Selling a home is no easy or quick feat. It takes a lot of preparation, patience, and the right pricing to attract attention. Here in Orlando, buyers have so much choice, they can opt to purchase new construction, like a residence in The Pointe at Hunter’s Creek. There are also a number of resales to consider and with such competition, a healthy market, the reality of having to pull a home off of the multiple listing service and having to relist it isn’t far fetched.
Even well-priced homes sometimes linger on the market, and, there are several reasons why a house doesn’t sell. It could be the size in relation to the neighborhood, the overall condition, too much personal customization, or, just incorrectly priced without adjustment. Whatever the reason, if you’re in the position of having to take your home off the market and relist it again, it certainly doesn’t mean you won’t sell this next time around.
Common Reasons Houses don’t Sell
Price is perhaps the leading reason a home does not sell. What might surprise you is the fact that it’s not always because the price is set too high. In some instances, homeowners eager and needing a quick sale put their homes on the market at a substantially reduced rate. This can create a perception there’s something wrong with the home, scaring otherwise interested buyers away. However, this is rare, but of course, pricing a home above market value, is far more common. Sellers taking this position believe it allows for negotiation but could very well sabotage their own efforts.
“There are no ifs, ands or buts about it. When buyers see extensive days on market, they figure the seller is desperate to sell because the home is still on the market. Buyers also believe there might be something wrong with the home that caused other buyers to pass it up. Both of those assumptions, however, can be wrong.” —About.com
Another very common reason a home doesn’t sell is because the owner simply won’t make necessary changes, repairs, or whatever else might be required. The rationalization is the property won’t be owned much longer. Being emotionally attached and not willing to actually participate in the selling process is also a reason a home doesn’t sell.
How to Relist a Home so It Sells
If you have listed your home for sale and did not succeed, there’s at least one reason why that happened. Here’s how to proceed to relist your property and get it to sell:
- Cancel the listing and advertising. Pull it from the MLS and stop all advertising. Wait as long as your seller’s agent recommends to place it back on the multiple listing service so you don’t confuse buyers’ agents and home buyers.
- Find the reasons why it didn’t sell. You’ll have to be completely honest and get to the truth of the matter. By having an unbiased look back into the past, and, at the home itself, you’re bound to uncover some reasons why.
- Make strategic, and smart, improvements. You don’t necessarily have to renovate the entire house or make big, expensive changes. Little improvements have a big impact and can really transform spaces. You might have to replace appliances or make other improvements, but, these will bring a good return on investment.
- Stage your home properly. This does not mean just depersonalizing each room, it means creating a better, more open flow, and be more inviting. Rearrange furniture, or scale it down, declutter countertops and storage areas; and, spruce up the curb appeal.
When your home is ready, take new photos and revise the listing description. You should create an entirely new perception and also be willing to rethink your marketing.