The real estate market in Spokane is crazy. It's understandable that you may be on the fence about selling your home. So, here's how to go about taking your home off the market.
If you’re selling for sale by owner (FSBO), you can simply remove your listing from everywhere you’re advertising, but you won’t recoup any costs related to marketing.
If you’re selling with an agent, make sure you know what your agents' policy is on cancellations. My office Haven Real Estate Group and I have an easy cancellation policy. We want everyone to be happy. If you’re taking it off the market because you got cold feet, most agents will understand.
Common Reasons Sellers get Cold Feet.
There are many reasons sellers get cold feet after their home is already on the market. Here are a few of the most common reasons.
It's easy to get cold feet on selling your home if you have some unexpected financial changes. This could mean it’s not a great time for you to sell your current home. Income is serious business, most times.
Sitting on the market with little to no activity is stressful. Taking it off the market for a while can be a good strategy. A stale listing can be a red flag for buyers. Most buyers will assume there’s something wrong with the property, even if there isn’t.
If you’re not happy with your current representation, this could give you second thoughts on selling your home. You might consider taking your home off the market and revisiting selling in the future.
Your home needing repairs or updates may cause you to doubt selling your home. It might be worth taking it off the market to do some remodeling if it's not selling. Only work on remodeling projects that are worth what you will get in return.
Change of heart
You put a lot of love into your home, and it’s filled with memories. Some sellers don’t realize how emotionally attached they are to their home until buyers come through the door.
Are there fees for taking your house off the market?
Once you’ve decided you definitely want to cancel your listing, you’ll need to check your listing agreement to determine the possible financial consequences. My office Haven Real Estate Group and I have an easy cancellation policy. We want everyone to be happy.
Fees for taking your house off the market when listing with an agent
Many contracts between a homeowner and real estate agent include a listing agreement cancellation clause to protect the agent from losing the time and money they’ve put into your listing so far.
Full commission: If your agent brought you an offer in the amount you agreed to sell your home for but you refused to accept it, the agent could pursue compensation for their full commission.
How to hit the brakes on selling your house.
Talk to your agent
Your agent has full power to cancel the listing on the MLS quickly and easily, but you need to talk it over with the first and agree on any financial penalties.
If you are delisting because your home isn’t selling, take the time to listen to your agent’s feedback. They can offer insights into why they think it didn’t sell, whether it’s because of timing, because it was priced too high or because it needs repairs.
This market isn't for everyone. If you're having cold feet, looking to switch things up, or make a fresh statement after your home is stagnant on the market, then knowing how to hit the brakes on the sale of your home is vital.
Feel free to reach out if you have any questions.