by Michael DowlingWith interest rates being at an all-time low, it has provided prospective buyers with exceptional confidence. With attendance at open homes and auctions at a two-year high, coming across a buyer for most properties isn’t hard. In fact, I’d go as far as to say that most agents should already have buyers on their database and are already trying to find them a home.
Over the past two months, selling properties that aren’t on the open market has made 30% of our team’s sales. In all cases, this involves a buyer paying a price that the owner is happy with and it allows our owners to sell without going through the week to week process of a normal sale and the expense of advertising costs. A common statement we hear from people considering selling is “Once we sell, we have nowhere to move” or we get asked “We still haven’t found the right home, but what would a buyer pay for ours?” This trend is driven by a low amount of properties being available to buyers, which in turn increases their motivation to purchase.
What’s most beneficial in an off market deal is that 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 also potentially have access to the deposit paid by the buyer in order to help them purchase the next place when they come across it.
To give an example, 6 Beswick Ave, North Ryde was sold prior to going on the market for a strong price of $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 enable the owner to remain in the property for a period of up to 6 months if necessary.
There are only certain times when off market deals will allow an owner to possibly achieve just as much as if they were advertised on the open market and currently in this market where supply is far outweighed by demand, it is definitely an ideal time to utilise this strategy if you are thinking of selling.
If you are having trouble finding the ideal property, we may have your dream home available off market or about to be advertised, so feel free to call us to discuss further.
Similarly, if you are thinking of selling and would like to see if this is an option for a home like yours, please feel free to call so we can talk about how we can help you with a convenient sale.
McGrath Estate Agents
0418 637 593