Why selling off-market in Boston could be right for you
There are two main ways to sell a house in Boston. You can sell on the traditional market, either by hiring a real estate agent or attempting to sell FSBO (for sale by owner), or you can sell with an off-market home-buying company like We Buy Ugly Houses®.
Chances are good that you are already familiar with the traditional way of selling a house. You may not be as familiar with selling off-market. Selling with an off-market buyer has several advantages, namely being able to sell your house “as is” in a quick, convenient transaction.
Traditional versus off-market home sales
In traditional home sales, the seller typically hires a real estate agent who lists their property on the Multiple Listing Service (MLS). The agent also facilitates events like showings and open houses. If all goes well, the right buyer comes along and buys the property. The real estate agent is paid a commission for their efforts. According to Clever Real Estate, Massachusetts commissions average around 4.47% of the sale price.
The seller can also attempt an FSBO sale. In this case, the seller doesn’t use a real estate agent. The seller prices and markets the house themselves. The seller also sets up showings and handles any necessary paperwork.
Whether you use a real estate agent or go FSBO, you will likely need to get your house ready to list. This can involve making minor and major repairs, as well as taking steps like painting, cleaning, and staging. Once on the market, the seller may have to decide on a new sales price if their house isn’t attracting the right buyers. The seller will also need to keep the interior and exterior of the house ready to show at a moment’s notice. The seller needs to pay holding costs like utilities, taxes, and HOA fees while the house is on the market.
With off-market sales, the seller gets in touch with a company that buys houses in Boston. Usually, the off-market buyer will come out and take a look at the property. If the buyer is interested in that kind of house in that particular neighborhood, they will make an offer. Off-market buyers regularly buy houses “as is” and offer fast closings. Some off-market buyers, like most iBuyers, charge commissions or fees, while others don’t. It’s important to understand the costs involved when selling to any company.
What is your Boston house worth?
There are two main ways to calculate a house’s market value:
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Comps (sales comparisons): Comps are determined by seeing what comparable houses in a neighborhood sold for and setting a value accordingly. For example, a real estate agent selling a 3-bedroom, 2-bath house in Roslindale would usually recommend a list price that is close to what 2-3 other houses in the neighborhood (or even on a particular street) have sold for in the past 6 months.
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Appraisal: A real estate appraisal is an expert’s evaluation of a house to determine how much it is worth. Appraisers use features like square footage, amenities, and the house's condition to come up with a valuation. Appraisers also factor in the location of the property. In some cases, the appraiser will look at neighborhood comps. They may also use a cost-based approach, where they estimate what it would cost to build the house on the same land today.
What tends to matter most for sellers, however, is how much a buyer will pay for a house. If your house has a feature that a buyer really likes, such as being close to the MIT campus, the house might be worth more to them than what the appraisal value alone would suggest. Similarly, being along a busy street might put a house’s value below neighborhood comps.
Home value can also be influenced by current mortgage rates, a housing shortage, and other factors that are beyond the typical Boston homeowner’s control.
When a seller’s house has the right home value for its neighborhood, and Boston real estate isn’t being too negatively affected by outside factors like high mortgage rates, the seller will usually try their luck on the traditional market. When a house needs updates or repairs—or if the seller can’t afford to wait around for the right buyer—an off-market sale can make a lot of sense.
Benefits of selling off-market in Boston
There are multiple benefits of selling off-market in Boston. These benefits include:
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No need to stage or show your house: When you sell off-market, you don’t need to paint your walls, buy staging furniture, or deal with showings. Off-market buyers are more interested in the fundamentals of your house than how spruced up it is.
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Skip repairs and sell “as is”: Most off-market buyers consider houses “as is,” which means you don’t need to make repairs. This can be especially helpful for properties with serious problems like poor drainage and outdated wiring.
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Move on your schedule: Off-market buyers are usually willing to coordinate a move-out date with the seller.
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Speed to closing: Off-market buyers tend to decide on houses quickly and can close in a matter of weeks. The traditional process tends to be slower and usually involves lender requirements like home inspections.
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Straightforward offer: While there is always room for some negotiation in real estate, off-market buyers typically know what they want to pay for a house. If the offer is right for the seller, moving forward can be pretty easy.
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Privacy: Selling off-market means you can avoid public listings and open houses, keeping your home and personal space more private.
Situations where house sellers choose to make off-market sales
It’s easy to see why many sellers look at the pros and cons of selling off-market and decide that an off-market sale is right for them. Expensive problems like roof damage and old pipes affect their share of Boston houses, and it can be easier to sell “as is.” Sometimes, sellers inherit properties in the Boston area and cannot put in the work to get the house ready for the open market. Other times, the seller is relocating to another city or state and doesn’t want to wait for the house to sell. Some sellers simply want to sell their house fast.
How to sell your house off-market
The first step is to reach out to an off-market buyer like We Buy Ugly Houses® in Boston. Selling with We Buy Ugly Houses is simple. We’ll send one of our property experts to do a quick, no-obligation walkthrough. We’ll also take the time to answer your questions. In some cases, we can even make an on-the-spot or same-day offer.
If our offer is right for you, we can sometimes close in as little as 3 weeks. We buy houses “as is,” which means you won’t have to clean, make repairs, or even remove unwanted furniture and other items. We also don’t charge commissions or fees, and we pay typical closing costs.†
We also give you peace of mind. If you accept an offer with us and have second thoughts, simply reach out to your property buyer in writing within 3 days of the date you signed the paperwork. We’ll cancel the sale on the spot.
We buy all kinds of properties in Boston and the surrounding areas, including condos, duplexes, single-family homes, and even some commercial buildings. We’ve been in business across the US for 25 years and have a 95%* nationwide customer satisfaction rating.
If you’re thinking about selling off-market, give America’s #1 home buyer** a call. We’re here. And we’re ready to help!
