When a property is not selling and the owners refuse to acknowledge that price is the major problem, some take the property off the market. They intend to re-list later – perhaps in another season. Unless the market is increasing rapidly – such as in a mad boom – this strategy rarely works. If price is the problem today, price will be the problem tomorrow. Taking a home off the market can exacerbate the problem.
And besides, if you withdraw your home from sale – when you really want to sell it – you give yourself no chance of selling. What’s the point?
Don’t think that if you withdraw and re-list later, that buyers won’t catch on. With the lack of privacy these days, it’s hard to conceal anything from anyone.
Although some people may disagree, it is usually better to leave your unsold property on the market and ride out any criticism than take it on and off the market.
Just because your home may have been for sale for a long time it does not always mean you will damage the value. Especially if you have a beautiful or unique home. In such cases you may just have to wait for the right buyer.
If your home is similar to many others, you may have to wait for the market to catch up to your price. And if you plan to buy elsewhere, this strategy may be self-defeating because, if you are up-trading, the price of your next house will also rise. This will put you in a worse position than had you sold now.
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This is an excerpt from Neil’s latest book “EVERY QUESTION YOU MUST ASK BEFORE YOU SELL YOUR HOME”. To pre-order the full book, click on the cover below.
