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 In fact, for every two sales, there is another listing withdrawn from the market.”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
Knowing what to budget for when buying a home may feel intimidating — but it doesn’t have to be. By understanding the costs you may encounter upfront, you can take con… Read more
Foothills Community Resources
At Denver Foothills Property, we’ve always been committed to delivering unparalleled service to our clients in the unique and dynamic Colorado foothills market. Today,… Read more
Market and Economics
2024 was a year full of changes, challenges, and success for me. In early 2024, after dissolving my prior team, I moved to Compass and launched my new brand, Denver F… Read more
Real Estate 4-1-1
Selling your house? Or just looking to increase the value and appeal of your home for when you do? Here’s something you should know – homebuyers are increasingly looki… Read more
Real Estate 4-1-1
Trying to decide whether it makes more sense to buy a home now or wait? There’s a lot to consider, from what’s happening in the market to your changing needs. But gene… Read more
Colorado Guides
Winter in Colorado brings the perfect opportunity to lace up your skates and glide across some incredible ice-skating spots. Whether you prefer the serenity of outdoor… Read more
Market and Economics
A lot of people assume spring is the ideal time to sell a house. And sure, buyer demand usually picks up at that time of year. But here’s the catch: so does your compe… Read more
Real Estate 4-1-1
Building equity in your house is one of the biggest financial advantages of homeownership. And right now, homeowners across the country are sitting on record amounts o… Read more
Market and Economics
When you sell your house, ideally, you want it to go something like this: your house sells for top dollar, you get it sold quickly, and it all goes down without a hitc… 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.