Why won’t the agent disclose the selling price of a property?

Secrets are the enemy of any good property search, so there’s nothing more frustrating than not knowing how much a property sold for in your desired area. If you don’t have all the facts and figures, how can you get a feel for what you’ll end up paying? 

Luckily, it's not all doom and gloom, and there are ways you can turn detective to find out how much a property sold for if it hasn’t been disclosed by the agent. 

But first, let’s look at the reasons why the selling price is sometimes kept under wraps. 

The vendor or buyer didn’t want to disclose the price

Both the vendor and the buyer have the right to choose whether or not the final sale price is revealed. In many cases, either party might decide to withhold simply for the sake of privacy.

People can be nosy, and everyone's an expert! So, not disclosing the price prevents unwanted opinions and protects your financial status. 

The agent didn’t want to disclose the price 

There are a few reasons an agent may choose not to disclose the sale price. Firstly, it could have been a poor result, and they don't want the lower-than-expected number hitched to their reputation.

Secondly, they may have a nearby listing and want to protect the value of that property. If the sale price was low, buyers would expect to pay a similar price for comparable properties in the area, which can mean vendors and the selling agent might lose out when the hammer comes down. 

They could also be trying to manage the expectations of vendors of nearby listings. Suppose a seller sees a similar property sold for more than expected. In that case, they may expect the same for their own property, and those expectations can take some taming!  

So, how can you find out the final sale price of a property if it hasn’t been disclosed online? 

Wait for it to be registered 

It's compulsory to disclose the sale price when it's registered with the Land Titles Office. The only problem? It can often take months before the information is available to you, and we all know the property market moves at breakneck speed. 

Pay for the information 

There are online databases that allow you to pay a one-off fee (roughly $40.00) to access data about a particular property. E.g. Pricefinder and RP Data, however we recommend talking with your bank or broker first as they may have access to this information. It’s not always a sure thing, as some selling agents will still choose not to disclose sale prices to these databases. It can be a bit of a gamble. 

However, if you’re willing to pay, these databases are your best shot for finding information on your own. 

Seek expert help from a professional 

In many cases, having great relationships in the industry will give an experienced Buyer's Agent access to otherwise undisclosed information. 

We use databases like Pricefinder and RP Data. However, rather than paying per listing, our subscription model allows us to quickly get information without passing costs onto our clients. 

Of course, we must know exactly what's going on in the market and finding a way around undisclosed sale prices is a priority. That way, we can help our clients make informed decisions that guide their property search toward being both efficient and successful. 

If you have any questions about your property search or need help getting access to undisclosed sale prices, please don’t hesitate to get in touch.