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How to Find and Buy
Off-Market Homes.
"With real estate inventory still tight in many markets around the country, as a potential homebuyer, you want to stay ahead of your competition. This is where off-market listings come in. Also known as quiet or pocket listings, these homes may be for sale but aren’t listed on multiple listing services (MLS). That means real estate agents who sell these properties must do the legwork to find buyers on their own.
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Listing homes off the market was a bit of a rarity in the past but has gained traction with homeowners in recent years, making these listings part of a secondary market of sorts—especially in the face of ever-increasing demand.
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Off-market listings may seem counterintuitive to a seller. After all, there is more demand than inventory, which means bidding wars are common in many neighborhoods. So why would sellers want to do secret listings, and how do you—the buyer—find them?
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KEY TAKEAWAYS
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Off-market listings are properties that are for sale but aren’t listed on multiple listing services.
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Some sellers desire an off-market listing to test the waters, maintain privacy, save on commissions, or create a sense of exclusivity that could result in a higher selling price.
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For buyers, off-market listings provide access to additional inventory, an opportunity to save if the commission is lower, and the opportunity to avoid competition for property in a desirable area.
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Off-market sales involving only one agent can sometimes provide very little wiggle room for buyers looking to negotiate a price.
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To get access to these listings, buyers can approach agents or homeowners directly, or try going online.
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Advantages for Sellers
Some home sellers opt for an off-market listing to test the waters while others want a more private sales process or the opportunity to negotiate a lower sales commission as there is only one agent involved.
Certain homeowners have thought that a pocket listing creates an allure that will get them a higher price. After all, if the home is listed and ends up sitting on the market for more than 30 days, there is a good chance that potential buyers will try to make lowball offers. Without the "days on the market" ticker going off, there isn't as much chance that a seller will be undercut.
How Buyers Win
For you as a buyer, the benefits of an off-market listing are twofold. For starters, it gives you access to inventory that fellow homebuyers aren’t seeing. If you are buying in a particularly hot market, pocket listings may be the only way to purchase a home. In regular market climates, you may get a deal partly because the commission that the seller has to pay is lower.
Not all homebuyers are looking for a primary residence. You may be searching for an investment property, or homes to buy and flip for a profit. An off-market listing in a great neighborhood can be an excellent way to accomplish that goal."
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