re-listing a home

Tips for Re-listing a Home that Won’t Sell in the Baltimore/DC Area

What can real estate agents in the Baltimore/DC area do when re-listing a home that won’t sell? This is a problem that’s faced by agents throughout the property spectrum. It happens to owners like Christie Brinkley, who is still trying to sell two of her $20 million plus homes in the Hamptons. Here’s a video which was done for one of her properties at 1 Fahys Rd., Sag Harbor:

Christie’s other property is located at 121 Brick Kiln Rd, Bridgehampton. Take a look at this video:

Granted, these are both exceptional homes, designed to appeal to a select group of potential buyers who are seeking a specific lifestyle.  But what about other homes which just don’t seem to sell for one reason or another?  The best thing an agent or homeowner can do is to try something different.

New Marketing

One of the best things to do is to try new photos.  Perhaps some different angles would better show the connections between spaces in the home.

Or maybe a twilight shoot would provide the property with added appeal if it was previously photographed only during the day.

If the home is situated on a large lot, or is close to a river, forest, beach, major travel routes, or a shopping center, then perhaps some drone video or photos would be helpful.

Of course, it’s possible that some higher quality images may be needed.  If an inexperienced or low-cost photographer was previously used then it might be worth investing in high-quality real estate photos to appeal to the right kind of buyer.

As has been mentioned previously on this blog, when a real estate agent is selecting a photographer:

It’s not the number of pictures that helps at all, but the quality of the images used, which is why it’s so important to hire a high quality photographer, and not just hire the cheapest real estate photographer in town.”

Don’t overlook the fact that quality images matter with homes listed at both the top and bottom of the market.  For example, an average home in an average neighborhood, when presented with outstanding images, is going to stand out over every other property in the same price range.  That’s going to attract a lot of buyers who are looking for value in their purchase.

Of course, you may also want to incorporate some additional services beyond photography, if you think that would help.  More and more listings are beginning to incorporate video tours in addition to high-quality photography.

As this agent in Australia said:

If you’re not using video in your marketing strategy you’re going to start falling behind.  When we are at Inman (the large real estate convention) every top producer agent we actually heard from did mention video in some form or another.”

Another option to consider is a floorplan.  An NAR survey from last year found that 55% of buyers found floorplans to be very useful, and were among the top 3 most requested features for buyers.

Drop the Price:

Some homes take longer than others to sell, and may need a price drop.  Basketball superstar Steph Curry purchased a home in California in 2015 for $3.2 million.  Fourteen months later he put it on the market for $3.6 million. However, after a few attempts to sell the home, it finally sold for $2.94 million in 2017.

As real estate agent Damian Hall mentioned in this article:

“In my experience, the formula comes down to price + condition + exposure = a sale.”

I believe that Damian is correct, and that it is the combination of the price of the home, the condition of the property and how well it is presented, and the marketing and exposure a listing receives.  When the combination is right, then a property usually sells quickly, but if one of those three elements is off, such as the price, it can take much longer to sell the property.

Change the Presentation:

The final option, as mentioned above, is to make changes to the condition or presentation of the property.

For example, if a home has dated furniture, or walls that haven’t been painted in 20 years, then hiring a stager or a painter may help enormously.

I’ve taken photos of many homes which were re-listed, and the home has sold within days after being on the market for months without a buyer.

Geoff Lewis, a property stylist, said:

“Our team recently worked on a new five-bedroom one, and created a high-end soft industrial scheme based on the property’s good natural light and premium finishes.  The buyer was the first person who saw the property, when it was empty.  After seeing it furnished, her offer increased for $4 million to the final sale price of $4.35 million.”

In another example:

Tori Toth, the top home staging expert, says:

“A home has to be worth  the price you’re trying to sell it for and home staging cannot only deter offers, but in most cases the price has increased after staging.  I’ve personally seen my client’s staged homes sell for up to $45,000 over asking price on bidding wars.”

So staging a home can definitely attract buyers, and those buyers are often willing to pay more for that home, making property styling a smart investment.

Conclusion:

As we have seen, there are a few options for what a realtor or seller can do when resisting a home that hasn’t sold.  You don’t want to wait too long, but take  the steps necessary to change the marketing, the presentation, or the price, and get that listing sold!

At Charm City Virtual Tours, we can provide you with high-quality images, twilight photos, aerial video and photos, walkthrough video tours, floorplans, and more to help you sell your listings.  For more information or to schedule services, please contact us at 410-707-3306.  We look forward to hearing from you!

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