Having a deal fall through after being so close to selling can be extremely frustrating and stressful. Whether it was because the buyer had trouble obtaining financing, the home appraisal came in too low, or the buyers didn’t like what they saw on the home inspection report, the thought of having to go through the whole listing and selling process all over again doesn’t exactly sound fun.
Buyers who notice a property relisted might have raised eyebrows and suspicions about what could be wrong with the place. That’s the last thing you want prospective buyers to think, as such perceptions can get in the way of attracting any decent offers in a timely manner.
Luckily, there are a few ways to ease your home back on the market and lead it to a successful sale after your deal falls through the first time around.
1. Fix Any Issues
If your deal fell through as a result of an issue that was uncovered during a home inspection, then rectifying it is a no-brainer. The next buyers to put in an offer and request a home inspection will likely discover the same problem, which could entice them to quash the deal just like the first set of buyers.
Speak with your real estate agent about performing any suggested repairs that fall within your budget. If you’re not willing to fix the problem, at the very least consider disclosing the issues up front to prospective buyers, and think about reducing the listing price to reflect any new findings.
2. Come Up With a New Strategy
Putting your property on the market should involve a lot more than just reactivating your previous listing. Obviously, things didn’t work out the first time around, so now’s your chance to sit down with your agent and come up with a new plan of attack to make sure the next deal goes through.
Discuss the issues that lead with an incomplete deal, and pinpoint ways to prevent them from happening a second time around. Brainstorm new ways to market your home, and use different marketing materials. Revamp your home, and add a virtual tour and additional photos to generate interest.
3. Consider a Slight Price Change
You don’t have to lower the price too much to reflect the issues brought up in an appraisal or home inspection. But a slight dip in the price can do the trick to attract the attention of buyers who are looking for a property just under your price point.
Modestly lowering the price can also alert real estate agents who may not have noticed you property listing before because of its higher price. Many buyers and their agents use online tools that alert them of new listings that fall within their specified price range. Even a decrease of $3,000 can open the floodgates to a whole new set of buyers.
4. Wait a Few Weeks Before Relisting
Relisting right away can make other prospective buyers wonder what’s wrong with your home that it needed to go back on the market so soon after it was taken off. By waiting a few weeks, your home will show up as a “new” listing rather than a relisted one.
The idea behind waiting a while before putting your home back on the market is to prevent your listing from looking stale in the eyes of buyers. Rather than showing as “relisted,” having your property show up as a new listing with a whole new image gallery can attract an entirely new group of buyers who have never seen your listing before.
5. Stage Your Home to Target Buyers in the Area
After your first attempt at selling your property, you’ve likely learned a thing or two about the buyers in the area and exactly what they’re searching for in a home. Armed with this information, you can stage your home to more accurately suit the tastes and needs of your target buyers. For instance, if the area you’re in is made up predominantly of buyers in the millennial demographic who are looking for modern interiors, stage your home accordingly to appeal more to your target audience.
Getting stuck with a dead deal is never fun, but there are certain ways you can go about relisting your property to help boost the odds of a successful sale the next time around. Keep these tips in mind before putting your home back up on the market, and you should be on your way to a done deal.