5 Key Signs It’s Time To Take Your House Off the Market
Written by
Jordan Rosenfeld
Edited by
Molly Sullivan
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.
20 Years
Helping You Live Richer
Reviewed
by Experts
Trusted by
Millions of Readers
Selling a home requires a combination of timing, effort and staging, since some aspects are out of your control — like location — while you can influence others, such as making improvements.
If your home isn’t selling, you may wonder if it’s time to take it off the market and reevaluate, renovate or otherwise figure out what’s keeping it from moving.
Real estate experts explained the five key signs to look for that signal it’s time to pull your house off the market — at least temporarily — to improve your chances of a sale going forward.
You’re Not Showcasing the Lot Properly
You’ve heard the adage that when it comes to real estate, the most important thing is “location, location, location.” Unfortunately, unless you’re building a home in a specific location, this is also somewhat out of your control– your home is where it is.
However, you might be able to mitigate factors related to location that are working against a sale, according to Jeff Lichtenstein, real estate broker and CEO of Echo Fine Properties.
He assesses why a home isn’t selling “the same way a doctor would diagnose a patient,” to see which variables can be changed.
For example, he explained how in a home he recently sold, he had the seller cut the hedges by the pool down so they could show off the water feature upon entry of the house, which had been preventing potential buyers from seeing this important selling point.
It’s Not in Good Condition
Condition can refer to everything from the upkeep of the home — does it need a new roof, is the HVAC system out of date and failing — to how well you tidy up your home.
Fortunately, internal condition can be quickly fixed, Lichtenstein said. “If they are a slob, then that is something that can be changed [through] staging.” Staging is a combination of cleaning the home and positioning furniture to allow the best aspects of the home to be on display. Lichtenstein said that staging can increase or decrease sale price by as much as 15%.
You may also need to pay for upgrades for bigger issues or negotiate the sale price with buyers if you don’t intend to fix them upfront.
You Need To Reevaluate the Price
Homeowners can compare their homes to similar sales in the neighborhood to discover if their asking price is too high, according to Nathan Richardson, a real estate expert and the founder of CashForHome.com.
A home that has been listed for a long time without any offers might be overpriced. “A house that is overpriced may be viewed as stale by prospective purchasers and end up selling for less than its true value, among other dangers,” he said. In that situation, it’s a good idea to take the home off the market and reevaluate possible upgrades or renovations or else reduce the price.
You Can’t Keep Up With the Competition
You might find it advantageous to pull your home off the market if you suddenly find an overabundance of other homes hitting the listings that are similar to yours, according to Omer Reiner, a licensed Realtor and president of FL Cash Home Buyers, LLC.
You can always cancel your listing agreement with your agent and wait until market conditions improve to relist, he suggested.
“In the meantime, take an honest and thorough look at your home and make any necessary improvements or upgrades that will set your home apart,” he said.
Reiner believes that most homes that are priced correctly will sell within the first month or so after being listed on the market. “If the home has a specific issue with its condition or if the asking price is too steep for what the house has to offer, it will likely sit on the market for a while. And the longer it sits there, the less likely it is to find a buyer at a price you would like.”
In Case of Natural Disaster
If there are natural disasters like tornadoes or hurricanes going through a given market, or in the aftermath of a wildfire that burned down homes nearby, for example, it would make sense to take down the listing until the city or town recovers, according to Joel Efosa CEO at Fire Cash Buyer.
“The more days on market the listing shows, the less desirable it is,” he said.
Don’t forget that if you’re not living in the home, you still have to pay property taxes, insurance and the mortgage, Efosa added.
What To Do After Removing It From Market
If you do have to remove your home from the market, a seller should take action to increase their chances of relisting, according to Richardson.
“This may entail repairing the house as needed, arranging the house to highlight its finest qualities, and negotiating a more affordable listing price with a real estate agent. Homeowners can improve their chances of selling their house quickly and for a reasonable price in the current market by implementing these actions,” he said.
Ideally you’ll work with a real estate agent who can give you good advice on these strategies so you don’t waste more time or money.
More From GOBankingRates
