Key takeaways
- Home didn’t sell at first? Assess why before relisting your home.
- Make necessary improvements and updates, adjust your pricing strategy, and enhance your listing photos and description.
- Here’s how to make a stronger impression and guide the right buyer to your relisted home.
Relisting your home: What you need to know
Thinking about relisting your home after it didn’t sell the first time? It’s a common scenario, and with the right approach, you can increase your chances of success. As you think of relisting your home in Boulder or Miami, this Redfin real estate guide will walk you through the key considerations and steps for relisting your home effectively.
Why relist your home?
Sometimes a home doesn’t sell for reasons beyond its inherent value. Market conditions might shift, the initial pricing could have been off, or perhaps the marketing didn’t reach the right buyers. Relisting offers a fresh start, allowing you to address any issues and reintroduce your property to the market, refreshed.
Assessing why your home didn’t sell
Before you relist, take an honest look at why your home didn’t attract a buyer the first time around. Taking your home off the market and relisting with no changes will yield the same disappointing results. The common questions to ask yourself for a stale listing are:
- Price: Was your home priced too high for the market? Overpriced homes often sit longer.
- Condition: Did your home show well? Any necessary repairs or staging opportunities missed?
- Marketing: Were the photos compelling? Was the description engaging and informative?
- Market conditions: Did the local housing market slow down during your listing period?
- Exposure: Was your home visible to enough potential buyers?
Your real estate agent can provide valuable insights into these areas, offering data and observations to help you understand the previous outcome and plan for the future.
Making improvements and updates
A fresh coat of paint, minor repairs, or decluttering can make a significant difference. Small updates can enhance your home’s appeal and justify a new listing. A well-presented, clean home will welcome buyers more than a cluttered, rushed listing.
With help from a home inspection, finding issues and fixing them can make your home more appealing. Consider focusing on areas that offer the most return on investment, such as kitchens and bathrooms.
Adjusting your pricing strategy
When thinking of relisting your home, this is often the most critical factor. Work with your agent to analyze recent comparable sales in your area. Be realistic about your home’s value in the current market. Sometimes, a slight price reduction can generate new interest and activity.
Enhancing your listing photos and description
First impressions are everything in real estate. Invest in professional photography that highlights your home’s best features. Provide potential buyers with a clean, professional look at your home that lets them believe they can live there. Update your listing description to be more enticing, focusing on unique selling points and lifestyle benefits.
No one knows your home better than you do. Tell potential buyers what makes yours unique. If you’ve made improvements, be sure to showcase them.
Working with an experienced real estate agent
A knowledgeable agent is crucial for a successful relisting. They can help you:
- Analyze market trends.
- Strategize a new pricing point.
- Suggest impactful improvements.
- Create a robust marketing plan.
- Navigate offers and negotiations.
Is relisting the right strategy for you?
Relisting your home can be a smart move to achieve your selling goals. It’s an important decision that must be strategically made. Working with an agent and taking a thorough look at your situation is necessary to make the right choices. By understanding the reasons your home didn’t sell previously and implementing a strategic plan, you can successfully re-engage buyers and secure a sale.
Frequently asked questions about relisting your home
How long should I wait before relisting my house?
There’s no set rule, but generally, waiting a few weeks to a few months allows time for market conditions to shift slightly and for you to make any necessary adjustments. Your agent can advise on the best timing for your local market.
Will relisting my home make it look like something is wrong with it?
Not necessarily. Many homes are relisted. What matters is the reason for the relisting and the proactive steps you take to address any issues. A fresh perspective and new strategy can overcome past challenges.
Should I use the same real estate agent when relisting?
It depends. If you have a good relationship and trust your current agent, and they have a solid plan for the relist, then continuing with them can be beneficial. If you feel a new approach is needed, interviewing other agents might be a good idea.
What are the costs associated with relisting?
The costs are similar to your initial listing, including agent commissions when the home sells. You might also incur costs for any home improvements, staging, or professional photography you decide to do.