Choosing the Contract Length of Your Home Listing

Home listing, also known as property or seller listing, refers to the agreement between a property owner and a real estate agent. However, before you sign any listing agreement, it is important to choose the term of your listing contract properly. Here are common listing periods that you can apply in your listing agreement.

30-Day Listing

If the market is hot, you may want to consider a month-long home listing agreement. In a seller’s market, properties usually sell within days or weeks after being listed. If you still have not received any serious offer on the thirtieth day, you can easily terminate the services of the current agent and find a new one who will be more aggressive in pushing the sale of your property.

However, before you decide to find a new agent, you have to consider the selling price you have set for your home. This could be the reason your property is hard to sell.

A 30-day listing period is not advisable if the real estate market in your area is on the downturn because no broker will agree to it.

90-Day Listing

The most popular term is the 90-day listing. This is appropriate during a normal real estate market. The length is not too short for a real property agent to find a buyer with the right offer for your home, and it is also not that long for a buyer to feel impatient about the status of your home listing. If your home is priced correctly, it is possible to find a serious buyer in 30 to 60 days. In order to increase your chances of selling your house before the 3-month period, you can ask your agent for suggestions on how to enhance the curb appeal and improve the overall condition of your property.

180-Day Listing

During a real estate downturn, you should consider a longer listing period. In a slow market, buyers take a longer time to decide which property or home to acquire because they have more choices or options. A longer period will prevent tedious paperwork and hassles brought about by extending your home listing whenever it expires. Besides, an agent will not be that motivated to market your property if you are giving her only 30 to 90 days to sell your home during a downturn. She will not invest time and money in your property because she knows that your listing will have already expired before a serious buyer comes along. However, before you decide to sign a 180-day listing agreement, you should take time in choosing your agent.

360-Day Listing

This type of listing agreement is appropriate if the property you are selling is located in a far flung area that only a few people may be interested in.  You should also consider this home listing period if the property you are selling is very expensive or has unique qualities that may not be attractive to most buyers. This type of property can be hard to sell because it will cater to only a very few buyers.

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