Seller’s circumstances determine listing length
Q: I’m getting ready to list my house and I’m not sure how long I should list the house for? What do people normally do?
A: Each listing agreement is unique, just like each purchase agreement is unique. That said, there are a number of factors when deciding for how long to list the house. Time of year has an impact, how the market is doing in your particular area and how long you can afford to stay on the market without selling, among others. All of that said, it would be very common to see either a sixmonth or one-year listing term suggested by a Realtor. It’s rare for a Realtor to suggest, or be willing to list, for less time since time, effort and costs are involved in getting a house listed and marketed. But, first, consider your situation and what makes the most sense for you.
For example, are you leaving town and are you going to have two payments if you don’t sell the house quickly? This could influence your list price, but also the length of time you’re willing to keep the house on the market. Maybe you’ll have to rent the house if it doesn’t sell in a certain amount of time. In that case, maybe you go with a shorter listing agreement.
If you are living in the house, or don’t have to worry about double payments, maybe you go for a longer term and are slightly less aggressive (though still realistic) about the list price.
There are lots of considerations and aspects to selling a house and they all impact one another. If you’re not going to be aggressive on price, or spend some real time getting the house ready to sell, then a short-term listing agreement might not make sense. Sit down with your Realtor and talk through all of the issues, your concerns and their concerns, and then come up with a plan together. Remember, you should have open communication with your Realtor and be able to come up with a plan that makes everyone happy.