What happens if you list your house for sale and it doesn’t sell? There are four reasons your home may not have sold: The Marketing, The Price, The Market Has Changed, or The Staging Does Appeal To Buyers. Fret Not! If you list your home and it doesn’t sell, take it off the market and re-list it.
It's better to relist than become stale!!
Active buyers are combing through 10-20 listings a day. So, if very few active buyers view your home within the first week it’s on the market, your need to reevaluate the staging, the price, the marketing, and the overall market. The same goes for if you were holding off on offers, and you received none. When we list homes for sale, we give our clients a marketing plan, and in that plan, we will state that in X weeks… if we have not sold… then it’s time to revisit the price, the marketing, the staging, and the overall market. If you priced your home below market value to get a bidding war and it doesnt sell on the offer date, we relist your home at a higher price.
Stale is a subjective term. While a condo sitting on the market for more than a month is considered stale, some homes can take an average of several months to sell. Custom homes, country properties, historic homes and specialized homes appeal to a much smaller buyer pool, and so take a few months to sell.
How do we know if it's the price, the staging, the marketing, or the market?
We track the views of all our listings on Realtor.ca, Sothebysrealty.ca, and, SIR.com. With that information, we can see the size of the buyer pool for your neighborhood and price range in real time. We then compare views with showings and decide:
- If we have 1000’s of online viewers, and only a couple showings, then it’s either the marketing, the staging or the price that has prevented your house from selling.
- But, if we only have a few viewings online, then it’s a dip in the market. In that case, it’s best to take the home off the market for a week or two and relist it.
- If we have 1000’s of online viewers, the marketing is top-notch, and we still have no showings, then it’s the price.
the best way to relist your home if it doesn't sell
Regardless of the reason your house didn’t sell, it’s best to start fresh with a new listing of your home. That way all the buyers view the home with a fresh perspective because it’s shown as a brand new listing.
Are there rules as to how long you must wait before relisting a house?
No, but agents must practice common courtesy or face being reported to the local real estate boards. In marketing, marketers measure frequency as how many times a potential buyer sees a product. We think of selling homes the same way, we want buyers to view you home online as many times as possible. However, there is a point where buyers get turned off by the frequency they see the home.