How Do I Sell My House – Privately or Off-Market?

How do I sell my house - privately or off market

How Do I Sell My House – Privately or Off-Market?

With real estate agents charging astronomical fees and the internet making it easier to access resources for private sellers, it can be very tempting to sell your property yourself – after all, you’ll be saving yourself thousands of dollars not mucking around with over-priced agents, right? 

Well, maybe not. 

While there are potential advantages to selling your property privately, there are also significant risks. Here at Image Realty, we highly recommend speaking to an expert before you make any decisions on how you want to sell your property. So, before you ask the question “How do I sell my house privately?”, you should also consider the true costs of doing this – and whether an off market sale might be a better alternative. 

What is selling a property privately? What is an off market sale?

When you sell your property privately, you do so without going through the process with a real estate agent behind you. This means you forgo paying any fees and commissions they charge that subtract from any profit you might make. 

Selling off market means you sell without advertising the property to the public. The real estate agent you choose contacts interested buyers privately, and you avoid potentially invasive open house days and the like.  Image Realty are experienced in off-market sales.

What are the pros and cons to selling a house privately?

The benefits of selling your home privately all centre around money. You cut the agent’s fees and commissions, and if, for example, your agent might charge a 2.4% commission, you could be saving as much as $18,000 to $20,000 depending on the price your house sells for. You also make more of the decisions about how you advertise and market your property, which, honestly, could go either way. If you know what you’re doing, it could be another huge windfall. If not, the consequences could cost you far more than you would save.  

There are more cons than pros to selling your house privately. You open yourself up to huge risk if you don’t completely understand the legal requirements involved in selling property. It’s also an incredibly time-consuming endeavour, which is why people do it full time for a living. You may not have the knowledge or the resources necessary to determine the true worth of your house, and underestimate just how much you should sell it for. Again, the fees you’ll have to pay as a private seller to advertise and market your home could potentially be extortionate. The financial consequences in this instance could be catastrophic.   

How do I sell my house off market?

Selling your home off market is a cheaper option, considering you don’t have to worry about marketing costs. If your real estate agent has a good database of buyers, the sale will probably be quite quick. You may then have a shorter settlement period and a bigger deposit, and you don’t have to worry about going to auction, since there is no option for this in an off-market sale. You avoid all that headache, the invasion of privacy, and the anxiety that comes with a stressful process. If you need to sell your property as quickly as possible, then selling this way is the best path to follow.  

Contact our team
to discuss whether an off market sale is the right option for you.

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