Are there benefits to selling or buying off-market?
Deciding to sell off-market will likely be a decision that is made between you as the vendor and your agent based on the style of home that you are selling and the current market conditions.
While auctions have been a popular method of sale in the last decade to increase the potential sale price, there are benefits and drawbacks to selling in this way, as there are in selling off-market.
The benefits for vendors to list their property off-market and try to sell in this method can include a reduction in the levels of stress that can occur with other sale options.
As agents are likely to have a community of potential purchasers that are looking for similar properties in the area, they can minimise the need for marketing and the sometimes-lengthy process that comes with a sales campaign.
An off-market sale also means that there are no open homes with potential purchasers coming through or the neighbours taking a quick look, out of interest and you may only have a few private inspections with less fanfare.
The drawbacks to selling off-market can include missing out on a higher sale price without the frenzy and excitement that can occur during an auction campaign. However, a good sales agent should be able to negotiate well through this challenge to achieve the best possible sale price.
For a purchaser, an off-market sale can mean that there is less competition to drive up the sale price and this could mean gaining a property at a bargain price or help to ensure that you do not overspend and stay within your finance-approved budget.
Stress levels can be less for a buyer with this method of sale as you are not competing with a number of buyers in an auction campaign and will have more time to consider your purchase options and price.
If you choose to purchase off-market, it can also limit the pool of potential properties that you may have available. Many vendors will sell via auction and if you limit your purchasing requirements to just an off-market strategy, there could be a reduction in the properties to choose from. This will mean patience is needed for this type of strategy and potentially working with a buyer’s agent or your real estate agent to find the right home for you.