Paso Robles is one my favorite places to visit!. There are so many amazing wineries and the views from each one is just breathtaking (yes, I’ve been to nearly every one!). Just a 3-hour ride from Los Angeles, we recommend checking out Hotel Cheval and the 10 attractions below:
Don’t forget to share your trip on Instagram and tag @MelissaMenardHomes!
In the Seller’s Market we are currently experiencing, there are a number of ways to sell a property, one of which is referred to as the “off-market” deal
An off-market deal is a term used to define a property that listed for sale with a broker but not put on the Multiple Listing Service (MLS) or with a sign in the yard. Essentially the home is sold without any public advertising. It is sold through relationships and networking.
Why Sell Off-Market?
Reasons for a homeowner to sell their property off-market are varied and can include the need for a quick sale due to family or financial situations, or even avoiding the hassle of preparing a home for sale. Here in Los Angeles, a common motivation we see for an off-market sale is the desire for privacy due to high profile clients.
So how does the seller benefit from an off-market deal?
Privacy – the general public doesn’t know the property ever changed hands
Buyers may be willing to pay a premium for not having to compete against other buyers for a property.
No hassles – sellers don’t have to worry about having a home constantly clean and “show ready” every day, or vacate their home for a whole day for an open house.
The Pricing Strategy
Are sellers leaving money on the table by selling off-market? The short answer is NO, as long as the seller and the broker have done their homework with respect to pricing the home accordingly. The salient point being that the price for the off-market home is not the same as the price of the home put on the MLS.
For example, a seller and their agent determine that the best price to list their 3-bedroom home in Westwood is $1,349,000. In this market however, it’s possible that demand may drive the price up as high as $1,400,000 with multiple offers. So the off-market price is $1,400,000. The buyer pays a premium to buy the home without the stress of competing with other buyers, at a price it was likely going to hit anyway.
Know the Risks
There’s always risk involved with any strategy, and no matter how much research is done by you and your broker, there is always going to be the risk of having left money on the table. Nobody can predict the ultimate sales price of a property because the determining factors are fluid:
Ultimately, it boils down to the motivation of the seller when it comes time to list their property for sale, on – or off– the market.
In the last year I have had the privilege of helping a handful of buyers in off-market deals. I’d love the opportunity to sit down with you to discuss your goals and options. So let’s talk.