Home Relisting Advice – What Should You Do If You Took Your Home Off the Market? - Many homeowners hoping to sell their home take it off the market during the holidays, only to relist it once the New Year rolls around. After all, there are less buyers actively looking to purchase a home during November and December. And, many sellers simply don't want to rearrange their holiday plans if a prospective buyer wants to tour the home. If you took the “For Sale” sign out of the front yard and want to relist your home, here are some tips you need to follow first:
1. Make all necessary repairs
While it is true that more prospective buyers start looking after the holidays, many actually wait until March or April. Market experts say that's because consumers rack up credit card bills over the holidays, and spend January and February trying to pay down the balance. So, since you’ve got some time, use it to make sure your home is in perfect condition!
2. Meet with several realtors
If you already have a realtor picked out, great! But if you don't, take the time to interview two or three before selecting who is going to be your real estate agent. While this may seem time-consuming to you, realtors know that home sales pick up in the spring, so they'll make sure to fit you into their schedule. Each will tell you why they believe they are the perfect agent to list your home, all in hopes of getting the listing, selling it, and earning a paycheck. Remember, they don't get paid until your home sells, so time is of the essence for them as well!
3. Make sure the price is right
Nope, we aren't talking about the game show that Bob Barker hosted for so many years! But similar to contestants on “The Price Is Right” who have to guess the retail price of an item, you need to make sure that you accurately estimate the worth of your home. If your home was listed for several months last year without selling, ask each realtor you meet with why they think the home didn't sell. Be prepared for the honest truth, but know that they are only telling you so that you can make the necessary changes in order to sell the home this time around. Most times, selling problems are a direct result of the price tag. Too many homeowners overvalue their home, and then have to reduce the price after it doesn't sell. By listing it at the correct price, your home is much more likely to sell than the overpriced one down the street. In addition to asking your realtor or hiring an appraiser to do an appraisal, compare your home's price with similar sized ones in your neighborhood, or surrounding subdivisions that consist of homes of the same age, value, and size.
4. Take your local market into account
The health of the local housing market varies from city to city, but in many towns across the country, there is currently a lack of home inventory. This plays to sellers’ advantage because an increase in eager buyers, coupled with a decrease in the number of homes for sale, means bidding wars. If this is the case in your local community, the time to list is now! If there is a larger inventory in your local market, perhaps you can wait a few weeks to see if the market suits you better down the road. However, if your home is in good shape and is priced correctly, any time of the year should be a good time to relist.
Good luck, and hopefully you'll sell your home soon!
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