Friday, May 7, 2021 / by John Salkowski
Selling without a Realtor is an option, but should you do it?
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Since we’ve been in such a hot seller’s market, we’re getting a lot of questions about the pros and cons of selling a home off the market. We’re actually helping one of our past clients sell their home to a friend of theirs, so I can share with you the same things I told them. I gave them a list price of around $450,000, but they ended up negotiating their own deal with their friend. The price ended up at $420,000.
I asked them why they did that without even trying the market to see what buyers were willing to pay. Keep in mind that we’re in a market where buyers are willing to pay more than $40,000 above a home’s appraised value (appraised value is different from market price).
"We’re in a market where buyers are willing to pay more than $40,000 above a home’s appraised value."
The seller’s rationale was that they were saving money on commission fees and were selling the home in as-is condition. It was their choice, of course, but I don’t recommend the route they took. In fact, I believe they left $40,000 to $50,000 on the table. However, they also didn’t want to have dozens of home showings—they wanted an easy sale, and this approach made it possible.
So, while I’ll almost always recommend using a professional agent in order to get top dollar on your home sale, there are a few benefits that come from an off-market sale. If you have any questions or would like more information, feel free to reach out to me. We’d also be happy to put you in touch with our recommended vendors, including roofers, carpenters, and much more. Until then, we look forward to hearing from you soon.