The current housing market is great for sellers—it’s easier than ever to sell your home. That means selling your home off-market has become a legitimate option. You’ve heard the stories; tales of fixer-uppers in less than desirable locations selling for massive amounts are all over the internet.
It’s possible, but this isn’t the norm. In this last, bonus blog of my seller series about Getting the Most for Your Home in a Hot Market, I talk about the pros and cons of going it on your own and listing your home off-market. As a real estate agent in Northern Colorado, I’m sharing my advice on whether selling off-market is the best decision for you. It isn’t the right choice for everyone, but I’ll share how to get the most for your home if you decide to sell off-market.
When is it a Good Choice to Sell Off-Market in Northern Colorado?
Not every property is well-suited to sell off the market. Additionally, not all buyers are up for the extra time and effort it takes to go down that road. Selling off-market is a good idea if:
You have strict time limitations– Selling your home with time limitations, such as a sudden job transfer, can be tricky. In such cases, selling quickly off the market might be your best option. If you have the flexibility to take your time, selling your home through a vetted realtor will get you a higher price.
You prefer a discrete sale– For some sellers, the thought of strangers coming through their home every weekend is overwhelming. Others don’t want to deal with agent fees or think selling directly to a friend or family member is better. Sometimes that’s true, but there are risks involved. If you prefer a discrete and quiet sale, I can help. I cater my services to the needs of every client, so no matter what your needs are, I’ll help you get the highest price on your terms.
You want to test the market– Some sellers like to “test out the waters” before officially putting their home on the market. Suppose you list off-market and aren’t getting many bites. That’s a sure sign you need the expertise and resources of professional realtors like myself.
When Should You Put Your Home on the Market with a Listing Agent?
Your priority is money– If getting the highest price for your home is your number one goal, putting your home on the market with a listing agent is in your interest. Selling your house the traditional route exposes your home to more potential buyers. More competition for your home equates to a higher closing price.
You like safety in numbers– Listing your home on the market puts you in a position to choose between multiple buyers. If one offer falls through, you’ll have a backup offer waiting in the wings.
You want more options– Typically, homes that sell on the market close faster and with fewer contingencies. That’s because you have a knowledgeable agent working on your behalf. Additionally, the multiple offers generated by a market sale give you the option to accept a cash offer.
What It Means: Selling Your Home Off-Market Without an Agent
You might be thinking, “The market is hot. I can sell my home without an agent and save the commission.” However, according to a study by the National Association of Realtors, homes sold via an agent went for 35% higher than homes without one. Even with the agent’s commission, you’ll come away with a lot more money. Aside from the money, selling with an agent saves you time and energy. I’ll work on your behalf to take care of all the grunt work and complicated paperwork.
The Bottom Line
Unless you have a pressing reason, selling your home off-market is not always the best idea. Putting your home on the market is your best option. Selling your home on the market means exposing your listing to as many buyers as possible. You’ll likely get a higher price for your home and have more options and flexibility with the contract. I’m happy to discuss your situation with you personally so we can decide what the best option is. Whether you want to sell off or on the market, I can help you get the most money for your home. Contact me today!
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