For Sale By Owner – Selling Your Home Yourself – Should You or Should You Not?
New Jersey has a hot real estate market. Sometimes, homes stay listed for sale a mere couple of days when competition levels are high. As compared to the past, the housing inventory is a bit low these days which seems to have increased for sale by owner.
This means that you don’t list your home on the Multiple Listing Services or MLS using a realtor. In this situation it isn’t visible to most of the buyers. In such a case, your house is said to be on the off market or a pocket listing.
Off the market real estate listings make things more exclusive for both sellers and buyers. As a seller, the private and streamlined home buying process seems an attractive option. It allows you to set a higher asking price and get a better offer. Buyers also show an interest because they enjoy access to off market inventory, and thus, are more willing to pay a higher price than otherwise.
When should you sell off market?
Many celebrities and wealthy people prefer to sell off market because the process appears to be more prestigious in such a case. Selling off market is like being part of a private club with exclusive members, and is not known to the general public.
But what if your house isn’t worth millions? Should you still sell off market then? In certain cases, you can. For instance, some of your family members or friends may want to buy your house from you. This means you don’t have to put your home on the real estate listings any more, which makes things easier.
Another example is when your house is in a hot real estate market. In such a case, you should soon expect buyers to call in. Another scenario in which selling off market may be a good option is when you aren’t in a hurry and can wait for a good deal.
How do you come across potential buyers without putting your home up on the multiple listing service (MLS)?
If you want to sell off market, then networking is the strongest tool for success. Work with a real estate agent who has plenty of contacts and can find you buyers willing to pay. Bear in mind that if they have strong relationships, you can find potential buyers more easily.
But if this isn’t the case, then you would limit the offers that you could have received by putting your house up on the real estate listings.
So should you sell off-the-market or no? It all depends on your goals, and when you want the home selling process to be completed.
Reach out to us, and we’ll help you figure out if you should or shouldn’t sell off-the-market.