“My seller wants to take their listing off the market for a bit. What status should it have?”
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The answer lies in what they mean by “a bit.” If they have family over or are traveling for ten days or are having to repair a broken pipe and want to keep their listing contract with you then you will want to change their listing status from Active to Hold. This will pause the Days On Market count until you change the status to Active. At that point the count will resume where it left off, ignoring the days it was on Hold.
If they want to end the marketing of their property altogether –not a pause but a full stop-- they are terminating their listing contract with you in advance of its expiration date. This is done in writing (just like the original contract) and when you receive their written notice you are required to change the listing status within three days to Cancelled. This is the only time you can use the Cancelled status.
First published in the Office Liaison Report on 2022/11/01.