You might be wondering, what is a quiet sale? A quiet sale is when a seller asks their real estate agent to sell their home without putting it on the multiple listing service. In other words, the idea is to sell it quietly and under the radar. Some real estate agents call these types of listings “pocket listings.”
Quiet sales have always been popular with high end luxury homes where the rich and famous want to limit access of their home to only those quality buyers who have been extensively screened before gaining access.
In the low inventory market, quiet sales began to grow in popularity with standard home sellers, and now account for just under 10% of all homes sold.
One of the biggest benefits of a quiet sale is your home is not invaded by open house looky-loos and your privacy and daily life is not as disrupted.
The exclusivity of buyers knowing that they have special access to a home, and knowing that if the seller chooses they could put the home on the open market, often motivates them to make a higher offer than they might if it were on the multiple listing service. Let’s face it – scarcity is a powerful motivator.
The downside of a quiet sale approach is that the property will not receive the massive exposure that the multiple listing service and major real estate portals can provide. There is a saying in real estate, “greater exposure equals greater demand and greater demand equals a higher sales price.”
A quiet sale listing will often take significantly longer to sell than one listed on the open market,simply due to the fact that exposure is so limited.
Most top real estate agents advise sellers who want to sell in a reasonable period of time at the highest possible price to go full speed ahead and have the home fully exposed to all potential buyers.
Agents often recommend the quiet sale time frame as a useful tool so that as the home is being prepared for launch to the open market, the agent and seller are able to test the market response before racking up days on market in the multiple listing property history.
Whether you decide to pursue a quiet sale only or a quiet sale as your property is being prepared for market, you will want to choose a real estate agent who can help you weigh the pro’s and con’s as it pertains to your situation. You will also want to ask what services you can expect them to provide throughout the quiet sale process.
For your complimentary consultation including our “Quiet Sale Consultation,” please reach out. P.S. It is not too early for Spring Market 2019 consultations. Contact me at 703-795-3959 to book your session.