I believe that to relist the property would be counter productive. The cold hard truth is there are many beautiful listings in the area for sale in a similar price range, and in order to stand out to a buyer you must be seen as the best value. If your property is in good condition and looking the best it can, aggressive price drops will be the most obvious and fastest way to attract a buyer. Re-evaluate every two weeks; if you are not getting the traffic (number of appointments) you wish to get, it most likely is because buyers are not finding the best value in your home. That being said, professional photographs and a virtual tour will make it show best on the internet. But nothing will get it sold faster than pricing it right!
As far as re-listing the property, what are you looking to accomplish? If you are thinking of just pulling it out of the MLS only to put it back in to show up as a new listing so that the "days on market" start over, the MLS actually has a system in place to counter that. While the "days on market" may start over at zero, the total property marketing period will not start over unless the property is un-listed for over 32 days. (don't quote me on the exact number). Buyer agents have easy access to the total property marketing period. Me personally, it's usually one of the first pieces of information I look at and share with my clients. However, I would suggest having this conversation with your realtor to see if it is best in your situation.
I see you have come down quite a bit in your asking price and that you are also having an open house this weekend. I'm seeing the market pick up a little bit in the 500-600k price range, so I wish you all the best and hope that it sells very soon for you!
Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
You wil get more internet search traffic and this will help.
Does your home have it's own website?
Did a professional photographer take the pictures?
Was your home staged?
Consider what you are trying to achieve. To get more showings and create an offer. When you relist, your home needs to be off the market for 30 days for the listing to not show the previous days on market in the counter on the listing unnder proprty marketing period. Any good realtor will still know it has been previously on the market and should check history. When you check public records information it will also show that the home was on the market. So to relist I believe is actually going to work against you.
If you are going to make a siginificant price change, then re-pricing it alone will not do it. When it is is re-priced it shows in the MLS and will come up on searches where it now falls into price range for customers and on realtors hotsheets. So people will see it. You need to change your marketing as well. Ask your agent to change the photographs, especially the main photo people see when pulling up the property details. You want to make the house look as different as possible so that realtors will not just discount it as the over-priced listing they may have already seen. Also make sure you have a good virtual tour up and in place. Also make sure your listing is seen on as many real estate portals, like Trulia, Oodle, Realtor.com, Craigslist etc as possible. buyers are searching these sites and your home needs to be seen. Also have a video of your home posted, people now search youtube for homes and there are other video sites where your home can be listed. As 90% of buyers are looking online you want to make sure they see your home.
As to price, you need to consider what has sold recently but also what your comeptition is in the T/E school district. Your buyers will be comparing your home against these other houses and they want to make sure they are getting the best value. Also make sure when people see your home they are not feeling that it needs work or updating as these are the major things that are holding buyers up today after price.