The real estate market is ever changing. The average number of days on market for homes that have recently sold in St. Paul is around 36. I say it over and over we are in a strong seller’s market, yet contracts with Realtors to list a home are for six months. Longer contracts may be good for people like me but are they the best for home sellers?
Six-month contracts are the closest we ever come to job security. We wake up each morning unemployed and are only paid after the successful closing of a real estate sale.
For the homes that are worth more then 600K a longer contract may be more appropriate but for everything that is at or below half a million six weeks should be a long enough contract. It is important to know the numbers.
Find out what the average days on market are for a home like yours that are in your area. Enter into a contract with a Realtor that is for an appropriate length of time.
Contracts can be extended as needed and home sellers who have shorter contracts have more control and leverage over the marketing process. If they do not like the way things are going it is much easier to switch real estate agents sooner. In some situations it may even make sense to put a home on the market for six weeks and if it doesn’t get an offer take it off the market and put it back on a few weeks or months later.
Go ahead and ask for a 60 or 90-day contract and also consider the six-week contract.