The decision to sell your home can be a difficult one. Hiring a REALTOR®, sticking a “For Sale” sign in your front yard, and packing up your belongings is even harder. Eventually, though, you’re able to emotionally detach and come to terms with the fact that you’re moving on to bigger and better things.
Then comes the plot twist you weren’t expecting – taking your home off the market.
Making the choice to call it quits on your home sale is rarely easy. This is especially true if you have fallen in love with another property and are eager to find a buyer for yours. Unfortunately, a lot can happen after you list your house, and you never know when life is going to throw you a curveball.
Having to take your home off the market is frustrating and disappointing, but sometimes it’s for the best. Here are a few reasons you may want to postpone selling your abode.
Your financial circumstances have changed
Let’s face it – the economy is still a little bit shaky. If you recently lost your job or your boss cut your hours at work, now might not be the best time to sell your home and move to a bigger (and more expensive) space. Plus, a shift in your finances might impact whether you’re able to qualify for another mortgage.
Your home can’t compete with other properties for sale
When a particular real estate market is oversaturated, homes don’t sell as quickly because buyers have plenty of options to choose from. Is your home priced higher than similar properties? This could also be hurting your chances. You may want to take your home off the market and pay down your mortgage enough to where you can afford to lower your asking price.
The numbers just don’t make sense
Sellers who don’t have a lot of home equity may not be able to include the REALTOR® commission in their sale price. This means you’ll have to pay the fee out-of-pocket. To avoid this, you may want to take your home off the market and wait for home values to increase, or make extra mortgage payments to build equity before you try selling again.
You’re totally exhausted by the process
If you’re not in a serious rush to move, there’s nothing wrong with taking your home off the market for a while to revise your strategy. After all, potential buyers might hesitate making an offer if your home has been on the market for a while. Re-listing with your REALTOR® after a few months will make your home show up as a new listing, which gives you a fresh start.