Everyone wants to know how much they will get if they sell their house.
On Market v Off Market
On Market: Is when a house is sold the traditional way, usually listed on Rightmove, Zoopla or On the Market by an estate agent and sold within a few months after several viewings and someone eventually makes an offer. A lot of times, the buyer has to sell their own home before they can buy yours and this is where problems can occur.
Houses sold on the market will usually sell for about the same as other similar houses in similar condition to yours that have already been sold in your area . This is the “market price”. A bit of online research will tell you roughly what you can expect to get for your property. Be realistic though, don’t expect to get the same as next door if their house was in better condition than yours and had an extension where yours doesn’t.
Off Market: When a house is sold “off the market”, it usually means the homeowner has decided to sell their home directly to a buyer instead of listing it on the property websites. Houses sold off market will often be sold for less than their market price in exchange for speed of sale, less aggravation and not having to deal with multiple viewings and the possibility of the sale falling through at the last minute due to the buyer’s sale falling through or some other reason.
Depending on your situation and how you feel about going through the whole process, you will decide on one way or the other. If you have time and are not too bothered about the hassle, then selling with an agent is what most people tend to try first. If after a while that hasn’t worked out, then selling off market becomes a natural second choice. If you would rather skip the hassle or need a quick sale, then you might just go straight to an off market sale.
Since this is the same in all areas where house prices differ, it’s difficult to write about specific figures but generally the eventual sale price will be around fifteen to twenty percent below the market value if you sell off market directly to an investor.
“Why would anyone sell below market value, and get less cash for their house?”
That’s a good question but there’s more to the story:
Selling on the market sometimes costs a lot of money. If your property needs renovation or repairs, you might have to spend money to fix up your house just to be able to sell it. Depending on how much you have to spend and what you will get when you sell it, it might be worth it… it might not.
Buyers want to get the best house for their money and will compare yours with others nearby which might not need so much work. You might have your house on the market for quite a while and then end up selling it for less just to get it sold. It will probably take months to sell, meaning you still have to keep paying the mortgage and bills while it’s on the market, and as mentioned before, sales often fall through meaning you have to start again looking for another buyer.
When you sell your house off the market to a company like us at House and Flat Buyers, you can sell your house as-is – saving the money, time and hassle.
Selling on the market through an agent means you will have to pay commission and fees to the agent for the work they do. Selling off market to a home buying company like House and Flat Buyers means no commissions or fees or solicitors costs.
There are lot’s of different reasons why people choose to sell their house off market, but the most common ones include:
- Landlords tired of dealing with tenants…
- People who inherited a house they don’t really want…
- Homeowners who need to pay off debts…
- People facing repossession
People often come to us after they’ve tried selling their house the traditional way and not managed to sell it for some reason. Other times people come straight to us just to avoid the hassle of dealing with it all.
It may seem strange, but not everyone is primarily motivated by getting the most money for their house. Sometimes, it’s more important for them to get rid of a problem that the house is causing them.
How much can you get for your home?
It depends on how quickly you want to sell and how much time and money you’re willing to spend to sell it.
Selling on the market may mean you sell your house for more money but it takes longer and may end up costing more than you expect. Selling off market may mean you sell your house below market price but it’s faster and there are no expenses or fees.
We buy houses from home owners…
Houses that need work…
Houses that have tenants in…
Houses that just won’t sell…