You Cannot Sell a Secret! Why do you remove listings this time of the year?

By
Real Estate Sales Representative with Hot Property® - Coldwell Banker Residential Brokerage

Optimism for Winter Buyers, But Why Are Some Listings Being Pulled?

 

As my listing inventory continues to grow and I am running around with more buyers, I am optimistic about the last 6 weeks of the year. Momentum is gaining. I don’t understand something: Why are agents taking their listings off the market until after the new year?

 

If It Is Not Listed…..

The home buyers that are out there looking right now are among the best qualified and most motivated. If the home is not on the market there is no opportunity to show it to them. Market time numbers are what they are and there is no way to hide it. Taking something off for 45 days is not going to make the property worth anymore in January or February. Based on reports of a new influx of short sales and foreclosures coming on the market in 2010 it could be worth less. Residential resale pricing is going to continue to feel the impact of distressed properties as well as ongoing price reductions by developers to get their product sold.

 

According to the Illinois Association of Realtors, 37% of homebuyers are relocating to Chicago. They are not putting off their home search. They look at what is on the market when they are in the city. If you remove your listing, you are missing one in three of your potential purchasers. 45% are first time homebuyers. When  this buyer closes on their home there is probably someone who has to move quickly to move to their next home. None of these people are concerned if it is the holiday season or not and they will buy.

 

With very little inventory coming on the market right now this is your best opportunity to sell your home at the best and highest price for what the market will bear. If your home is not listed there is no opportunity. Buyers and agents will not look a home if they do not know it is for sale.

 

Holiday Mode

I am feeling a sense of defeat from some agents who encourage their clients to remove their homes from the market because they have decided it is going to slow. Being a professional Realtor® is like being a professional ball player. If you take your eye off the ball for one second you miss the pass and can lose the game.  Real estate is a 24/7, 365 day a year business. I do take vacations but I always make sure I am covered.  I am sure there are many agents out there who would be happy to service your clients. You cannot sell a secret!

 

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Rainmaker
256,153
Jason Feinman
Coldwell Banker Residential Brokerage - River Vale, NJ
Bergen County Real Estate Expert, ABR, CNE, e-PRO

How do you know agents are taking them off the market? It is up to the seller, through talking with the agent, to make that decision. Plus, if the agent was a "bad" agent, or the seller couldn't lower the price to where the property would sell or various other reasons were involved, this post does not cover those scenarios, so no "agent" would really be directly responsible for telling a client to let a listing expire and then re-list. And in some cases, having a property on the market too long leaves a listing stale and then it is important to wait and then re-list.

November 16, 2009 01:13 PM #1
Rainmaker
279,468
Christine Hooks
Pino Agency - Pennsville, NJ
Celebrating 20 Years in Real Estate!

My boss always told us that buyers who are out shopping at this time of year, are SERIOUS!  This is the best time to have your house on the market!

November 16, 2009 01:33 PM #2
Rainer
13,841
John & Susan Gray
Windermere Real Estate - McKenzie Bridge, OR

We are letting a couple of listings expire because the sellers aren't willing to drop the price in line with the market, or they don't want people tracking through their home in the worst of the winter weather - it does get messy here in the winter!  For us, that decision is really driven by the seller - we aren't taking them off of the market - they are.

November 16, 2009 02:18 PM #3
Rainer
69,685
James K Barath, CMPS
LeaderOne Financial Corp. - Crown Point, IN
FICO Pro, Certified Military Housing Specialist

I have to agree with you Andrea. Now is the time to have the home on the market due to the best buyer market ever subsidized in this country.

November 16, 2009 06:45 PM #4
Rainmaker
44,153
Andrea Geller
Hot Property® - Coldwell Banker Residential Brokerage - Chicago, IL

I posted this blog in several places and overall the comments have supported my position. In regards to the winter, I live and work in Chicago and everyday is a surprise with the weather. I cannot predict the weather as I cannot predict when the next buyer comes along. This post was not about pricing or whether agents are choosing to extend listings. 

November 19, 2009 09:18 AM #5
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Rainmaker
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Andrea Geller

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