Relisting to Sell at a Higher Price
January 2024 is witnessing some gradual pick up in home prices, which is making some sellers wonder if they priced the home right, or if they should relist to sell at a higher price.
A word of caution is that relisting at a higher price does not imply over pricing your property. In any given market condition, a home will sell as per the prevalent trends. In 2021-2022 homes sold well over their asking price, which ultimately prompted the much needed market correction enforced through interest rate hikes and property appraisals. 2023 witnessed a softening in home prices as a direct result of this. Check out what home prices looked like across the GTA in December 2023 and the entire year.
In this post, allow us to present what relisting generally entails and weigh the pros and cons.
Relisting to Sell at a Higher Price – Is it Effective?
If your initial attempts to sell your home fall short, is it worth giving it another shot at a higher price? In today’s Canadian real estate landscape, selling a residential property can be challenging, whether due to the listing price or increased borrowing costs. In a more balanced housing market, relisting becomes a more common practice.
Relisting involves reintroducing a property to the real estate market after its initial listing.
Relisting is done for various reasons:
1. The initial listing period expires without a sale.
2. The property was under contract, but the deal fell through, necessitating a return to the market.
3. Sellers feel that the property was not priced correctly, or that the market has picked up in prices.
4. Sellers opt to make repairs or renovations before relisting for a better offer.
5. The seller chooses to relist at a different time based on market trends.
Does Relisting Work?
Relisting aims to find buyers and provide a second chance to sell a property.
Relisting at a higher price can be successful in certain situations. A property that lingers on the market unsold may develop a negative reputation. Sellers may take the listing off the market, reassess, and relist to avoid complications. However, this process requires tact, strategy, and diplomacy.
If a property has been stagnant on the market, relisting can make it appear fresh and new. As per RE/MAX, the desirable days-on-market (DOM) time is around 33 days, and if a property doesn’t sell within this period, relisting with a revamped look may attract more attention from potential buyers.
Cons of Relisting
However, there are risks associated with relisting at a higher price. It may create the impression that the property didn’t sell initially due to issues. Buyers might be hesitant to pay a higher price, and some may make lowball offers.
Pros of Relisting
Despite the risks, relisting offers advantages. It resets the days-on-market clock, presenting the property as newly listed, potentially attracting new buyers. Sellers get another chance to enhance the property’s appeal through repairs or renovations.
Relisting to Sell – Doing it Right
If you decide to relist at a higher price, ensure high-quality professional photos, a virtual tour, and clear outlines of the property’s features. Adjust your selling strategy based on previous responses to avoid a stale listing. Doing it right may attract a new group of homebuyers and increase the chances of a successful sale.
Why Sell with Team Kalia?
We proudly rank among Mississauga’s top Realtor teams, focusing on Mississauga and extending our services to the broader GTA region, including: Milton, Brampton, Oakville, Burlington, Hamilton, Toronto, Georgetown-Halton, Kitchener-Waterloo-Cambridge, Durham Region and York Region markets.
Experience the advantages of our comprehensive listing services:
1. Accurate Home Evaluation: Receive a precise, data-driven assessment for your home or condo.
2. Pre-Listing Inspection: Secure a higher selling price and a seamless closing process with our pre-listing inspection.
3. Swift Repairs: Address home repair and upgrade issues before listing through our handyman referral services.
4. Effortless Cleaning: Prepare your home hassle-free with our cleaning services.
5. Professional Home Staging: Enhance your property’s appeal with top-notch home staging from professional companies.
6. Enhanced Curb Appeal: Connect with landscaping services to elevate your property’s visual charm.
7. High-Quality Photography: Benefit from top-tier HD photography for all our listings.
8. Drone Photography and Videos: When needed, enjoy drone footage and HD videography for your home.
9. Outstanding Marketing: Our listings receive best-in-class social media and internet advertising.
10. Selling Assurance: Avail our 30-day home sold guarantee with every listing.
Read testimonials from satisfied clients who trust Team Kalia, valuing our expertise and reputation. Remarkably, over half of our business comes from returning clients and referrals, reflecting our commitment and impact.
Read more on other topics of interest, if you are looking to Sell Your GTA Home or Condo:
What’s my home worth? Find a quick online answer here and for a detailed Free Home Evaluation, contact Team Kalia at 905-339-5111.
Homes on my street
Buy or Sell First
Why homes do not sell
Preparing home for sale
Successful Open House
Top reasons why You should List with Team Kalia!
Take Advantage of Our Combined 27+ Years of Experience!
Team Kalia is among one of the top performing REALTOR® Teams in the City of Mississauga. Take advantage of our superior selling to asking price ratio and fewer number of days on market to net more dollars in your pocket and to sell your home faster.
Power of the RE/MAX Brand
Adding to our credibility, we collaborate with RE/MAX, a reputable brand responsible for selling a significant portion of homes in Canada.
Our Core Strategic Strengths
Our pricing strategy ensures you set the right asking price, with a remarkable 98% “Sold Price to Asking Price” ratio, surpassing the industry average. This could mean 2% more money in your pocket.
Count on us for effective marketing, utilizing a mix of online strategies, direct mail, cold calling, and open houses to showcase your listing to a wide audience.
Our network and negotiation skills work in your favor to secure the best terms for your sale. We understand the time-consuming nature of selling a home, and our team is here to handle many responsibilities, offering services such as a complimentary pre-listing inspection, handyman support for quick repairs, and pre-listing cleaning.
Navigating the legal aspects of real estate transactions can be daunting, but with Team Kalia, you can trust that all paperwork will be accurate and compliant with provincial laws.
Whether it’s staging advice, buyer screening, or providing a range of commission plans tailored to your needs, we aim to make your selling journey smooth and stress-free.
Our commitment extends to offering a 30-day sold guarantee, providing you with assurance or the option to cancel your listing without any obligation.
Rest easy with Team Kalia – your knowledgeable and professional partners in real estate!
Looking to Sell Your GTA Home or Condo? Contact Team Kalia for a Seller Consultation