Are you thinking about selling your house in Amarillo or Canyon and wondering how much you might be able to get? Did you know there are different options when it comes to selling your home? Selling your home can feel complicated and sometimes overwhelming. We hope the following will answer some of your questions, give you some peace of mind, and provide you some more options when you’re thinking about selling your home.
Market Price vs. Off Market Prices
There’s a wide range of home prices in the Amarillo and Canyon areas. There are two ways to approach selling your home: “on the market” and “off the market.” This will help you understand the difference between on the market houses and off the market houses, as well as how much you may be able to get by selling one way or the other!
On the Market
When a house is sold “on the market”, that means it’s usually listed by a real estate agent and sold after several potential buyers have seen the property and at least one has made an offer. Houses sold on the market will often be sold for approximately the same amount that other similar houses in the area have sold for. This is called “market price”.
Real estate agents charge fees for their services. These fees are typically paid for by the seller. These fees can range anywhere from 6 to 10 percent of the home’s sale price and are taken off the sale amount at closing or settlement.
Off the Market
When a house is sold “off the market”, that usually means the owner has decided to sell their house directly to a buyer instead of listing it. Houses sold off the market will often be sold for slightly less than their market price, this is called “below market price.”
So why choose to sell off the market instead of on the market? Here are a few reasons:
When you sell on the market:
- The buyer usually needs financing.
- Your house may need renovations or repairs made at your expense.
- It takes time, sometimes A LOT of time! During which you still have holding costs such as house payments, insurance and utilities.
- When selling through an agent you will pay commissions, fees and closing costs.
When you sell off the market:
- A professional home buying company is willing to pay cash.
- You can sell your house as is…no renovations or repairs.
- The process usually takes 3 or 4 business days.
- No paying commissions, fees, or closing costs.
Selling your house on the market may mean you sell for more money, but it takes longer.
Selling your house off the market may mean you sell for below market price, but it is faster and there are no expenses or fees. (No closing costs?)
Overall if your house is in newly remodeled condition and you are not in a rush to sell then your best option is usually to list it with a realtor. If, however, you wish to sell quickly without updating the house or making repairs, then selling off the market is a great option.
If you would like to discuss this in more detail, please contact me at: