Selling a home takes a lot to get results, and, to get the right price. Many homeowners believe that a good deep cleaning, a few freshly planted colorful flowers, and the right listing price will be enough to attract qualified and interested buyers. However, there's much, much more that goes into selling a home. When a home is readied for sale and placed on the local multiple listing service, it starts its time on its days on the market.
In the month of March, the average days on the market was 89, across the nation. That represents a decrease from the month over month and year over year of 12.8 percent, according to the National Association of Realtors. Price, of course, is what largely drives the number of days on the market a home will remain listed for sale. Here in Sarasota, the median list price in March stood at $320,000, an increase of 15.1 percent in year over year figures, and, an increase of 1.6 percent in the month over month statistics.
When a home is first listed for sale, it begins to acquire a reputation. This isn't necessarily a bad thing, but the longer it remains on the MLS, the less interest it will generate. It's not difficult to figure out why this is so. Buyers take notice of how long a home has been for sale. The longer the time period, the more buyers believe two things: the price is quite negotiable, meaning the seller is desperate, and, the home isn't in salable condition. When this begins occur, it's probably time to relist.
Common Reasons Homes Don't Sell
There are certainly many reasons homes do not sell. Price, obviously, is one such reason. Some sellers insist on listing their homes just above market value to give buyers the opportunity to negotiate the purchase price down and therefore, get the full value from the true worth. However, this tactic can easily backfire. Other sellers also price their homes above market value and figure the market will "catch-up," so, they'll eventually get their price.
"If a home lingers on the market too long, it begins to acquire, well, a reputation. Deserved or not, the home may be perceived by buyers as flawed or overpriced. So in the interest of avoiding a bad rep—or becoming the real estate equivalent of the last kid picked for kickball at recess—some sellers pull their listing from the market and take some time to reassess and, eventually, relist." --Realtor.com
Still other sellers simply won't put in the effort (read: money) to get their properties in show-able and marketable condition. It can also be the case the seller isn't committed and lacks the motivation to make their home available for showing when necessary. While this sounds preposterous, it's usually due to the fact they are emotionally attached and/or facing unwelcome change. Regardless of the reason, if the goal is to actually sell their homes, sellers might have to relist their properties.
How to Relist a Home for Sale
If you have tried selling your home and did not succeed, there's obviously reasons why. The first thing to do is cancel the MLS listing, as well as any advertising you're running. These are important because both will only serve to confuse buyers once your property is relisted. Then, do the following to relist your property for sale:
- Take stock of the past. Being open and honest about why your property didn't sell isn't necessarily going to be pleasant, but it is necessary. Have your listing agent contact both buyers who toured your property and their agents to learn about any objections.
- Start over from a blank slate. Once you know why your home didn't sell, it's time to give it a fresh start by creating a blank slate. Go through every room and take careful notice of what might turn off buyers. Put yourself in their shoes and that will give you the right direction.
- Make small, strategic improvements. Neutral interior paint does wonders for dressing up a home. Along with it, plenty of light, new bath and kitchen towels, and a few colorful plants for more curb appeal are great, low cost improvements.
- Stage your property for maximum effect. It's not enough to depersonalize each room, the spaces also have to appear and feel spacious. You might consider renting smaller furniture, or, rearranging the furniture to provide more space.
- Take updated photos for marketing. When you relist your property, it should be accompanied by plenty of updated photos which showcase the best selling features. Remember, 90 percent of all home searches begin on the internet.
- Rethink your marketing. Not only will you need new photos, you'll also need to rethink how you marketed your property previously. Virtual tours and video are powerful mediums and can entice buyers into scheduling a showing.