Interest rates are at an all-time low, which has encouraged confidence in prospective buyers. Attendance at open for inspections and auctions is at a two-year high. This means coming across the right buyer for most properties is not proving to be a hard task. In fact, most sales agents should already have buyers on their database trying to find them a property.
Over the past two months, selling homes that aren’t on the open market has made up 30% of our sales. In all cases, this has involved a buyer paying a price that our owners are happy with and which allows them to sell their home without going through the longer process of a normal sale and the cost of advertising. Something we regularly hear from owners considering selling is “We have nowhere to move once we sell” or we’re asked “We haven’t found the right property, but what would a buyer pay for ours?” This is driven by a low supply of properties being available, which in turn increases buyers motivation to purchase.
Its important to note, in an off market deal it isn’t always about the price. Part of the negotiation is surrounding the terms that allow the owner a comfortable period of time to move. In this scenario, an owner can potentially have access to the deposit paid by the buyer in order to help them purchase the next place once they find it.
To give an example, 6 Beswick Ave, North Ryde was sold prior to going on the market for $1,745,000, though what made it a great sale wasn’t just the price. It is also the fact that we negotiated terms that allowed the owner to remain in their home for up to 6 months if required.
There are only certain times when off market deals will allow an owner to potentially achieve just as much as for their home as if they were on the open market and currently in this market where supply is far outweighed by demand, it is an ideal time to use this strategy if you are thinking of selling.
If you are having trouble finding the right property, we may have your dream home available off market or about to be advertised, so feel free to call us to discuss.
If you are thinking of selling and would like to see if this is an option for your home, feel free to call me to talk about how we can help you with a convenient sale.