Home movies are on the rise. Redfin reports that nearly 45,000 homes that were taken off the market last year were relisted in January – the highest number of January relistings since 2016. If you’re thinking about relisting your home, consider these six tips to ensure you secure a successful home sale.
It is important to find out what caused your house to not sell in the first place. The listing price of a home is an obvious selling point in today’s housing market. Before you decide what your price will be this season, find a new set of recent sales that are comparable.
Redfin’s chief economist, Asad Khan, notes that there is an increasing number of consumer markets in the current economy, which require more flexibility from sellers.
“Homebuyers are already getting discounts because there are more homes for sale than there are people looking to buy, and those discounts are likely to grow if listings increase supply,” Khan said in an analysis. “Some sellers will be more flexible in price when they withdraw because they’ve been burned once.”
Resetting your listing’s “days on market” is a frequent reason to resubscribe. However, the published price history can make the strategy more visible.
Fresh paint and cosmetic improvements to your home can refresh your inventory. Updated photos can highlight improvements and pique buyer interest – perhaps enough to ignore a history of ups and downs.
Alex Rivlin, founder and group leader of The Rivlin Group in Las Vegas, says that for sellers who want to re-register, it may be time to get a different perspective from a new real estate agent.
“That second agent has an easier time bringing the seller to reality,” he told Yahoo Finance, adding that some sellers confuse the perceived value with the actual value of the home. “A second agent comes in and assures them that this shouldn’t be listed at $525,000. It should have been listed at $500,000 the whole time.”
Real estate firm Remax says “the biggest mistake sellers can make when re-listing is to use the same content, photos and information and raise the price.”
To make your list more appealing and different from previous efforts, improve your approach by using technology such as tours, 3D walkthroughs, and videos. These tools, including drone shots to highlight special features or the environment of the property, help to present your home in a new and attractive way.
However, don’t be too harsh on the house by using AI to improve features that fall short of individual testing.
And leave the online house hunter looking for more. Rivlin gave an example of a list showing the four angles of each room.
“They added 127 photos. There is photo fatigue,” said Rivlin. “People can only click so many times before they get tired of it. And you leave nothing to the imagination. If you show them everything the home has, they don’t need to visit the home.”
A home inspection by a licensed appraiser is another tip.
“What we do is we vet the buyer, right out of the gate, and they feel like they’re buying a better home,” Rivlin noted, adding that buyers are often concerned about the costs they may have once they move.
As a final piece of advice, Rivlin cites the “three Ps” of the real estate industry: “Put a yard sign, put it on the MLS, and pray for a buyer’s agent to land a buyer,” he said.
But that is not enough. Homes for sale in a tough housing market need advertising that “pleases buyers,” not a listing that waits for someone to search for them online.
“There are a lot of agents who can go to show homes, and they can list homes, and organize and coordinate everything, but they’re not necessarily sellers,” he added.
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