Real Estate

What are the implications of listing a property to gauge market interest?

  • Last Updated:
  • Feb 17th, 2021 5:17 pm
[OP]
Newbie
Jan 5, 2019
32 posts
9 upvotes

What are the implications of listing a property to gauge market interest?

We've been living in our property (small detached home) for over 2 years, and have little intention to sell so early.

The market is red-hot right now, and I'm wondering if this would be the opportune moment to sell our home and use the profits to upgrade, given ultra-row interest rates and low supply of detached homes.

I'm in no hurry to sell, but if the price is right, I'd definitely consider selling. Is it common for sellers to list their property to see if anyone bites - and if not, just terminate the listing? What is this process like? Are there any negative implications of doing so?
7 replies
Deal Addict
Dec 18, 2006
2003 posts
398 upvotes
Markham
oksure wrote: We've been living in our property (small detached home) for over 2 years, and have little intention to sell so early.

The market is red-hot right now, and I'm wondering if this would be the opportune moment to sell our home and use the profits to upgrade, given ultra-row interest rates and low supply of detached homes.

I'm in no hurry to sell, but if the price is right, I'd definitely consider selling. Is it common for sellers to list their property to see if anyone bites - and if not, just terminate the listing? What is this process like? Are there any negative implications of doing so?
Can you not get an assessment/evaluation done using recent sold comps to set baseline expectations, to save you the time and effort in listing it and having people walk through the property only to change your mind afterwards? Most properties are selling within 3-7 days and at record prices. You should be able to determine the price point before investing not only your time, but the time of the realtor (if you're going to use one) and their expenses like photography, staging etc.
Jay Rana |
Sales Representative, CENTURY 21 Titans Realty Inc. Brokerage
[OP]
Newbie
Jan 5, 2019
32 posts
9 upvotes
I sure can - but those would simply be reference points, and not what my home would actually fetch in the market today. Of course I know I need to be mindful of time/resources of everyone involved. Like I said - if the interest and price is right, I am willing to sell. If not, I won't. Isn't that how the housing market is supposed to work in the first place?
Newbie
Nov 28, 2020
64 posts
57 upvotes
Every extra dollar you get selling, you will spend on the house you are upgrading to. That guys taking advantage of the red hot market as well.
Deal Addict
Jan 26, 2016
1717 posts
1603 upvotes
Toronto, ON
oksure wrote: I sure can - but those would simply be reference points, and not what my home would actually fetch in the market today. Of course I know I need to be mindful of time/resources of everyone involved. Like I said - if the interest and price is right, I am willing to sell. If not, I won't. Isn't that how the housing market is supposed to work in the first place?
If you are willing to sell at say 1.2M and 1.2M comes, will you sell? Then list with an agent willing to list at 1.2M. Don't list and then reject an offer matching your list price.

It's morally wrong, and if you want to sell later it'll be on the record that you failed to sell before and people might think something wrong was found and it's a negative point.
Deal Fanatic
Mar 27, 2004
5102 posts
3136 upvotes
Toronto
oksure wrote: We've been living in our property (small detached home) for over 2 years, and have little intention to sell so early.

The market is red-hot right now, and I'm wondering if this would be the opportune moment to sell our home and use the profits to upgrade, given ultra-row interest rates and low supply of detached homes.

I'm in no hurry to sell, but if the price is right, I'd definitely consider selling. Is it common for sellers to list their property to see if anyone bites - and if not, just terminate the listing? What is this process like? Are there any negative implications of doing so?
Why don't you list your home for an outrageous price and see if anyone bites. like a price 100k higher than the most recent comp.
Full-time Realtor
Deal Addict
Dec 18, 2006
2003 posts
398 upvotes
Markham
oksure wrote: I sure can - but those would simply be reference points, and not what my home would actually fetch in the market today. Of course I know I need to be mindful of time/resources of everyone involved. Like I said - if the interest and price is right, I am willing to sell. If not, I won't. Isn't that how the housing market is supposed to work in the first place?
So if you had baseline minimums of what the current market is, then potentially establish price-point milestones based on inventory, trends and interest in your area - could you not have your bar set for intent to sell and anything on top of that would be bonus?

For example, if the most recent comps for a similar property are going for $1MM in your area, the last one being sold in January. We're less than 2 weeks away from the end of Feb and you should be able to determine potential trends based on current sales of other similar properties in the vicinity/FSA. You should be able to establish a potential premium and set a baseline expectation. You can also set whatever target milestone for selling if you want, i.e. "I'm not going to sell unless I get $1.12MM based on the trends and stats, and anything else would be bonus". You invest in the resources and the resources will then work to make the transaction happen based on your requirements.

At the end of the day whether you sell or not once it's listed, is fully up to you, however it seems as though with your idea of doing it, the goal posts can keep moving.

Why not interview a few realtors for a market eval and see what kind of numbers they can bring to the table to see if it's worthwhile to even invest your time and effort? As others have pointed out, repeatedly listing and relisting may put some doubt in potential buyers' minds, one being that the seller may not be too serious and is indecisive.

Good luck!
Jay Rana |
Sales Representative, CENTURY 21 Titans Realty Inc. Brokerage

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