It is almost as predictable as anything in a seller’s market. My phone starts ringing off the hook. People calling looking for off-market homes for sale and real estate listing off market. It is understandable. People start looking around for any option when inventory gets low.
What is an off-market real estate listing?
An off-market real estate listing or home for sale is a home or land that is not listed in the MLS. A real estate listing that is marketed (or not) in another way than conventional means.
Why would anyone list their home and not put it on the market?
In this crazy market that is a good question. When a home is on the market in a seller’s market the buyers actually drive the price up. Contrary to belief it is very important to have someone that can market your home even in a seller’s market. You will want to get multiple offers to drive your purchase price up.
Most people that list their home off market are high-end homeowners. They either don’t want people to know they are moving or they are off-market for security reasons. They don’t want strangers walking through their home. The other side of the off-market listing coin is homes in disrepair. They keep the home off the market because it is not a home for the general market. Maybe too many repairs are needed and they believe it is more of a home for investors.
What are the disadvantages of selling your home off-market?
Probably the biggest disadvantage of selling your home off-market is the lack of market exposure. As mentioned earlier market exposure for your listing is important in all types of markets. Even in a seller’s market, you need your home to be exposed to the market for maximizing your return. Your home is the largest investment you own (most likely) so you have an obligation to yourself as seller to maximize the amount you will get for your home.
What are the advantages of off-market listings?
There is a difference between for sale by owner homes and off-market listings. The most likely advantage people get from selling their home off-market is privacy. Not as many people walking through their home but in this market, you might have people walking through your home for a couple of days before you go under contract. Sellers need to decide if the privacy they get from selling their home off-market is worth the money they may be leaving on the table.
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Remember, in this market, you will most likely be making an offer on a new home in a hot housing market. If so, one possibility is that you are going to end up bidding against other buyers who are looking to buy the same home. Unfortunately, in some cases bidding wars are inevitable, and they can be a significant source of stress. Let’s take a look at three ways that you can win a bidding war without having to spend more than you can afford. There are a lot of things and epeirenced agent or broker can add to the contract to make it more appealing for the seller. There are times that a buyer can not make a cash offer. Cash is no longer king. There are plenty of things you can do to make your offer stronger even with a loan contingency. Give us a call and we will explain!