Things To Consider Before You Take Your Home Off The Market
Posted on: 13 December 2016
If your home hasn't sold in what you deem a reasonable amount of time, you might get frustrated and tell your real estate agent to cancel the listing. While it's true that this might be the right approach, you should take care to avoid acting in a rash manner. There certainly may be a legitimate reason for taking your home off the market, but in many situations, the right strategy can compel you to keep the real estate listing active, and you may end up selling your home quickly. Here are some things to consider and discuss with your agent, before you seriously think about taking the home off the market.
Investing In Some Renovations
It's possible that the house hasn't received many serious offers because it's in somewhat of a state of disrepair. If your real estate agent indicates that this issue is an obstacle to selling, you might wish to invest in some renovation projects instead of canceling your listing. Your agent can identify the areas in the home that can most benefit from a facelift. Generally, renovating your kitchen and bathrooms can often yield a high rate of return. Although there will be a cash investment on your behalf, this may be the difference between selling the home and taking it off the market.
Reducing The Price
Few sellers want to settle for a lower price than originally expected, but it's possible that the listing price of your home is a little too steep. Discuss the current price with your real estate agent and ask about the price he or she believes would be enticing to prospective buyers. If you can accept this financial reality, consider reducing the price of your home. Remember, doing so will yield less money, but it can also allow you to sell the home more quickly.
Marketing The Listing More Aggressively
In some cases, a rigorous marketing campaign can help renew interest in a home that has sat on the market for a long time. Talk to your agent about the marketing approach that has been taken and what might be able to be done differently — especially if paired with the unveiling of some renovations and a price reduction. For example, the agent might be eager to host multiple open houses, including open houses held exclusively for buyer agents, who can then share your listing with their clients. Aggressive online marketing in the form of mailing lists can also be helpful.
Share