Sellers pulling their property off the market.
Hey everyone,
Saw an article today that apparently a ton of sellers are just taking their homes off the market instead of cutting the price anymore. According to MarketWatch, delistings are up almost 50% year-over-year, especially in places like Miami, Phoenix, and Houston.
It seems like a lot of people would rather wait it out than keep lowering their price. This could be because they’ve got a ton of equity and don’t “need” to sell right now. Plus, they’re competing with all these new builds offering crazy rate incentives.
For us rookie investors, this feels like something to keep an eye on. There could be the potential for these homes to pop back up on market or an opportunity to reach out after the listing expires.
Curious if anyone here has noticed this in your market? Have you gone after any deals that came back on after being pulled? Or are you just moving on to whatever’s currently available?
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And I'm one of them. We got into a deal with the pro forma looked great on the sale exit. After about 10 months finishing up the project, right now the property just does not sell after multiple price cuts. So any further price cut will render this project simply breaking even and our investors do not like that.
So our second exit is to convert the listing into an airbnb and getting the revenue to float the property and sell when the time is right.