have time to blog?
Apr 01, 2008 12:04 PM #3
Rainer
15,240
Mark Hawley
Keller Williams Realty - Indio, CA
I always call the first of the month "Expired day".  It seems there is always a spike in numbers the first of the month.  We had 268 today...
Apr 01, 2008 12:30 PM #7
Rainer
48,893
Steven W. Monk
Exeter 1031 Exchange Services - Fresno, CA
V. P., 1031 Exchange Expert
Hi Randy, you're right!  The RE agent needs to educate the sellers and focus on the true value of the home for a sales price.
Apr 03, 2008 03:55 AM #31
Rainer
61,374
Lisa Lambert
The Law Offices of Elisabeth A. Lambert - Fresno, CA
Esq. 1031 Exchange Expert

Lazarus:

I  have been hearing from a number of agents in the Fresno market that they are getting MULTIPLE offers on homes that are priced correctly. I also think it's a problem with seller education and the agent's disinclination to tell their clients that their home is not worth what they think it is in this market. They are still a number of agents in our market who jumped in to make a quick buck beginning in 2004, they do not know how to adequately market nor to adjust their game plan to make the best of this market. That is one of the upsides of this correction, we will be getting rid of the subpar people in all aspects of real estate, lending and qualified intermediaries. Thanks  for the great post.

Apr 03, 2008 06:41 AM #32
Rainer
136,305
Bill Exeter
Exeter 1031 Exchange Services, LLC - San Diego, CA
1031 Tax-Deferred Exchange Expert

Hi Lazarus,

I think we have seen the bottom of the market in terms of transaction activity.  There has been a very slow increase in transaction volume since February.  I do not think we have seen the bottom of the market in terms of market value.  There is still quite a ways to go until the sellers come back to reality in terms of what their properties are worth. 

Buyers appear to be snooping around and grabbing the properties that are priced right, and sellers appear to be beginning to understand that they need to price the properties right. 

Only time will tell.

Apr 03, 2008 05:14 PM #33
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
79,032

Randy "Lazarus" McAtee

Owner/Broker, Lazarus Realty, Fresno California
Ask me a question
*
*
*
*

Additional Information