With several different sellers recently asking the same question about the real estate market, I’m sure there are many more with the same questions or concerns, which prompts a timely topic for this article.
In the past few months, I have had several sellers call me when their homes did not sell and the listing has expired or cancelled. They still need to sell and want to know why their homes haven’t sold and what their options are moving forward.
Should You Re-List or Keep Your Home Off The Market?
So much of this answer will depend on the reasons you are selling your home. If you are moving out of state or have already purchased a new home, waiting might not even be an option. In last month’s article, I discussed how waiting to sell in today’s market could cost you more. You can read that article on my website under the blog section. Here are some things to consider when deciding if you want to re-list or keep your home off the market.
Timing
Certain times of the year are better to sell than others, depending on what type of buyer your home appeals to, such as second homebuyers or buyers who are downsizing or moving up. Sometimes, just taking your home off the market for a while and re-listing later can make all the difference. However, right now, we are in our peak selling season, so it’s a great time to have your home listed. You don’t want to take it off the market just yet.
Pricing
The first thing to look at, and the most obvious is was the home priced too high. Overpricing will prolong the inevitable and usually costs you more in the long run. Some sellers want to give themselves some cushion, they want $450,000 for their home but list it at $475,00 to give themselves negotiation room. By doing so, however, they may be losing out on buyers who are searching only for homes up to $450,000, as well as others who see the home as overpriced.
If I Re-List Will The Days on Market Go Back to Zero
The MLS keeps track of how many days a home has been on the market. There are two numbers, which will show on the listing CDOM/ADOM 324/85—Cumulative Days on Market and Agent Days on Market. If your listing was cancelled or it expired, when you re-list your home, the Agent Days On Market will be reset and start from day one again. However, the Cumulative Days on Market shows how many days in total the home has been listed and the new agent’s days will just add to the previous agents.
I have been asked, “If my home is off the market for 30 days and then re-listed, will the Cumulative Days on Market go back to zero?” Unfortunately not. The home has to be off the market for 90 days for the Cumulative Days on Market to reset.
Benefit of Re-Listing
No matter how long your home was listed previously, when you re-list, the Agent Days on Market will start from day one, and it will show in the MLS as a New Listing. Any buyers who have a search set up for homes like yours will automatically be sent your home again as a new listing. A lot of buyers don’t actually look at the days on market until they have seen the house and are considering writing an offer.
While most Realtors will do a great job listing your home, there are always those few who couldn’t sell a house if it was free (we’ve all seen their pictures on the Internet). If you are going to re-list with a new Realtor, now is the time to do your homework and find the right Realtor for you—someone who knows your area, has top notch marketing and proven success in selling homes in your neighborhood.
Spruce it up
Maybe your home doesn’t show as well as it could. A lick of paint or deep cleaning can make a huge difference on how bright, clean and open a home feels. If you read my articles, you will know I talk about staging a lot. That’s because it really can make a big difference as to how your home shows and how quickly it sells. You don’t have to spend thousands of dollars to have it professionally staged. Most of the time, you can use what you already have. It just needs some tweaking. If the home is vacant, just a little goes a long way. Adding a few things, such as pictures, vases, or plants really helps the photographs with added color and focal points instead of just bare rooms.
If your home didn’t sell and you are considering your options, please contact me for a free no obligation consultation.
Lorraine Ryall has been a Multi-Million Dollar producer for the past nine years. If you are thinking of buying or selling and would like more information or a market analysis, please contact her at Lorraine@Homes2SellAZ.com, or call (602) 571-6799. Visit her website at Homes2SellAZ.com.