My clients know where the market is and understand. If you know the agent is working hard and they review with you on a weekly basis what is going on with your listing - you should extend.
If you know you are not happy - get another agent.
It will depend on many things including how motivated to sell are you.
As a seller, how cooperative will you be in allowing the home to be shown? Will you allow a lock box on the home? Will you get the home in 'selling shape' (do repairs prior to putting the home on the market, getting rid of clutter, white glove cleaning, staging, etc.)? And probably most important when it comes to the amount of time you will need to sell: are you going to price to sell or sit?
The agent you hire will be able to show you the current average marketing time and selling prices for property in your area and let you know approximately what time frame they think they will need to sell at the price you choose.
Because agents do not control the market, and depending on the available pool of buyers for your home and if you feel the agent is working hard for you; if you home doesn't sell in the time frame of the listing, you can extend the contract date.
In the current market in my area, if I take a short sale listing I will not do it for less than 12 months and for a traditional sale, I like to get 6 months (as long as the price my seller picks is supported by the comps) and will do 3-4 months if I know my seller is priced aggressively.
Best of luck in your sale,
A lot of this depends on the market of your home and your personal situation. However, most listings need the market time to give the Realtor a fair opportunity to sell the property. In this market, this is anywhere from 6-12 months. The best thing you can do is discuss with the prospective agents you interview and ask them what amount of time they want and why. Then, review the market times they have provided for comparable properties and see if it fits your needs. Most listing agreements have an out clause with 30 days notice, so if you are not getting the service you want, you can move on. However, I would caution at racking up listing agent after listing agent. Too many historical listings on a property may raise a few flags with potential buyers. And always give your listing agent a fair shot, if they are trying and keeping you in the loop.
If an agent is asking for a year to sell your home then I would think that agent doesn't have much confidence or skill to sell the home. Six months is long enough as long as you're cooperating and helping with the sale and not holding it back.
I hope I helped you make a decision.
This is a tough market, which makes this a tough question. Is the agent promoting the listing? Are they keeping you informed of the market? Are they advising you to make any changes in the home to improve its chance of selling? If they are giving you advice on changes, are you taking it?
If the agent planted their sign in your yard and disappeared, get a new agent. If they are regularly promoting it in various ways, advising you on improvements and pricing and you are taking their advice, give them the time it takes. One mistake not to make, don't be too slow in adjusting your price. Look at what is actually selling and for how much, yours may be nicer, but the buyers are the ultimate judges.
This is a great question and one the will probably generate a wide variety of responses. Agents that are comfortable with their ability to prove they are worthy of an extended period find comfort with a shorter period of time....usually 3-4 months.
We tell our customers that we only require 3 months and hopefully within that period of time they can be convinced that the quality of service they receive is worthy of an extension. This requires hard work and a commitment to communicating with the customer. They need to be kept in the loop and part of the process.
It is a difficult economy to sell in, hence a Full Time, professional Realtor needs time to market properly. That being said, for best results, make sure you use a listing agent where this is their primary profession AND one that is spending the money necessary to market your property properly. In times like this many choose to reduce marketing to save money... having adverse affects even moreso on your home sale. Your agent and listing brokerage does matter!