Why Now’s Not the Time To Take Your House Off the Market
Market and Economics Nick Melzer, JD October 10, 2024
Market and Economics Nick Melzer, JD October 10, 2024
Has your house been sitting on the market longer than expected? If so, you’re bound to be frustrated by now. Maybe you’re even thinking it’s time to pull the listing and wait to see what 2025 brings. But what you may not realize is, the decision to hold off could actually cost you. Here’s a look at why staying the course could be the smarter move.
According to recent data from Altos Research, the number of withdrawals is increasing – that means more sellers are opting to pull their listings off the market right now. And this isn’t unusual for this time of the year.
In the housing market, there are seasonal ebbs and flows. Inventory levels typically start to drop off a bit headed into the fall season as some sellers delay their plans until the new year. As Mike Simonsen, Founder of Altos Research, explains:
“. . . we’re seeing a more normal seasonal pattern now with inventory beginning to decline. We’re also seeing more home sellers withdrawing their listings to try again next year. In fact, for every two sales, there is another listing withdrawn from the market.”
But is that a smart move? While it might seem like a good idea to pull your listing too, here’s why that approach may not pay off this year.
The biggest reason to stick with your plan to sell now is that the buyers who are looking at this time of year are serious about making a purchase.
They’ve been sitting on the sidelines for a while waiting for affordability to improve. And now that mortgage rates are down from their recent peak, they’re ready to make their move. Mortgage applications are rising – and that’s a leading indicator that buyers are preparing to jump back in. And since they’ve already put their needs on the back burner for so long, they’re even more eager than buyers usually are at this time of year.
These aren’t window shoppers. They’re highly motivated buyers who want to move fast – and that’s the kind of buyer you want to work with. As Freddie Mac says:
“During the fall months, serious homebuyers are eager to settle in to a new home before the holiday season ramps up and the winter weather begins.”
By keeping your home on the market, you increase the chances of attracting people who are truly ready to make a purchase.
While some sellers are choosing to take their homes off the market, this really isn’t the best move. With serious buyers eager to purchase, this is a great time to sell your house. Let’s connect to make sure we’ve got a strategy in place to make it happen.
Real Estate 4-1-1
Market and Economics
The past few years have been challenging for homebuyers, especially with higher home prices and mortgage rates. And if you’re trying to buy a home, it’s easy to worry … Read more
Market and Economics
If you want to sell your house, having the right strategies and expectations is key. But some sellers haven’t adjusted to where the market is today. They’re not factor… Read more
Market and Economics
Over the past few years, home prices skyrocketed. That’s been frustrating for buyers, leaving many wondering if they’d ever get a shot at owning a home. But here’s som… Read more
Market and Economics
This could be the year to sell your house – and here’s why. According to a recent NerdWallet survey, 15% of people are planning to buy a home this year.
Market and Economics
Have you been wondering whether you should keep renting or finally make the leap into homeownership? It’s a big decision, and let’s be real — renting can feel like the… Read more
Real Estate 4-1-1
A recent report from Realtor.com says 20% of Americans don’t think homeownership is achievable. Maybe you feel the same way. With inflation driving up day-to-day expen… Read more
Real Estate 4-1-1
There’s no denying affordability is tough right now. But that doesn’t mean you have to put your plans to buy a home on the back burner. If you’re willing to roll up y… Read more
Real Estate 4-1-1
There’s one big mistake you need to avoid when you sell your house this year: setting your price too high. It might seem like overpricing gives you room to negotiate o… Read more
As a former attorney, he knows what it means to represent a client zealously, competently, loyally, and with their best interests at heart and he firmly believes that everybody deserves that type of service from their real estate agent too.