What does it mean to sell your home “Off Market”?
Many times, buyers would prefer to buy a home that is ‘off market’. This means that the home is for sale, but it has not officially gone on the market to the general public yet.
Buyers prefer these opportunities because they may not have to compete in a bidding war. Buyers ask Sellers to accept their pre-emptive offers in order to potentially save money and have the first and only opportunity at purchasing the home. Sellers, in today’s market, would not benefit by selling Off Market or taking a Pre-Emptive Offer.. Today’s market has very low inventory and the demand is much higher than our current supply. By going to market and accepting multiple offers, seller’s can almost be guaranteed to get more than their asking price and in some cases, more than market value. When a seller gets multiple offers they can also make more demands on their bidders, requiring such things as no contingencies on their loan or appraisal, no inspection contingencies and free rent back periods.
Many times, my clients who are considering selling their homes ask me about selling off market, or selling directly to a friend, or selling without an agent. In a market like we have today, all of those options will not net the seller their highest profit. Homes that are marketed successfully and exposed to all buyers will sell for approximately 20% over asking due to multiple buyers bidding up the price. Attempting to save a 5-6% commission and handling a transaction without a professional realtor will end up netting less profits for the seller. There are very few situations where a seller might consider selling before going on the market. Most reasons are motivated more by a personal connection with the buyer or a need to sell immediately and, as is.
Your home is one of your largest investments. If you’re planning on selling, plan ahead, take your time to prepare your home for sale and take advantage of the current housing shortage. Always interview a few Realtors and choose one that you trust will have your best interests in mind.
Selling your home during these past 18 months and through today are proving to be quite profitable; if you’re thinking of selling, have a plan and maximize this potential to the fullest.
See you around town,
Janice Jordan is a third generation real estate expert. She has lived in Danville for over twenty years. In her spare time Janice loves to hang out with her daughter Jenna and go on outdoor adventures of all kinds.