Selling Homes Silently
Many high-end home sellers are bypassing the traditional multi-listing service in Austin, relying instead on the so-called “silent market.” Cody Lyon of the Austin Business Journal explains more about this word-of-mouth style of selling real estate.
I would describe it as sort of an insider’s club for home sellers. What you have are people who, for whatever reason, choose to market their homes more discreetly. The silent market is really a term that was coined by some folks who market homes not through the traditional multiple-listing service, but they do it by word of mouth. Probably the biggest benefit to not advertising on the multiple-listing service is the discretion that you are afforded by going quiet – by marketing quiet.
If you’re in a hurry to sell your home, then the multiple-listing service is the way to go. But if you’ve got a lot of time to kill, you know, you’re not really thinking about selling your home but you’re flirting with the idea of selling your home, if you put it on the silent market then you are able to sort of test the market and see whether or not there’s even any interest at all.
One broker that I spoke with told me that this is generally an area within five miles of the Capitol. He said that the homes start at around $500,000 and go up to $1 million or more.
Read Cody Lyon’s full article online at the Austin Business Journal.