Home Selling in 25438>Question Details

Cliff Hodges, Both Buyer and Seller in Ranson, WV

has the market gotten worse in the last month? and why do realtor require a 6 month contract?

Asked by Cliff Hodges, Ranson, WV Thu May 8, 2008

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I don't know, and so can't comment, on the market in Ranson. However, as for the 6 month listing, Realtors like the listing to be as long as possible. The reason: It takes time and money to market a home properly. Sure, a Realtor may get lucky and the property sells during the first week. However, especially in today's market, that's very unusual. More often, though, it takes a while. For instance, 3 months in many parts of the country is close to the average. That means half the homes sell in under 3 months, half take more than 3 months. A Realtor would hate to lose listings which he/she has been marketing at the 3-month mark.

Now, having said that, in all the properties that I've owned and sold, I've never agreed to a 6 month listing. I've agreed to shorter listings, and promised the agent that if he/she was doing a good job and it hadn't sold, I'd renew my listing agreement. And that's happened. But many Realtors are understandably leery of such promises and assurances. After all, my promise was not enforceable.

One thing you should ask any Realtor (if it's not presented to you before you ask) is: "At the price you're proposing I list at, how long do you think it will take to sell?" And if you've got the flexibility and want to sell more quickly, go with a lower price. There are properties around me that are reasonably priced at $400,000 and likely to sell in 6 months. But if the owner said they really wanted to sell in 30 days, the more appropriate price would be lower--maybe $360,000, for instance. And, in this example, I'd certainly take a 3 month listing at $360,000 if that was what the seller wanted in order to sell his home quickly.

It's all negotiable--price, length of listing agreement, commission.

Good luck.
0 votes Thank Flag Link Thu May 8, 2008
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
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The market in the Columbus, OH Metro area is GREAT! Don't pay attention to the media. There are homes selling everyday! It's probably not as bad as the media makes it seem in your area either. Your contract time can be negotiated to any time frame. Even though most of my listings sell in 3-4 months, I like to get 6 month contracts "just incase" that way I dont have to bother my clients for a signature of extension.
0 votes Thank Flag Link Thu May 8, 2008
Cliff,
As far as the market in your specific area of West Virginia I cannot comment. As far as the timeline on your contract everything is negotiable. I usually depending on the listing ask for at least six months. It will take a week or so to have all the listing information trickle down to all the different websites and have the print advertising come out. Now we as agents pay for our print advertising out of our own pockets. So before we make dime one we are putting out money to help you sell your home. Depending on the size of the home and the market I would try to capture that may greatly increase if I feel I have to go out of the immediate area to find the buyers for that market. All of this takes our time and money so in order to give us a fair shot I need at least six months to give a good shot. Now I want and am going to try to sell you home from day one. It is beneficial for me to sell it as soon as possible. So talk to your agent and ask them specifically about their marketing plan and timeline so that you can better understand.

Hope this helps,

Larry Story
Coldwell Banker Triad
0 votes Thank Flag Link Thu May 8, 2008
Hi Cliff,

Two important factors are affecting home prices currenly:

#1 Some forced home sales that have closed in the past two months are causing CURRENT appraisals to come in LOWER.

#2 Due to the more restrictive guidelines that Mortgage lenders are requiring, Buyers are learning that they qualify for LESS money. Thus, Buyers can afford and are offering LESS money to home sellers.

Realmart Realty is a Flat Fee broker. Not only will we save you 50-100%of the commission, you can cancel your MLS listing at ANY time.
Web Reference: http://www.fsbojohnny.com
0 votes Thank Flag Link Thu May 8, 2008
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