The decision to take your house off the market can be a difficult one. This is especially true if you're eager to sell your house and buy another home. However, you can't control the market, nor can you make someone fall in love with your house. Therefore, after several months or years, you may make the hard decision to take your house off the market.
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1. Your Financial Circumstances Have Changed
You might take your house off the market if your financial circumstances change. For example, you might lose your job, or your employer might reduce your hours at work. These changes might impact whether you're able to qualify for another mortgage loan. Rather than sell your present home, and then discover that you're unable to qualify with another bank, taking your house off the market might be the logical move — at least for the time being.
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You may also encounter a sudden financial windfall, such as an inheritance or bonus, allowing you to stay in your current home comfortably. Alternatively, changing interest rates might make borrowing less favorable, affecting your purchasing power for a new home. In such scenarios, reassessing your financial landscape becomes essential. The security of your current home could provide a stable foundation during uncertain financial times. Thus, deciding to halt the sale temporarily can be a prudent choice, safeguarding your financial health and future stability.
2. You No Longer Qualify for a Low-rate Mortgage
Maybe you have the funds to qualify for a mortgage, but due to credit changes, you no longer qualify for a low-rate mortgage. If you’re trying to keep your home loan as low as possible, taking your house off the market and focusing on credit repair is financially smart. Once your credit improves, you can revisit selling your home.
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3. You’re Unable to Lower Your Price and Compete with Other Homes
If your property is priced higher than similar homes in the area, buyers may have little interest in your property. Lowering your asking price or offering other incentives is one way to compete. But if neither is an option, your house may sit on the market for several months or years. After a while, taking your house off the market and paying down the mortgage loan make sense from a financial standpoint.
4. There’s Too Much Demand
Then again, maybe your home is priced appropriately for the area. But given the amount of homes for sale in your local area, there might be too much inventory, and too few buyers. Add in a saturated home market, and several homes may sit on the market for years. You have a choice: either keep your house on the market and sit it out, or take the house off the market and re-list when there's less inventory.
5. You Don't Want to Pay to Sell Your Home
If you’re unable to drop the asking price, selling your home quickly may require paying money out-of-pocket. For example, if your home is listed at $150,000, yet buyers are only willing to pay $145,000, you’ll need to give your bank $5,000 (of your own money) to pay off the home loan. If you don't like the idea of paying to sell your home, take the house off the market and wait until you pay down the mortgage balance.
6. You’re Exhausted by the Entire Process
After months of no interest, selling your home can be an exhausting process. Keep the home listed if you need to sell. But if you're not necessarily in a rush to move, you might take the house off the market and revisit the plan at another time.
7. You Need to Make Improvements to the Home
If you’re unable to sell the house, the issue might be an outdated style. For example, updating your kitchen and bathrooms may attract buyers, as well as finishing your basement and making other improvements. Since it takes time to renovate a home, you might take your house off the market temporarily until you make the necessary upgrades.
Selling a home can be frustrating and overwhelming. And despite eagerness to find a buyer, now may not be the right time to sell. If you take your house off the market, you can always re-list with your realtor in a few months or years, as your situation, or the market, improves. When do you think it's smart to take a house off the market?
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