You’ve heard the stories.
I recently showed a buyer in northern Westchester a home that had 27 Offers all over asking! My client was paying cash and offered $50,000 over the listing price, waived the inspection contingency, and still did not get the deal! On the selling side, I listed a home in southern Westchester and within the first 4 days on the market, we had 97 showings! It was a revolving door!
There are so many stories like that I could share with you about how hot the market is right now for sellers and you’ve probably heard a few doozies from friends and family too.
Getting a home sold and sold quickly in this market is not hard. Anyone can sell a home right now. But, the goal of selling a home should almost never just be to get it sold or sold quickly. That’s really easy to do and anyone can do that right now, even you.
The goal should be how are you going to take the very most advantage of the very best seller's market in history and with as little hassle along the way. Both are possible and both are important.
But, what’s happening right now is many sellers are thinking that because the market is so hot, that they can skip steps or sell off-market. Sometimes selling off-market is a great idea, but sometimes selling off-market leaves thousands of dollars on the table.
There are pros and cons to selling off-market and there are right ways and wrong ways to do it.
Is Selling a Home Off-market a Good Idea? Sometimes
For some sellers, the thought of 100 or more people coming through their home on a weekend feels overwhelming and something they don’t want to sign up for, especially while Covid is still lingering.
Others just don’t want to deal with agents (which I get) or think that selling directly to a friend or family member is a better option. Sometimes it is, but sometimes there are risks involved.
When Selling Off-Market is The Right Choice
One of the appeals of selling off-market can come from wanting fewer people in your home or perhaps the desire to sell in a more private environment. Maybe you don’t want your home all over the internet or your neighbors to know you are selling. All those can be very good reasons to sell off-market.
Selling off-market also makes a lot of sense during the holidays. This is a strategy I’ve been using for years with my seller clients with great success.
Why? Because typically, the number of buyers goes down from mid-November through mid-January, as many are focused on holidays or traveling. There are fewer homes on the market too, for the same reasons.
But, what if you need or want to sell during an “off time” like in December for a sudden job transfer? Selling off-market during the holidays can be a great option, especially if it means being able to “test” the market without risking it being listed on the MLS and not selling, which can cause problems later.
If you want to sell for one of these or other reasons, I can help you with selling off-market if you prefer a more quiet sale. Whether you go on the market or not, though, the goal should still be to get you the highest possible profits for your home as much as possible. When we work together to sell your home off-market, I can tap into all the off-market resources I have available to help you still get the most possible for your home while selling it more privately.
These are some good reasons to sell off-market, but it’s not for everyone.
When Putting Your Home on The Market is the Better Choice
If getting the highest price possible is your goal, even if it means being inconvenienced for a short period of time, then putting your home on the market is truly the best option.
Selling your home more traditionally means giving it the greatest exposure. The more eyeballs we get on your home, the more likely more people will come to see it, and that means there is no question about what your home could have sold for.
The real estate market operates like any more—the more demand, the lower the supply, the higher the value and that’s what’s happening right now.
What’s also great about putting a home on the market is that you put your home in a position to not just sell once, but sell a few times because you can have backup buyers waiting in the wings if anything were to go wrong with the buyer under contract (and it does happen).
Typically, homes that sell on the market have better terms too—meaning faster closings (if that’s what you want) and less or no contingencies.
More offers mean you could end up with an all-cash offer or an offer with no contingencies, not even a home inspection!
That’s what more buyers seeing it means for you—the best possible price and the best possible contract terms so you can create the exact situation you want—more time to move if you need it, a quick closing if you need that, and less risk of the contract falling through. You want the offer you take to also go to settlement and when you have more offers, you have better terms and periods. We are seeing all sorts of creative things happening between buyers and sellers right now in multiple offer situations.
What’s Right for You?
Putting your home on the market means exposing it to the most homebuyers possible. The more buyers who see your home, the more demand is created, which gives you the best possible chance to achieve the highest price.
But, for some sellers, getting the most money for their home isn’t the most important part of selling, sometimes privacy or ease and simplicity hold more value. Getting a price that is acceptable is enough.
For others, getting the very most money possible from their biggest investment is the goal. For those sellers, selling off-market could mean leaving tens of thousands or even more on the table.
Wondering what’s best for you? There are no one-sized fits all answers. The answer might not be the same for you as it is for your neighbor. It really depends on your personal goals and situation.
Let’s talk about your individual needs, where you are headed, and figure out what the best options are. My job is to help you make the best decision for you. Whether you sell your home off market or on the market, I can help you with both options, and either way, my goal is to make sure it’s a good experience for you. Whatever is most important to you is what I’ll make happen.
For example, if you are overwhelmed with thinking about what needs to be done to get your home in show shape, that really should be the least of your concerns. My favorite clients are the ones that hand me their keys and leave the rest up to me. I love transforming a space and spending as little time and money making it look its best. It’s my favorite part of the job and not a job you need to take on yourself!
Selling Without an Agent
“The market is hot, I can sell my home without an agent and save the commission.”
Understandably, this thought is going through a lot of sellers’ minds right now and it makes total sense at first glance, but let’s look a little further into this.
Using an agent to sell your home, whether it’s off-market or on the market, gets you the highest price possible, period. According to a study by the National Association of Realtors, homes sold with an agent sold for 35% higher than those sold by the owner. That more than pays for our commission and then some.
And, yes, of course, I’m saying this also because I’m an agent, but it’s also because of the facts. I’ve seen the statistics both nationally and locally from all sorts of studies and when you sell with an agent, whether off-market or on the market, you get more than if you sell on your own. More than the cost of commission? In this market with the right agent, hands down the answer are yes.
Next Steps
Whether you want to sell off-market or on the market, I’d love to help you. My goal is to get you more for your home using me than any other option available.
Email me if you have been thinking about selling your home and we can talk about whether it’s best to sell off-market or on the market and how to be sure you are getting the very most profit possible.
