Is It Time to Take My First Home Off the Market?
If you thought buying your first home was stressful, selling it can be a struggle too. It seems like your home has been on the market forever and to be honest, you're getting pretty tired of making sure everything stays neat and clean.
So, is it time to take a step back and unlist it for a little while? Whether you plan on taking your house off the market briefly or for good, there are some things you'll want to consider before you do.
You might miss a buyer
It's tempting to take your home off the market and then relist it so your listing appears shiny and new. But chances are other Realtors—and potential buyers—who are interested in that area look at the listings often and remember your house. Depending on where you live, there might also be a waiting period to get back on the MLS after you unlist your house.
It's also easy to think it's just a slow time in the real estate market or that buyers stop looking when school starts or during the winter. But the truth is there are always buyers because it's always a good time to buy a house. If you take your house off the market, you could be missing a potential buyer.
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Have you dropped your price?
Before you choose to take it off the market, are you prepared to drop your price? It's a big decision. The wrong approach can cost you thousands, but a home that's priced too high for the neighborhood isn't likely to sell.
Be sure you talk with your Realtor and come up with a strategy for when you plan on dropping the price and by how much.
Do you plan on making repairs or upgrades?
If your home isn't selling because it's not comparable with the rest of the neighborhood, then taking it off the market won't necessarily help anything. Sure, you might find someone who's looking for a fixer upper when you put it back on the market, but if you're going to leave it up to luck then you might as well leave it on the market.
If you plan on taking it off the market, do some assessments to see if there's something you can upgrade or repair to add to your home's appeal. Your real estate agent will be a great resource to help you decide what aspects of your home should get your attention.
Has your situation changed?
Maybe you or your spouse recently lost a job or you just found out you have a child on the way. It might be a good idea to take a step back and reassess your goals and priorities. If you lost a job will you still be able to qualify for a mortgage on a new home after your current one sells? If you found out your expecting, do you need to rethink what kind of house you need now or is a good school district more important to you?
It's possible you can quickly get back on track and don't need to take your home off the market. But in a situation like that the last thing you need is added pressure.
Taking your house off the market might be worth it if your goals and plans have changed, but if you're serious about selling it might mean missing a buyer.