Date: November 20, 2015 Author: Citirah Harris
So you made the choice to sell your home. For most of us, making the choice isn't that easy. Now you hired a REALTOR®, put the “For Sale” sign in your front yard, and packed up everything you own. 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 in the long run it may actually be for the best. So if you are in that position now here are a few things that may help you feel better about not selling your home.
Your financial circumstances have changed
Whether your an entrepreneur and an executive your income can change any minute. 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 buy something more expensive. As a matter of fact a down shift in your income will affect your loan process.
Your home can’t compete with other properties for sale
There are going to be times where buyers control the market and your home may not draw as much attention as you hope. If you don't have the ability to have a lower price than other properties on the market you may want to pull it off. Taking your home of the market for a little bit, you may be able to pay down on your mortgage and put your home on the market at a more aggressive 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.