When it comes to selling a home, the number of days a property spends on the market is a topic of concern for some sellers. A lengthy “days on market” (DOM) statistic can be a source of frustration and anxiety for them. Some homeowners may be tempted to take their house off the market temporarily to reset the DOM clock, hoping that a fresh listing will attract more attention. However, in this blog post, we’ll explore why this strategy might not be in your best interest and why you shouldn’t take your house off the market just to reduce days on market.
Reason #1: There will be missed opportunities.
When you take your house off the market, you miss out on potential opportunities. There could be buyers who were genuinely interested in your property but didn’t get the chance to see it before you removed the listing because they live out of state. If these buyers find another suitable home during the time your house is off the market, you may have lost potential offers.
Reason #2: It creates a perception of desperation.
Removing your home from the market only to relist it can create the perception that you’re desperate to sell. Buyers might assume that you’re ready and willing to accept lower offers. This perception can lead to lowball offers, putting you in a less favorable negotiating position that if you had simply left the home on the market, regardless of the Days on Market. Leaving it on the market and letting the days on market increase, communicates that you’re patiently waiting for the right buyer who can purchase it at the price you’re asking.
Reason #3: Continuity matters in real estate.
Consistency is vital in real estate. Continuously marketing your home demonstrates that you are committed to selling it and can reassure potential buyers that you’ll be serious about negotiations. When your listing remains active, it maintains a presence in the minds of both buyers and real estate agents, increasing the likelihood of finding the right buyer.
Reason #4: It doesn’t trick anyone.
Taking your house off the market and then relisting it doesn’t trick any of us. One of the first things agents do is click that little icon that gives us the history of the property. We can see when it was listed and how long it was on the market. If it was listed multiple times and taken off the market, we just add the DOM together if our clients ask us how long it’s been on the market.
Reason #5: Strong buyers don’t care how long it’s been on the market.
If it’s the right house at the right price, buyers don’t care how long the house has been on the market. Have you ever heard of anyone who fell in love with a house but didn’t make an offer on it simply because it hadn’t sold in a year? I have not and I’ve been in real estate since the 90s.
Reason #6: It’s understood that higher priced homes take longer to sell.
The higher the price of the home, the fewer people there are who can afford it. This is understood in the industry. If you’re trying to sell a house at $2 million, know it won’t sell as quickly as a $200,000 house. Wait patiently. Buyers who can afford a $2 million house are intelligent and they hire agents who are good at what they do. The days on market means nothing to them if they love the house.
Reason #7: Buyers may view it as a red flag.
Taking your property off the market and then relisting it may raise a red flag with buyers. They may wonder if there was a big problem with the house, one that took so much time to fix that you had to take the house off the market to take care of it…or worse, hide it. Even if this buyer makes an offer, the inspection could be a nightmare as they search for that big problem you had to take the house off the market to repair. All of this can be avoided by leaving the property on the market with your agent, the one who knows the house like the back of their hand.
Reason #8: The benefits of a price reduction far outweigh manipulating the DOM.
When a nice home stays on the market a long time without many showings that is typically an indication that the list price is too high. It’s always wise to ask your real estate agent to pull comps quarterly to see how you compare to your competition. When you agree to reduce the list price, the listing shows back up in the feeds of all potential buyers and their agents, just as though it were a new listing. This increases exposure and makes potential buyers reconsider your property without taking it off the market to reduce the DOM.
While reducing the days on market may seem like a worthy goal, it’s essential to prioritize the overall success of your home sale. Rushing to take your house off the market can have unintended consequences. Instead, focus on working with your real estate agent to improve your property’s appeal or address any issues that may have contributed to the prolonged DOM. Maybe it’s time to have the interior of that house painted! It’s also a good time to make sure the house is priced correctly. Is a price reduction in order? In the end, it’s the quality of the offer and the successful sale that matter most, not the number of days your property is listed.
Do you want to talk about this more? Call or text me, Jill Bell, at 479.799.3023. I’d love to continue the conversation!