No one starts off planning to fail. You list a home with high hopes of selling quickly and for the right price, but sometimes things fall apart. One of the hardest things to learn in the real estate business is when to take a house off the market. Here are 6 signs that it’s time to withdraw.
Unexpected Major Repairs
If a home inspection uncovers a serious problem with the home—foundation issues, plumbing problems, or termites—that has to be addressed before moving forward with any sale. Buyers will walk away from a home that needs major repairs. In that case, it’s best to de-list the home while the owner makes the repairs.
Too Many Lowball Offers
When a home lingers on the market, it starts to take on an unlucky aura. Potentials will wonder what’s wrong with it, and the longer it lingers on the shelf, the more likely you are to field lowball offers. If you’re sure that the home isn’t priced too high, then consider withdrawing from the market for a while before listing again.
Seller Simply Isn’t Ready
Selling a family home is a big decision, and some homeowners get cold feet. If they’re being evasive, making it difficult to show the home, refusing to do any recommended repairs or updates…well, it could be a sign that they’re not actually ready to sell. Have a heart-to-heart conversation about their needs and goals, and then come to a mutual decision about whether to keep the property on the market.
Home Needs Updates
Sure, there’s nothing wrongwith the home. But other similarly priced properties in the area have updated kitchens and baths, not to mention better curb appeal. It might be time to press pause on the listing and make some improvements. After all, if a buyer has to choose between a modern kitchen and one that’s straight out of the 90s, they’re much more likely to go with the property that needs the least amount of work.
Changes to the Seller’s Finances
Sometimes things happen that are completely out of our control. If the seller is still trying to find their next home, then major changes to their finances can derail the whole process. If the homeowner loses a job or experiences a big change in their credit rating, they’ll have a much harder time securing a mortgage.
Overly Competitive Market
Every market is different, and while it’s currently a seller’s market in most parts of the country, that could change. Depending on where you operate, the market might be flooded with similar homes at competitive prices. If you’re struggling to stand out from the crowd, it might be time to take the house down until things change. It’s not defeat—just a tactical retreat.
