When you list your home, the hope is that it will sell quickly and profitably. But that isn’t always the case, and in some situations your home may linger on the market to the point that your listing contract expires.
But if that happens, what does that mean for you, your agent, and your home sale?
A recent article from realtor.com explored some things sellers should know about expired home listings, including:
- What does it mean when your listing expires? When you list a home, you sign a contract with a listing agent, and that contract must include an expiration date, which is typically between 3 and 6 months of the initial listing. If that date comes and you haven’t sold your home, your agent no longer officially represents you and your listing will no longer be actively marketed by them. If your home was listed on the local multiple listing service (MLS), it will be removed from there, along with many other real estate marketing platforms.
- What if you sell right after your contract expires? Some contracts have a “commission protection period” clause, which means that if you sell shortly after the contract expires, your real estate agent will still receive a commission. Make sure to review your agent contract to see if this clause applies to you, and how long of a timeframe it covers.
- What do you do when your listing expires? When your listing expires, you have some things to consider. For example, do you want to continue to list your home, or do you want to pull it from the market? If you decide to create a new listing on the MLS, do you want to change up some things—like tackle some renovations or lower the price of the home—to increase the chance of selling? Do you want to continue working with your listing agent, or do you want to try someone new? Asking yourself these questions will help you figure out the next best steps for your home sale.