Is It Time to Take Your Home Off the Market?

All sellers look forward to the day when their home listing finally goes live; after all, in many cases they have worked hard for weeks or months to get the property ready for potential buyers. Although everyone dreams of a quick sale, the unfortunate reality is that sometimes a home just sits... and sits... and sits. If your home has been on the market for several months and you aren't receiving reasonable offers (or even unreasonable ones!), then it might be time to consider withdrawing the listing. Of course, this is no easy decision, so how do you know when a change is necessary? Here are four signs that it might be time for a tactical retreat.

Firstly, you might be wondering why you should withdraw your listing at all. The main reason is to stoke buyer interest; after a certain point, buyers who view your listing will start to assume that something must be wrong with the house since it hasn't sold yet. For this reason, if your home has been on the market for more than a few months, it can actually be beneficial to withdraw the listing and start fresh at a later date. Here's how to know when the time is right:

Your Budget Has Changed

This is the most obvious reason to withdraw your listing. If some major financial change has stretched your budget thin, then it might be safest to wait to sell until you are better prepared for the expense of moving. Events such as losing your job, having a major car repair, or having your hours cut at work are examples of the types of changes that often stall a home sale.

Every Offer Is Low

It happens all the time: you went into the sale process with a particular number in mind, and after several months, no offer has come close. As the seller, you have to be willing to compromise between expectations and reality. If no buyer sees the same value in your property as you do, then it is time to either lower the price or withdraw the listing until market conditions change. Otherwise, you are unnecessarily wasting time and money trying to force the sale.

You Discover a Major Problem

In some cases, a home is well on its way to selling before hitting a brick wall in the form of a failed home inspection. If the buyer subsequently backs out of the sale, it might make more sense to withdraw the listing until the problem is resolved, rather than try to negotiate a new sale from a disadvantaged position. Potential sale-ending issues include major repairs to the foundation, plumbing, or electrical systems.

You Don't Trust Your Agent

In order for a home sale to go smoothly, you must have confidence in your agent. Negotiating the sale process requires constant communication, trust, and understanding, so trying to sell with an agent who is unresponsive or impolite is setting your sale up for failure. Consider withdrawing until you find the right agent for you.

You can read about other reasons to take your home off the market at realtor.com.