Scrolling through your favorite real estate app or website, you find the perfect property for you. But next time you look for the property you see that is has been withdrawn. What does that mean? Has your opportunity to purchase passed?
No need to worry! Withdrawn home listings are not cancelled listings and may come back on the market soon. There are many reasons why a seller may have withdrawn their property listing including, but not limited to:
The Seller Changed Their Mind
It happens; the seller changes their mind about selling the property and withdraws the listing. This could be for a number of reasons, including:
- Financial difficulties
- Not satisfied with buyer response to the home
- Moving or new job plans fell through
- Seller decided to stay in the home
The Seller Wants To Make Improvements On The Property
Another reason a seller may withdraw their property listing is that they want to make improvements on the property; especially if buyers have been scared away from a repair that they do not want to make themselves, like a new roof.
By withdrawing the home listing, the seller can make any necessary improvements and changes to the property before they relist it.
The Home Was Priced Too High Or On The Market Too Long
Setting home prices too high is a big mistake many sellers are guilty of when they put their home on the market. They have an emotional attachment and want to sell for what they believe the home is worth or did not get the home professionally appraised.
Naturally, this leads to fewer potential buyers who do not want to pay for more than what the property is worth; doing so will cause them to be underwater.
On the same hand, the seller may withdraw the home listing if it has been on the market for too long. Taking it off will allow them to get a new selling plan, like appraising the property and making improvements to attract sellers.
The Seller Wants A Break
It sounds counterintuitive, doesn’t it? If a seller is so keen on selling their home, why would they want a break? It could be for a number of reasons, from wanting a break during the holiday season from showing or there has been a medical emergency in the family.