Relisting my townhome after waiting about 90 days was the best financial decision I could have made. I had my townhome on the market for six months, but only received a few offers below what I asked. It turned out that my timing just wasn't right. After I pulled my house off the market, I waited about three months to relist it.
According to a recent article by Bankrate, some real estate agents relist as a tactic to make the home listing look fresh. However, I was more interested in getting a return on my money by waiting for a seller's market. The article offered a few tips for relisting a home. Most people are relisting because of a recovering housing market. I know I learned a lot from my first, unsuccessful attempt to well my townhome.
Learning from past mistakes
I paid closer attention to the remarks other real estate agents made that showed my townhome the first time. Before I put the townhome on the market again, I made repairs, redecorated and solved problems that may have deterred buyers in the past. One of the main comments prospective buyers had made was that my townhome didn't have enough storage space. I solved the problem by having a professional install shelves in my master closet as well as add an extra storage closet on the main floor. Experts say it's important to take constructive criticism.
Making low-cost improvements
The key to turning a profit was to make low-cost improvements instead of sinking thousands of dollars into my townhome. I trimmed the landscape in places that the lawn maintenance crew missed. I bought attractive welcome mats and curtains. I didn't have to spend more than a few hundred dollars to make cosmetic changes.
Staging the home to sell
I didn't stage my home at all when I tried to sell it the first time. I sold my townhome in only one day after re-listing it. I received three offers. By staging the townhome, I could show off all the assets. Also, it was easier to stage the townhome by moving out of it. Fortunately, I had another home that I could move into while I waited to sell my townhome. Without all the clutter, my townhome sold right away.
Hiring the right agent
Although I loved the first Realtor I hired, he didn't have the time to show my townhome. He relied on other agents at his office to show my townhome. When I relisted the home, I chose a different Realtor who devoted herself to personally show my townhome. She had been in the business for a long time. By networking with other Realtors, she was able to bring through more than a dozen prospective buyers the first day.
Raising the price
Although some experts will suggest a seller reduce the asking price, I raised it. A price drop only gave buyers the idea that I wanted them to take the townhome off my hands. In reality, people were knocking on doors asking homeowners if they would be willing to sell their units. With inventory low, it was easier to ask a higher price. I received the full asking price for my townhome, which means I walked away with about a $30,000 profit after living there for two years.
If I had not relisted my home when I did, I would have regretted it. I was able to use the profit I made to put down on a new house. I'd much rather be in the position of power in a seller's market than give away my home in a buyer's market. Instead of feeling like a failure when I couldn't sell my townhome the first time, I learned from my mistakes.
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