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Taking Your Home Off The Market

July 10, 2008 | By Kelley Koehler | Filed Under Home Selling 

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?

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Other Information That Might Be Helpful

• Will Mortgage Rates and Home Prices Continue to Decline in Tucson? (November 2, 2009)

  Question – will rates and home prices keep going down? Answer – depends on what time period you look at. Let’s start with home prices. Will they continue to go down over the next month? Most certainly. Over the next year? It’s likely. Over the next 5 years? Maybe not. Over such a long term, there’s no way to accurately predict. If you look at the average sales price for homes in Tucson over the last few years, you can see the decline. I’d argue that the drop in home prices is slowing a bit, but there are several factors in play that could make that change – the availability of financing, the levels of inventory, the economy as a whole impacting salaries and the ability to buy and sell a home.

• Tucson Market Statistics and Report – October 2009 (November 6, 2009)

  Turns out, October was a lot like September. The average sales prices continue to drop, but the number of homes sold is increasing, the number of pending sales is still high, and the number of new listings is up a bit too. All that activity is concentrated in the lower price ranges, especially in the sub $150,000 market. In fact, there’s less than 5 months of inventory in that price range – meaning there is decent demand for those homes. That would make sense, given the $8000 tax credit incentive to close before the end of November. I’ve been asked several times about what the future for Tucson’s housing market holds. There are so many factors – that tax credit extension, mortgage resets, the holidays coming up, there are too many to list. I’m willing to say that our housing slide has slowed – at least for the time being, but I’m not convinced it has stopped. Here’s why:

• Tucson Real Estate Market Statistics and Report – September 2008 (October 15, 2008)

  The Overview via Podcast:

  Download Tucson Market Stats for September 2008 here (MP3) or subscribe to the Tucson Market Reports podcast here.

  The Quick Numbers:

  Single Family Home Average Sales Price: $233,893
  Single Family Home Median Sales Price: $190,000
  Single Family Home Units Sold: 714
  Single Family Home Months of Inventory: 8.7 months

  Townhouse Average Sales Price: $189,178
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