You've been looking for a home for the past five months. And you finally discovered your dream home online, only to discover that the listing had been withdrawn while you were waiting to show it to your family. It's back to square one, with no progress accomplished. Don't panic, just because a listing is removed doesn't indicate it's sold; there could be other reasons.

Concept Of “Temporarily Off Market” Property

You may have heard that a particular home is “TOM” - temporarily off-market. People frequently believe that when a listing is withdrawn, it means it has been taken off the market. The truth is that when a house is off-market, the realtor is aware of it, but it is not listed on MLS.

Why Do People Remove Their Listings?

When a property seller engages a real estate agent to sell their home, they typically list the home on the Multiple Listing Service. When the status of the property is shown “canceled” or “off-market”, it can be for various reasons. One is that the property is withdrawn from the MLS if the seller terminates the listing agreement.

Many homeowners choose to remove their home from the market, the reason can be to make necessary improvements or repairs, and then re-list the home once completed to attract more prospective purchasers. It's no secret that homes that require fewer repairs sell for more money at closing.

The financial circumstances of the homeowners matter a lot. Suppose a seller has recently lost their job. As a result, they will be unable to obtain a mortgage to purchase another home so they decide to take the listing off for some time.

Do Listing Removed Means Sold?

Another misconception is that people believe whenever a property is removed, it’s sold. Well, it doesn’t necessarily mean it’s sold, it could signify that the listing agent has been dismissed or that the buyer has changed his mind about selling the home and taken it off the market.

The bottom line is if you are interested in a home that has been taken off the market, feel free to reach out on the previous listing and let them know you are an interested buyer. The timing might be just right and they just may be ready to sell.