Selling Your Home Without Listing in the Long Beach Island Real Estate Market
Long Beach Island
Whenever the LBI real estate market is strong, we seen abundance of off market listings. Often called pocket listings, these homes are marketed for sale without being entered in the multiple listing service. There are many reasons to list a home for sale in the open market…and other reasons for keeping it a pocket listing. Much of this has to do with the motivation to sell and the amount of exposure you wish to receive as a seller. By asking agents during the interview if they have any potential buyers for the home, a seller may be able to sell the home without having to list. Understanding how to sell your Long Beach Island home without listing it is important for any home seller in the LBI real estate market.
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How to Sell Your Long Beach Island Home Without Listing
Sometimes, when a home seller is interviewing different agents, one of the agents will tell them that they have a buyer for the home. This may or may not be true, but if it is true it is important for a home seller to understand the advantages and disadvantage is of selling off market on Long Beach Island. The major advantage of keeping a listing off the open market are privacy and the speed of the sale (if a buyer is waiting in the wings). There are disadvantages as well (and these disadvantages are why a special disclosure form is needed to keep a house off the MLS). Mainly, the disadvantages have to do with the lack of exposure. By not taking full advantage of the market, it is harder to achieve top dollar for your home. Additionally, it may take longer to sell when compared to a buyer looking to make a quick off-market deal.
As I mentioned above, if an off-market buyer is ready, willing and able you may be able to close the transaction quickly. Selling a home off the market will afford you a degree of privacy as multiple agents and prospective buyers, with varying degrees of seriousness, will not be previewing your home. This can be especially helpful if you live on Long Beach Island full-time. Selling a home on Long Beach Island off-market can also be helpful if we are coming into the summer months. The LBI real estate market is famous for a strong summer rental season which can make selling homes on Long Beach Island difficult due to access limitations. By selling a home off the market, you do not have to worry about arranging showings with multiple tenants if you rent the house. As I mention above, there are disadvantages to selling a home, most notably the lack of exposure. Many agents do not realize this but if you are going to list a home off market, you need a special waiver signed for the multiple listing service. This is because not listing your home for sale to the public reduces the amount of exposure in the LBI real estate market. This can theoretically lead to a lower sales price.
Like anything, there are arguments for and against not listing a home for sale on Long Beach Island. It really comes down to the individual case and weighing the merits of keeping it a pocket listing. For more information about selling your home in Long Beach Island without listing it or about selling in the LBI real estate market, please do not hesitate to contact me.
By : Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
Click here to search all homes for sale in the Long Beach Island NJ real estate market
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