Currently there are a lot of off-market opportunities for buyers and sellers in the South Bay, but what does that mean exactly? You’ve probably heard the term and we thought it would be prudent to offer a quick tutorial to teach you everything you need to know about off market listings, so read on!
First, a simple definition: off-market properties, also known as “pocket” listings, are homes that are for sale that are not publicly marketed, i.e., listed on the MLS (multiple listing services). Why do some people prefer to list off-market? There are a few key advantages that prompt sellers to list their homes this way:
- Listing off-market means no home-prep, open houses, or marketing for your property.
- Your agent may have access to an exclusive network of qualified potential buyers who prefer to find a home that isn’t publicly listed.
- Some sellers require discretion and must maintain their privacy (think public figures, celebrities, etc.) - listing off-market keeps prying eyes at bay.
- In some cases, an off-market listing creates a sense of exclusivity that may benefit sellers.
- Listing off-market can be a good way to test the current marketplace.
As for buyers, purchasing a home off-market also offers several advantages:
- There is no competition with other buyers for the same property.
- You avoid a bidding war – which in today’s limited inventory marketplace can be a bonus.
- If you work with a seasoned agent who knows the ins and outs of the local market, you could have first dibs on a hot property in your desired neighborhood.
- You don’t have to deal with other buyers directly.
There are challenges to listing off-market as well, including:
- Offering your home to a very limited buyer pool.
- A smaller buyer pool may not offer a true test of the current market.
- No bidding war means you may be leaving money on the table.
- Less of a chance of multiple offers, which we are still seeing with traditional listings!
What’s Right for Me?
Ultimately there is only one way to find out if buying or selling off-market is in your best interest, and that is to contact the Jen Caskey Group to speak with one of our expert agents. Reach out here – we would love to work with you and get started on achieving your real estate goals together.
