In most recent years, with the previous market red hot for sellers, we’ve seen more and more people choosing to list their homes as “off-market.” While I’m not the biggest proponent of this strategy, I can understand the appeal of a homeowner taking this approach. You test out a high price, expose your home to a select and qualified pool of buyers, and give yourself the opportunity to accept an offer with minimal inconvenience and disruption to you and your family.
When demand is high and supply low, it can make sense to use this strategy in selling your home. But even in a seller’s market, I always encourage our sellers to consider listing publicly, because this exposes your property to the maximum number of buyers and is often the best way to get the highest asking price and the best terms.
But now, more than ever, listing your home off-market is unlikely to be your best strategy.
As prices settle down, inventory increases, and buyer behavior changes. So naturally, the best way to find a buyer for your home is to let everyone know it’s for sale. Relying on your listing agent’s network can restrict your exposure to a potential buyer. Putting your home into the MLS and all the major real estate websites can open up your buyer pool exponentially. And, as inventory increases so does your competition. If 5 other homeowners with properties similar to yours are selling their homes publicly, you can lose out if the same set of buyers doesn’t have the opportunity to see your home too.
But a skilled real estate agent can help you use the right strategy to sell your home. We’ve weathered the ups and downs of different market cycles and we know that selling a home is a dynamic process, because the best strategy to sell your home is one that shifts with the market.