real estate

Try, try again: 6 tips for relisting a home

Should you reduce the price?
Should you reduce the price? © zimmytws/Shutterstock.com

Reduce the asking price? That's perhaps the most common question sellers face when they return to the market after an unsuccessful first attempt to sell a house.

"A price drop is not always necessary when relisting your home," Malow says. "It depends on a number of factors. Has the market changed at all? Has there been a drastic drop in inventory? Are you relisting during a seasonal high point? You have to take all of these conditions into account when putting your home back on the market."

According to Malow, sellers should consider cutting the price if some or many of the market conditions remain the same as when the house was on the market the first time. But for sellers looking for a more basic guideline on pricing, Malow suggests looking at the ratio of buyers who looked at the property to offers made.

"A general rule of thumb is if 40 buyers have seen your home and you have not received a single offer, your home is overpriced," he says.

Agents say area comparables should guide pricing on a relisting, especially if the home has been off the market for six months or more.

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