Just about anyone can find themselves struggling to sell their home, for a multitude of different reasons. Perhaps a firm offer has fallen through, the market conditions aren’t right, or your home simply isn’t appealing to buyers. If you have ever experienced the frustration of attempting to sell your property with little interest or realistic offers, you will know how disheartening if can feel. For this reason, many homeowners are tempted to take their property off the market entirely – and relist at a later date.
In the right circumstances, relisting your property can be a sensible strategy. With this in mind, we’ve taken a look at the reasons why sellers might relist their homes, potential pitfalls and tips to ensure your property sells quickly the second time around.
The most common reason vendors decide to remove their property from estate agent’s listings is that it is taking too long to sell. Whilst everyone’s individual timeframes (and view of how long is too long) will be different, do bear in mind that the average UK property takes around 100 days to sell. Sellers may decide that relisting is the best option for a variety of motivations. These include:
Relisting a property is not without its pitfalls, so it is worthwhile considering some of the risks involved before you make the big decision. The first, obvious issue is that whilst your home isn’t on the market, buyers won’t see your property. This can raise nagging doubts that your perfect buyer may have missed out during this time.
If you are thinking of relisting your home just to make it rank higher on online listings, be wary. Buyers are increasingly savvy and will spot that a house isn’t actually “new” to the market. Whilst it can help with reducing days on the market, this may also mean that potential purchasers are suspicious of why the property has been relisted. It could suggest that there are major problems – a first impression any seller wants to avoid.
Another risk when relisting your home (especially at a lower price) is that buyers may believe that if they wait long enough (even to arrange a viewing, yet alone make an offer), the price may be reduced again. This is a serious consideration but can be mitigated by fresh photography and presentation – showing your home in a new, positive light.
Having carefully considered the potential risks involved with relisting, if you’ve decided to go ahead with removing your home from the market – make sure you’ve done everything possible to make its second debut a success. From the price to presentation, think carefully about why it didn’t sell before and make sure you’ve addressed these issues.
Make sure you’ve done your research on the price that properties are actually selling for in your area. Look online and talk to your estate agent, as the eventual sale price may not always be the same as advertised asking prices. Your estate agent will be able to give a realistic valuation, especially taking into consideration how quickly you are hoping to sell.
When relisting your property (and if you haven’t undertaken any major improvements), do try to make a meaningful change to the asking price. This sends a message to buyers that you are serious about a quick sale. As a final tip, try to also stick with round numbers. Property search portals often allow buyers to search in bands (i.e. up to or between £300,000 – £325,000 – £350,000 etc.) – so if your property is just above or below one of these numbers, then you are likely to miss out on hits.
In addition to taking a look at the price, cast a critical eye over your previous property listing to figure-out why it didn’t sell the first time. Your estate agent will be able to advise again here, and it is also worth asking family and friends for their honest opinion. If nothing springs to mind, take a look at other similar listings in your area. Create a list of all the ways that these houses are different to yours. Could this give you any clues? There may be some things that you are unable to change (for instance the size of the garden) – but if you spot differences such as updated décor, fresh paint, new kitchens or smart front lawns – consider a spruce-up of your property.
Presentation is so important for both photography and viewings, so make sure that you have thoroughly decluttered, tidied and smartened your home. Don’t forget small details such as clean windows, mood lighting and fluffed-up cushions, as well as the more obvious areas such as kitchens and bathrooms. If you are relisting, getting new photographs taken (alongside a freshen-up) will showcase your property in its best possible light.
If your property seems sensibly priced with no major flaws – was your agent working hard enough for you? Whilst this isn’t a decision to take lightly, if you have come to the end of your contract (including any tie-in periods), then a change of estate agents might work in your favour. A new, enthusiastic representative might be just the thing needed to get your listing off to the best start. With a brand-new listing, they may be more invested in achieving a quick sale at the best possible price.
If you are making a swap, don’t rush your decision. Take a break of at least a couple of weeks between listings and ensure you have thoroughly researched potential new estate agents to ensure any problems aren’t repeated.
If you’re relisting your property, make sure you’ve carefully considered your reasons for doing so – as well as the things you can do to ensure your sale is a success the second time round. With careful consideration of pricing, presentation and your property experts, relisting your home could be the boost needed to get your sale over the line.
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