When Should You Take Your Property Off the Market?
There are many different reasons why you might want to take your property off the market. Some might be related to your personal situation and others might be because of the way your property has been marketed, the estate agent you’re using, or issues within the wider property market.
Whatever the reason, you should think carefully before you take your property off the market. It could result in you losing money, especially if you are halfway through a transaction with a potential buyer. It could also mean you have to pay out more money in the future if and when you decide to relist your property.
Below are some of the circumstances where you should think about taking your property off the market.
Your Property has Been on The Market Too Long
If your property has been on the market too long, it might be best to take it off the market and reassess the situation. Typically, if a property has been on the market for between 60 and 90 days with no offers, it’s considered to be “stale”. There are some exceptions to this timeframe – it might be that your property is in a remote area where there is less demand, or it’s a luxury property that is aimed at a niche market. If you’re unsure whether your property listing has gone stale or if there might be special circumstances for your property type, speak to your estate agent about local trends in your area. If other properties similar to yours have been sold quicker, there might be an issue that needs addressing. Taking your home off the market can give you time to think about why your home might not be selling and resolve the problems.
Your estate agent should have advised on a realistic asking price – SOLD.CO.UK never over-value or over-promise on your home, so we can ensure a quick sale. Get an instant valuation to see what we mean! However, other estate agents may over-value your home to get your business, and then you’ll find that potential buyers are put off and won’t make offers. If your home has been on the market for a while, you could take another look at the asking price, and maybe get some other estate agents’ opinions and valuations.
It might be that you need to do some work on the property itself to make it more desirable to buyers, whether that’s with a quick lick of paint or something more substantial. It could be that your property is in good condition, but the marketing isn’t selling it in its best light. You should take a look at the description on the listing and also the photos to ensure they are presenting your property well.
You Want to Use a Different Estate Agent
Perhaps your property has been on the market for a while with no offers. It might be that you’ve discussed your concerns with your estate agent, but you feel like they’re not doing a good enough job. Maybe they’re not marketing the property properly or maybe you feel they’re not responsive enough. Whatever the reason, if you find an estate agent that promises a better marketing system and better customer service, it might be best to take your property off the market and relist with another agent.
Before you change estate agents, you should look at the contract you signed with your original agent. It could be that you have to pay a fee for early termination, in which case you might want to wait it out for the contract to expire.
SOLD.CO.UK can sell your house for free. We first advertise your property to our extensive network of trusted buyers. If they don’t make a suitable offer, we then market your property to 98% of all active buyers, including on Rightmove and Zoopla. And because we’re so confident we can sell your house quickly, we will never tie you into a contract.
Your Circumstances Have Changed
You might need to take your property off the market if you’ve had a personal change in circumstances. It could be that you had planned to move for a new job that has now fallen through. It might be that you have had an illness or bereavement in the family that means you no longer want to move, or you could have had a change in your finances which means you can’t move. You should speak to your estate agent about your need to take the property off the market. Many estate agents won’t hold you to early termination fees in these cases.
It might be that you have simply had a change of heart and no longer want to move. In this case, you should think carefully about whether it’s just cold feet or a legitimate worry. You should think about what was motivating you to sell in the first place and whether that still applies. Again, you should speak to your estate agent as soon as possible if you do decide that you no longer want to sell your property.
There is an Issue in the Local or National Property Market
If there is an issue in the local or national property market, you might want to take your property off the market and wait for things to return to normal. However, you should consider this carefully – if there are fewer properties on the market due to low demand, you could find that there is less competition, and you can actually sell your home quickly.
There are also times of the year when it can be better or worse to sell your home. But there is debate about when is the best time to sell your home – although the market is quieter in the winter, it could mean that there is less competition. However, over Christmas, there are very few people looking to buy a new home and move, so it might be best to take your property off the market over this period and relist it in the spring when the market picks up again.
If your property has been on the market for a while and you’re looking for a quick house sale, Our extensive network of buyers can purchase properties in any condition, and we can reach 98% of all active buyers with our marketing. We’re also completely free and will even cover your legal fees. Contact us to sell your home today.