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    Real Estate
    Tuesday, May 14, 2024

    Relisting your home after time off the market

    Every homeowner who puts their home up for sale hopes for a quick, profitable transaction. So it can be particularly demoralizing when your property languishes on the market for several weeks or months with no interest from buyers.

    In other cases, you'll have a buyer lined up only for the deal to fall through before closing. Perhaps the appraisal came in too low or the buyer wasn't able to secure financing for the purchase.

    Whatever the reason for relisting your home, you'll want to take steps to increase your chances of success the second time around. You'll need to assess why buyers may have avoided your home and work to improve its appeal.

    Relisting your home gives it a fresh chance on the market. Michele Lerner, writing for the National Association of Realtors, says properties are more likely to gain a negative reputation when they remain unsold for a long time. Buyers may worry that the home is overpriced, in need of significant repairs, or otherwise flawed.

    Each market will have its own rules on when you can relist your home. You may have to wait a few months to put your property back on the multiple listing service as a new listing, but this delay will give you time to prepare the home for the next batch of buyers.

    Try to pinpoint why your home didn't sell within a reasonable amount of time. Sometimes the answer is obvious, such as when a buyer backs out because a home inspection reveals unexpected problems with the structure. If you solicited visitor opinions at an open house, these can offer constructive criticism about why potential buyers decided to pass on your property.

    Several factors can reduce the chance of a sale. Reméo Realty, a real estate company in Huntington Beach, California, says buyer reluctance may be traced to one of these issues of a combination of them.

    Buyers may be turned off by the condition or style of the home. The marketing campaign may have been insufficient to attract buyers. Or the price may have been too high for the market or neighborhood, particularly if there is a lot of competition from other homes.

    Minor improvements can have a big effect on the home's appeal. Michael Estrin, writing for the financial site Bankrate, says you can make low-cost improvements such as giving your rooms a new coat of neutral colored paint. You can also take steps to improve the curb appeal, such as trimming the trees and putting in some new plants or shrubs.

    If a sale fell through because of problems identified in the home inspection, you'll have to decide whether to fix these issues or disclose them. Laura Agadoni, writing for the real estate site Trulia, says problems identified in an inspection will have to be disclosed to other buyers, and may continue to stymie a sale after relisting unless you repair them. Alternatively, you can lower your asking price to account for the work a buyer will need to complete on the home.

    In some cases, the lack of interest is due to poor quality photos in the listing. Lerner says professional shots with adequate lighting can make your home look much more appealing. Try to avoid taking photos on cloudy days or when your home has a grungier appearance, such as when the lawn has piles of dirty melting snow on it.

    Staging can make a big difference. Estrin says you should declutter your home and remove personal items, such as family photos, to help buyers envision themselves in the property. Lerner says you can also consider which buyers you are trying to appeal to and hire a staging company to outfit your home with a matching style.

    You may need to rethink what kind of buyer is most likely to be attracted to your home. For example, Reméo Realty says you can realign your marketing to focus on strengths such as how the home is good for entertaining or is located in a quiet area.

    Decide when you want to relist the home. It is possible to find a buyer in any season, but Agadoni says demand might slow down during the holidays and winter. You can also take a look at the competition and see if there are a lot of comparable homes that might attract the same buyers. Timing the new listing right can put the property on the market at the same time that buyer demand is picking up.

    Determine whether the price is right. Estrin says you should look at the market to see if there have been any significant changes since the first listing, such as an increase or decrease in inventory. If market conditions have remained relatively unchanged, or if dozens of buyers have stopped by and none has made an offer, a price reduction is likely in order.

    When reducing the price, consider how buyers will be setting their parameters. Lerner says you can appeal to a whole new set of buyers by bringing the price down to a level that will meet a certain price threshold. For example, a home originally marketed for $205,000 won't appeal to people who set their limit at $200,000, while dropping the price to $199,000 will get their attention.

    Consider your relationship with your real estate agent. Agadoni says it is often worthwhile to work with the same agent to find a solution. In other cases, though, you may decide that the agent is not a good match for your needs. Estrin says that if you decide to switch agents, you should talk with several candidates to find one who is best suited for your situation.

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