Top 5 Things to Know Before Putting Your Home Back on the Market

If the listing or marketing agreement you had with your real estate agent and his or her company has, as the real estate industry says, “expired,” and you are looking to relist your property, make sure you educate yourself on the many vital factors that will influence the sale of your home.
Remember, there is only one reason why your home didn’t sell…and it isn’t price. While price is certainly one of these marketing factors, it is not the only reason why your home did not sell. As you re-evaluate the proper pricing strategy for your home, request an updated market analysis from your real estate agent, and make sure it details the current pricing trends for your overall marketplace, including:
1. Days on the market for properties in your specific price range
2. The list-to-sales price ratios for homes that have sold (the more recent the better)
3. Square footage cost (ask agents how and if cost per square foot may be relevant to price)
4. The number of price reductions or, where applicable, the number of price increases
5. The number of homes currently active in your price point

When re-evaluating price, keep in mind that in specific circumstances, a lower listing price can actually lead to a higher selling price. Because the laws of supply and demand essentially govern all pricing, a lower asking price can generate more offers on your home, ultimately resulting in a higher sales price. Discuss the current supply-and-demand metrics that may be influencing home values in our neighborhood with any agent you’re considering working with.

As a member of the Top 5 in Real Estate Network®, I make it a point to keep clients, friends and their families informed regarding vital and relevant real estate information through our Real Estate Social Networking System. If you know anyone considering putting their home back on the market, please feel free to have them contact me for a copy of There’s Only One Reason Why Your Home Didn’t Sell…and It Isn’t Price or simply forward this email to them. This information is vital and I will provide it free of charge and with absolutely no obligation.

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