What you should know …
- Relisting a home isn’t an enviable position for any seller. Generally, when a home is relisted it is because something went wrong the first time, and for many sellers, trying again to sell the home raises more questions than answers.
- A true relisting is defined as having a 90-day gap between the time the property goes off the market and when it comes back. In that scenario, many real estate agents say it isn’t always price that kept the property from moving.
- According to one real estate expert, when relisting a home, the first objective should be to tackle the questions of why the home was removed from the market in the first place. It could be a number of reasons – financing failing to come through, an appraisal coming in lower than expected, or the house being relisted at a lower or higher price – but the best answer is always the truth, no matter what it may be.
- Sellers relisting their home after three or more months off the market should listen to comments from their REALTOR®. The best place to start is with a post-mortem on what went wrong the last time.
- After a listing ends, homeowners should ask their REALTOR® how the market perceived the home. The answers to this question should guide future strategy, especially if a number of other real estate agents and buyers raise the same issues.
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