The pros and cons of an off-market sale

Are you thinking of selling your North Narrabeen, Narrabeen, Elanora Heights, Ingleside, Warriewood, or Mona Vale property this year but hesitating because of the work involved or the fact that you don’t want the fact your home is for sale to be common knowledge? 

One option is to sell off market. Here’s what’s involved with this type of sale and why it may work for you. 

What does it mean to sell off-market?

An off-market sale isn’t formally advertised to the greater public.

Real estate agents will have a list of clients searching for homes. They may also approach local buyer’s agents, who will have a long list of purchase-ready buyers and investors. With an off-market sale, your agent will call these people and allow them to see your home before it is advertised.

In a seller’s market, which the Northern Beaches still are at the moment, drawing from this smaller pool should still mean you can get offers around the amount your house is worth.

Why choose an off-market sale?

There are many reasons to choose an off-market sale and a few reasons not to. Let’s break down the pros and cons to give you an idea of how it can work for you.

The benefits of selling your Northern Beaches home off-market:

  • No advertising costs: One of the big bonuses of selling your home off-market is that you can avoid advertising and auction fees. This can save you several thousand dollars. 
  • No public open homes: This has to be one of the biggest pros for selling your home off-market. While potential buyers will still need to come and see your home, you don’t need to worry about publicly advertised home opens, which will see neighbours and strangers coming through your home. You’ll have smaller groups coming through for private, pre-arranged viewings. 
  • Stay private: Not advertising the sale of your home means your movements remain more private. The neighbourhood won’t be made aware of your movements by signs, advertising, open houses or auction days. If you are going through a separation or have a public profile, you might find this helps make selling off market the right choice. 
  • Test the market: Even if you don’t end up selling off-market, you can still use private viewings to see how buyers respond to your home. If your off-market buyers don’t give you good feedback, you can talk to your agent about why and come up with a plan to revise the price or make upgrades to the home. 

The drawbacks of selling off-market on the Northern Beaches

  • Possibly not getting the highest price: A lot of buyers on the Northern Beaches come from out of the area and are yet to make contact with an agent or buyer’s agent so you do risk missing out on their offers. 
  • Unpredictable sales time: Selling off-market can lead to an unpredictable time to sell. If all goes well, you can sell right away. On the other hand, with fewer people looking at the property and less competition, it can take longer to sell your home.

Should you sell off market in 2024?

If you are still trying to decide what the best choice for you is, talk with a representative from our team. We can let you know which buyers are actively looking and whether we believe you’ll be able to get the level of interest and price you want without advertising.  

Need help selling your home in Elanora Heights, North Narrabeen, Warriewood or surrounding areas? Reach out to our team today.

Leave a Reply

Your email address will not be published. Required fields are marked *