If Your Home Isn’t Selling: Time to Reassess Your Strategy

Over the past few years, the real estate market has largely been considered a "seller's market." Thanks to low inventory, especially in popular areas, selling a home often meant securing a significant profit.However, with mortgage rates remaining high recently, buyer confidence has cooled, leading to an increasing number of homes lingering on the market longer than before.

So, should you keep your home listed, or is it time to pull back? Today, let’s walk through how to make that critical decision.

Signs It Might Be Time to Take Your Home Off the Market

1. Your personal financial situation has changed.If your financial circumstances have shifted after listing your home, it may be wise to delay the sale.For instance, an unexpected job loss or a major expense like a car repair could make it difficult to secure the funds needed for your next home purchase.

2. You’re only receiving lowball offers.If your listing price is set too high, or if there’s little flexibility during negotiations, your home may sit on the market too long.If your property hasn’t sold after more than a month, buyers might start assuming there’s something wrong with it, so caution is advised.

3. Major issues are discovered during inspection.If a home inspection uncovers structural problems or major system failures, addressing those repairs first and relisting afterward could build buyer confidence.

4. Your home needs major renovations.If your home doesn’t stack up well against nearby listings, you may need to invest in updates like a kitchen remodel or bathroom upgrade. Temporarily pulling the home off the market to complete these improvements can be a strategic move.

5. There’s a surplus of inventory and a shortage of buyers.In a market oversaturated with listings and lacking active buyers, even the best homes can struggle to sell. In such cases, reconsidering your timing might be smart.

6. You’re not getting the support you need from your agent.If your real estate agent isn’t proactive or isn’t providing effective strategies for your sale, it could be time to end the contract and find a new agent after pausing your listing.

Reasons to Keep Your Home on the Market

Still, there are cases where it makes sense to stay the course.First, consider the marketing costs you’ve already invested.Second, certain times of year, like the spring market, can see a spike in buyer activity, increasing your chances of selling at a better price.

In fact, in the Chicago and Illinois areas, buyer inquiries have been steadily rising since mid-April, and properly priced homes are receiving offers more quickly.Although inventory in the Chicago metro area has risen by 14% compared to this time last year, buyer demand is also climbing, meaning it could be strategic to keep your home listed right now.

Conclusion: It’s Not Time to Quit — It’s Time to Adjust

If your home doesn’t sell immediately, there’s no need to be discouraged.

What’s important is to carefully assess the situation, make any necessary adjustments, and come back stronger to appeal to the market.

Now is the time to rework your strategy and seize new opportunities.