Changes to FHA Loans - What It Means For Tucson Homebuyers

Taking Your Home Off The Market

July 10, 2008

Found in the recent search terms: Should I take my house off the market for a month?

I don’t know. But here’s the discussion that comes to mind: Do you think the market is going to change that much in a month? Real estate markets tend to move more like glaciers than like jets.

What will you do when you put your house back up on the market? Will you keep the same price? Will you change the condition? In the Tucson MLS, withdrawing your home from the market for 30 days will ‘reset’ your days on market count, but any agent worth their salt will check the history (that’s a one click easy check) and see that you were listed before and for how long and at what price.

Also: How much will it cost you to carry the house for another month? If you take your home off the market for a month, then put it back on, let’s say it takes a month to get a buyer and another month to close. That’s 3 more months of mortgage, utilities, taxes, insurance, and HOA fees. Is that total more or less than the amount you’re willing to change your price today?

Or how about this: What will interest rates be in a month? There’s something that can change quickly. What new financing restrictions will there be in a month? How will the availability of home loans stretch or shrink your potential pool of Buyers over the next 30 days?

What was the goal of selling your home in the first place? Has that goal changed?

It’s all about risk, and making that risk as small as possible, right? So after thinking about all of that, should you take your home off the market for a month?

tags: home, real estate, selling, tucson

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