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Are You About to Expire?

A listing contract on a house for sale has a termination date. If the house reaches this date without being sold, it is called an ‘expired’ listing meaning it is no longer for sale under the previous contract. The end of June historically is a time when many listing contracts come to termination. There will be a record number of homes in this category this month as the housing market continues to struggle.

If you are one of these homeowners, you have a decision to make. Today, we will go over your options and comment on each.

You Can Extend the Listing with Your Current Agent

The housing market has been tough. Selling a house has never been as difficult as it has been recently. Honestly evaluate the job your current agent has done. If they have been honest with their input and diligent with their feedback, you may consider extending the contract.

You Can Decide to ‘For Sale by Owner’

This is usually not a good option. There were reasons you originally decided to use the services of a real estate professional. These same reasons probably still exist. If you truly want a third party to help with the transaction but are disappointed in the job your original agent did, perhaps you should choose a new agent. After receiving a bad haircut, we usually don’t decide to cut our own hair. We switch hairstylists.

You Can Choose a New Listing Agent

You know the things the original agent didn’t do that disappointed you. You also know the things he/she did do that annoyed you. Keep both lists in your head and ask those you interview how they would handle the situations differently.

You Can Take the House ‘Off-the-Market’

Be careful! Of course you are disappointed it didn’t sell. However, before making this decision, remember the reasons you originally put the house up for sale. If these reasons still are important to you and your family, don’t let a slow housing market get in the way of moving on with your goals and dreams. Sit with a real estate professional and decide what is best for your future.

Bottom Line

If your listing contract is about to expire, make sure you contemplate your next move before making a decision.


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4 replies
  1. Nathan Hosier
    Nathan Hosier says:

    It’s also very important to remember that with the inventory of distressed properties on the market currently, a seller has a lot of competition. If 3 homes down the street, comparative in size to your own, maybe needing a little work, but selling for $50,000 less, a potential buyer has little incentive to be interested in your property at full market price. Before you decide to fire your Realtor, ask yourself a few questions: Did my Realtor recommend a listing price based on sold properties in my area? Did they advise me to take the competition into consideration? Did I take their advice or was I convinced that I knew what my property was worth? Did they aggressively market my property or did I speak to them once and never hear from them again? Was I advised concerning lowering my asking price as necessary to entice new attention?

    Reply

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