Homes North of Boston Blog

Why Now’s Not the Time To Take Your House Off the Market

Written by Liz Muldrow | Oct 25, 2024 3:15:00 PM

Why Now’s Not the Time To Take Your House Off the Market




Has your home been on the market longer than anticipated? If so, you’re likely feeling frustrated by now. You might even be considering removing the listing and waiting to see what 2025 has in store. However, what you might not understand is that postponing this decision could actually be detrimental. Here’s why sticking with your current plan might be the wiser choice.

Other Sellers Are Pulling Back. Should You Hold Off Too?

 

Based on recent data from Altos Research, there is a noticeable rise in the number of sellers choosing to remove their listings from the market currently. This trend is quite common during this time of year.

The housing market experiences natural fluctuations, with inventory levels generally decreasing as we approach the fall season. Many sellers decide to postpone their plans until the new year. As Mike Simonsen, the Founder of Altos Research, notes:

 

“. . . 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 In fact, for every two sales, there is another listing withdrawn from the market.”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.

Today’s Buyers Are Serious and Ready To Act

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.

Bottom Line

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.