01/12/2021
There's a time and place for "Off Market" sales, however the pros and cons of each sale method should be weighed up to figure out what would be best suited to each individual property seller. A detailed analysis by PropTrack found that sale prices for houses sold off-market (compared to those listed on realestate.com.au) were on average 2.6% less.
The report also stated "regional NSW and regional Victoria saw some of the biggest losses, with houses sold off market selling for 5.5% less on average." To put that in perspective, Eastwood's median sale price is currently $483,000 so that could equate to a loss of over $25,000 on average!
Some local agents are telling home sellers that they have lots of buyers (NEWS FLASH: all agents do at the moment!) and they can sell for a great price "off market". But is really in the best interests of the seller, or just less work for the agent??
In some unique situations, particularly where privacy / discreetness is important, off-market sales can work well. But the numbers show that it may not necessarily be the best option if you're after the best possible price.
If you are thinking of selling, feel free to get in touch for a free appraisal and to discuss the best method of sale for you and your property. We will discuss what is most important to you, including privacy, timing, sale price and the process itself - some people won't want the added stress of an auction, but if you're chasing top dollar, it may just be your best bet!
Hit me up if you have any Q's. Cheers, Adam