4 Reasons to Take Your House Off the Market

You might list your house for sale with high hopes the property will sell quickly. Unfortunately, a lot can happen after listing your house. Although you’re ready to sell and move on, new developments might prove that now’s not the right time to move. Having to take your house off the market is a frustrating decision, but sometimes it’s for the best. Here are four good reasons to postpone selling your home.

1. There’s been a change in your financial situation

Your family might need a bigger space, but if there’s been recent changes with your personal finances, now might not be the right time to move to a bigger home, especially since you’ll probably have higher expenses. Maybe your employer reduced your hours, or maybe you feel you're in jeopardy of being laid off. Then again, perhaps your old car broke down and you had to finance a new purchase. Even if you’re pre­approved for a mortgage and the bank says you can afford a certain amount, you might wait until your employment or financial situation stabilizes before selling and jumping into a new mortgage.

2. You can't compete with other properties for sale

Some homes don't sell quickly in an oversaturated real estate market. Buyers have plenty of options when there’s a large inventory, and your property might receive little attention. Additionally, it’ll take longer to sell if your sale price is higher than similar properties. Depending on how much you owe the bank, lowering your price might not be an option at present. However, if you take your house off the market temporarily and continue to pay down your mortgage balance, you’ll be in a better position to compete with other homes in the next couple of years. You can also plan home improvements while your property’s off the market, which can help you compete with other properties once you re­list.

3. A new listing gives your property a fresh start

Potential buyers might hesitate making an offer if your house has been on the market for six months or longer. Even if there’s absolutely nothing wrong with the house, buyers may assume there’s some problem and look elsewhere. On the other hand, if you take your property off the market for a few months and then re-list with your realtor, it'll show up as a new listing which gives you a fresh start.

4. You don't want to pay out-­of-­pocket to sell

 If you don't have a lot of home equity, you might not be able to include the 3% or 6% realtor commission in your sale price, which means you’ll have to pay this fee out­-of- pocket. This is money you can put toward buying a new property. To avoid paying out­-of-­pocket to sell your house, take your home off the market and wait for home values to increase, or make higher mortgage payments over the next one to two years to build equity.

Bottom Line:

Some homes are sold within days or weeks of being listed, yet other properties receive little interest for months. If you’re unable to sell due to a higher sale price or an oversaturated market, talk with your realtor to determine the next move. Now might not be the best time to sale, but you might have better luck in the next couple of years.