Find out why you should (or shouldnt) consider delisting your property.
When you list your home for sale, the goal is to mark the property as sold.
A recent study by Opendoorshows that the occurrences of delisting are on track to surpass those of recent years.
Credit: Emily Followill
That means delistings were nearly 60% higher for this time of year than in previous years.
Specifically, it refers to removing it from the MLS or multiple listing service.
A delisting is when a home is removed from the market without selling.
At the core, its often a mismatch between seller perceptions and the realities of the market.
This misalignment is accentuated by another, sometimes-overlooked variable in real estate: sentimentality, Arora says.
Many sellers are emotionally attached to their homes.
It may seem obvious, but its much more of a consideration for sellers than some people realize.
Our data confirms this.
But the market has softened in many areas nationwide due to higher mortgage rates.
Regardless, Arora said Opendoor anticipates the delisting trend will continue.
Supply is exceeding demand.
There is 30% more active inventory right now compared to the same time in 2023, he says.
The seller is technically stillunder contract with their agentso other agents should steer clear.
Pros of Delisting
Many sellers choose to delist their homes to reset and regroup.
The newer the listing, the closer to the top of the list it populates.
Seasonality can contribute to strategic delisting.
No Big Risks
Most agents agree there arent huge risks to delisting.
you’ve got the option to always reduce your homes price without delisting.
I advise clients to start with a fair asking price.
Makes Changes a Necessity Before Relisting
Whatever you do, avoid relisting your property without making changes.
One of the biggest mistakes sellers can make is relisting without changing anything, Arora says.
I always tell homeowners that the first two weeks on the market are critical.
If you arent getting interest in that time frame, something about the listing isnt matching buyers expectations.
To ensure a better outcome when you relist, adjust your price and make upgrades.
Should You Delist Your Property?
After all, youre choosing to remain in your home and not sell the property for now.
This is a clear sign that your strategy did not work and needs to be altered.
If youre selling your property without an agent, you’re able to simply delist your property.
How Rising Delistings Are Impacting Sellers.
