If you tried to sell your home once already and failed, how long should you wait before trying again?
The official reset time period for the MLS is 60 to 90 days, but buyers tend to be active on the market for anywhere between six and 18 months. This means the MLS will reset your house’s number of days on market back to zero, but the buyers won’t be fooled. They’ve been watching homes roll through for much longer to see what kind of deals they can get.
What does this mean for you? You can either wait an extremely long time to try again and do it the same way in the hope of introducing yourself to some new buyers, or you can jump right back in and correct all the problems that caused your home sale to fail in the first place.
Generally, these problems are limited to two areas: price and condition. The two of them almost go hand in hand; you can offset condition issues by price, and vice versa. The tendency is to assume your failure had more to do with poor marketing on behalf of your agent. While that can certainly be true, more often than not, it boils down to factors that you control yourself.
IF YOUR HOME IS OVERPRICED, YOU WILL COMPETE IN THE WRONG MARKET & DRAW THE WRONG BUYERS.
If you’re overpriced, that dictates who you’re competing with, meaning you’re competing with the wrong houses and have the wrong buyers looking at your house. You’re doomed to fail right before you start. If you’re under-conditioned, nobody will want to buy your house. They’ll consider it all the way up until another home comes along offering them a better value or better condition for the same price.
At the end of the day, you’re better off hiring a new agent, making a rapid course correction, and jumping right back into the fray.
If you’d like an evaluation or some assistance with trying to resell your home with a different agent, we’d be happy to help. If you have any other questions, give us a call or send us an email. We look forward to hearing from you!