There is no magic formula to determine when to pull your real estate listing off the market but there are some factors to consider when trying to make this decision.
10 Factors to Consider When Taking Your Real Estate Listing Off the Market
- If your property isn’t selling 9 times out of 10 it is the price. In this current Manhattan market real estate listings that are overpriced are being ignored by buyers.
- If your listing is correctly priced and still not selling then it is probably due to its positioning, how well it shows on-line and the lack of a comprehensive strategic marketing plan.
- If you decide to list with an aggressive price it is an excellent idea to set a 30 day test period to gauge the level of interest. If interest is very low then a price adjustment is in order.
- If you don’t want to consider dropping the price after receiving little buyer interest it may be a good Idea to take your listing off the market temporarily while you make updates or changes that might lead to a less severe price drop when you re-list it.
- Seasonality is a factor. There are two busiest selling seasons in Manhattan. The busiest season is the spring market that runs from February through June. The second busiest market is fall that starts in September and runs through Thanksgiving. The midtown market doesn’t see such a slow-down in the summer due to so many apartments just being pied-a-terres. Also there are more foreign and investor buyers in midtown.
- Timing – The average time for a luxury $4M and over to be on the market is over 300 days. The fastest moving segment and the highest volume of sales are coming from the $4M to $6M market. If you have a listing that is priced $10M and over then you need to look at the absorption rate of apartments in that price range and the area of the city where it is listed. Your broker should be able to give you an average number of days it will take to sell your apartment based on price and location.
- Positioning is key. If another comparable listing comes on for a lower price then it may be a good idea to take your listing off the market and see what happens before relisting.
- If a new luxury apartment building nearby is scheduled to be released in the market for sale at a higher price it may be a good idea to relist after the sales launch to show that your listing looks like a deal compared to new development.
- If there is construction on your block you may want to think about waiting it out and listing your apartment when your home is accessible and is not affected by construction right across from you.
- Consider a short break an opportunity. Here are some things to do before you re-list if you are serious about selling your apartment.
- If you pulled it because of pricing then then decide what you are willing to take before re-listing and take the advice of your broker even if this means reducing by a large number.
- Maybe a large price drop won’t be needed. Buyers look on-line first and you may just have to drop to the next level. I.E. You listed for $5.2M . Then relisting at $4,995,000 may be all the adjustment needed to attract buyers in a slightly lower range.
- If the marketing photos were poor, there was no property video and the marketing strategy was weak then it is time to interview a new broker.
- Take the time to de-clutter, make repairs, possible improvements and get it staged. Buyers need to see themselves living there.
Still unsure if you should take your real estate listing off the market? Contact me for a free evaluation.