Private sales: Why they work
Private sales: Why they work
Private sales are becoming an increasingly popular method of buying and selling property. They can save both parties a large sum of money and eliminate the complications that come with working with an agent. Here at Homesta, we’re here to make things easier. Here are the best reasons to sell (or buy) your home privately.
Selling or buying your property privately is an important financial decision that can result in you saving tens of thousands of dollars. If you’re going to sell your house without an agent, make sure you have a strong understanding of your house’s value.
Do some basic market research and scope out other property listings within your area and market range.If you’re looking to buy; the same process applies. Look at listings in the area and make note of the average price range for the property type that you’re interested in.
The number one reason to do a private sale, is that you can save a lot of cash. By eliminating agent fees, both the vendor and the buyer can save upwards of $20,000, and that’s a lot of money.
You’ll also save money by eliminating the auction process, as hiring auctioneers can be costly.
Selling a house privately means that you’re in complete control. You get to decide who you let see your house, how it’s advertised and ultimately who you want to sell it to. This is a huge motivating factor for many considering private sales.
The auctioning process can take as long as four weeks to reach an end. Properties listed privately may gain interest immediately, with many vendors receiving offers on the day of listing. If you’re selling privately, you can jump straight into the negotiation period once you’ve received an offer you like.
A private sale can also work perfectly if you’re not in a rush to sell. The flexibility that surrounds private sales means that vendors may take their time considering offers, and extend the settlement period if needed. Unlike an auction, there is no set date required for new homeowners to move in, it’s completely up to both parties to decide.
This flexibility also extends to the negotiation period, If the sale contract involves conditions, they can be adaptable to the needs of the vendor and the buyer.
Private sales are just that; Private. any agreements between the seller and the buyer can remain completely confidential. The selling price of your house does not need to be public, and neither does the property itself. You can choose to only do inspections for those that are interested in purchasing your property, as opposed to opening your house up to all members of the public. This is another key reason that persuades many vendors to go private.
Buyers love it:
Unsurprisingly, buyers tend to prefer purchasing their homes privately, as it’s cost cutting, confidential, and certain. This also comes as a plus to the seller, as those who show interest in your house will be genuinely considering purchasing your property.
Whether you’re considering putting your house on the market, or looking for a new property to purchase, private sales are a great, cost cutting way to go. At Homesta, we’re committed to making your private sales as simple and stress free as possible.