If you’ve attempted to sell your home in the past but didn’t find success—what’s your next step?
In this situation, I typically see homeowners do one of four things. Today, I’d like to discuss each one of these routes and what they achieve.
1. Relist their home with the same agent. Every situation is unique. However, by looking at certain statistics and market averages to how a listing performed, you can generally discern how your listing differed from the norm. For example, the average amount of time a home spends on the market in Orange County is just over two months. If your agent was unable to sell your home with a four, five, or even six-month contract—this does not bode well for you. My team and I, for example, typically sell our homes in just under 28 days. If your agent wasn’t able to sell your home the first time, they aren’t likely to be able to do so on their next try.
2. List their home as For Sale By Owner. While although 2% of homes on the market do sell this way, the remaining 98% of homes are sold through a Realtor. Typically when a homeowner chooses to list this way, they do so because they believe it will save them money. However, listing your home without the assistance of an agent actually involves a lot of unexpected work and costs that people often forget to consider. For example, in order to bring buyers to your listing, you may have to pay a buyer’s agent to do so for you. Additionally, the average FSBO listing will sell for 11% to 17% less than if it was listed with an agent. Instead of focusing on what you are paying in the process, it is much more important to consider the money you will walk away with at the end of the transaction.
3. Give up. Life doesn’t always work out in the way we’d like it to. As difficult as it is, the key to getting back on your feet after a failed listing is by not letting your emotions drive your decisions. Instead, think back to why you were selling your home in the first place. No matter the reason, it likely still important to you even after your home failed to sell. Just because you were unsuccessful doesn’t mean your home is impossible to sell.
4. Interview different agents. In my opinion, this is the best option. Speaking to different agents about their strategies, networks, and pricing options can give you a better idea of what is possible for your home. Not all agents are created equal, and selling a home isn’t easy. Finding the agent who will be best-suited to take on your listing will make a massive difference in your success.
If you’d like to know what my team or I can do for you, have any other questions, or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.