When a property that you had your eye on for a while suddenly disappears from market listings, you’re probably wondering: why would a property be no longer on the market?
Initial thoughts might center around the fact that someone probably got to it before you and swooped down on the offer. This might be a valid reason, and probably the accurate one. Yet, there are other reasons why homes suddenly no longer appear on market listings
Why Would a Property Be No Longer On the Market?
A property could be no longer on the market for several reasons: the seller might be renovating the listing, maybe buyers have made acceptable offers but the seller isn’t budging, or there were problems during the inspection and it’s not ready to show. Just because a property is no longer on the market, that doesn’t mean it’s been sold.
Let’s cover in detail all the other reasons why a property may be removed from the market listing, other than being sold.
The seller may not agree to cut down the selling price during negotiations with interested buyers if the seller feels the amount the buyers are willing to pay for the property is too low relative to the home’s value.
This might stall negotiations particularly if the seller remains adamant about not lowering the price tag. The buyer(s) on the other hand are probably working with a tight budget and can´t raise their offer either.
If negotiations between the seller and buyers continue to drag, the home would end up becoming stale and be removed from the market listings eventually.
Problems with the Property
Commonly, a problem can be discovered by potential buyers during an inspection, thereby forfeiting the authenticity of the property on the market. This might be a cracked foundation, a wobbling pillar, leaking drainage, or a faulty electrical connection.
While owners may not be aware of such problems initially, they may choose to remove the house from the market while they repair the damages before entertaining another buyer.
Seller Decided to Keep the Property
Putting a home up for sale does not guarantee automatic interest and consequently, potential buyers. It gets even more difficult if the seller is opting to go the ‘For Sale by Owner’ (FSBO) route.
After listing a home, there is the need to keep it immaculate in the event of interested persons coming to view the property. This process can be quite exhausting, the seller might give up and take down the listing.
Apart from that, sellers may be putting the property up for sale due to emergencies that require money and selling the home is the only means of raising the needed funds. If by some chance, they raise the money through other means, they would no longer need to sell the property.
The owners might realize that they have put the property up for sale at the wrong time of the year. Therefore they decided to remove it from the market listings until the right time when sales are more likely or they can raise the price. Generally, homes tend to sell faster in the spring months with the first two weeks of May being a great time to put a house up for sale.
Property can be withdrawn from the market if the owner decides to switch agents. This is usually done when the listing agreement expires or perhaps a switch from a traditional real estate agent to a flat fee estate agent like CA Flat Fee.
Sellers switch agents for a range of reasons:
- The main reason sellers change agents is negligence from the realtors. The realtor is the main influencing factor in the sale, responsible for searching for prospective buyers, showing the property, amongst other duties. If the seller feels that the realtor isn’t doing a good enough job, he can decide to change realtors.
- Another reason could be the fact that a seller intends to keep as much capital gain as possible. The seller could’ve gone with a flat fee agent, which is a better way to achieve this.
Can a Property Return to the Market?
Yes, a property that suddenly disappeared from the market listing can return to the market for sale. In a scenario where the listing isn’t getting any engagement from buyers and the owner thinks it’s time to change agents (provided the listing agreement has expired), the property can be removed from the market listings while the owner is talking to another agent.
How Can a Flat Fee Realtor be a Better Option?
A flat fee real estate agency charges only a flat fee for their services rather than the percentage charged by traditional realtors. CA Flat Fee charges only $5,000 for listing your property and providing services including showing, closing negotiations, handling potential buyers, marketing and photography.
That way, a seller could keep a significant portion of their capital gains that they would have otherwise lost using a traditional realtor. In other words, a traditional realtor’s 3% on a $800,000 property would amount to $24,000.
Properties leave the market for a variety of reasons, best known to the seller. However, this piece covers some of the most common reasons for this occurrence. When it happens because of a change in agents, it is more often than not a switch from a traditional realtor to a flat fee realtor. Using a flat fee realtor could be a perfect decision.