What Does Off-Market Mean in Real Estate?

If you have found yourself in the world of real estate, you’ve likely come across the term “off-market.” You may be wondering, what does off-market mean in real estate? How does it differ from the traditional, publicly listed properties you see on websites like Zillow or Realtor.com?

Understanding the Meaning of Off-Market

An off-market listing is one that is for sale but not actively listed on the Multiple Listing Service (MLS). The MLS is a shared database used by many real estate agents to list and market properties to buyers. The MLS displays a wide variety of homes for sale, but it doesn’t capture every property on the market. This is where off-market listings come to play. Some sellers prefer off-market listings to maintain privacy, save on commissions, and create a sense of exclusivity. There are many reasons a seller might decide to go the off-market route.

Why Go Off-Market?

• Privacy: Some sellers, especially celebrities or high-profile individuals, prefer to keep their sale discreet. An off-market listing allows them to control who sees the property and avoids unwanted public attention.
• Testing the waters: Sellers who are unsure about selling or want to gauge buyer interest without the pressure of a public listing may opt for an off-market approach. This allows them to see if they can get a good price without officially entering the market.
• Faster sale: In a competitive market, an off-market listing can attract serious buyers who are ready to move quickly. By avoiding the open market frenzy, sellers can potentially close a deal faster and with less hassle.
• Saving on commissions: Listing on the MLS typically involves paying commission fees to the listing agent and the buyer’s agent. By selling off-market, sellers can potentially save on these costs.

How to Find the Perfect Off-Market Home

As a home buyer, diving into the world of off-market homes can offer many unique advantages. You may be able to:

• Score a deal: Off-market sellers are often motivated and may be willing to negotiate a lower price, especially if they’re avoiding the pressure of multiple offers.
• Find hidden gems: Some of the most desirable properties never make it to the MLS. By building relationships with real estate agents or actively searching for off-market listings, you could uncover hidden gems that other buyers miss.
• Avoid bidding wars: In a competitive market, off-market properties can offer a chance to secure your dream home without facing off against multiple buyers.

Accessing Off-Market Homes for Sale

You’ve been contemplating whether or not you want to dive into the world of off-market homes. When you finally decide you want to proceed with going the off-market route, how do you do that? Here are our expert tips for navigating the world of off-market homes:

• Network with qualified real estate agents: Build relationships with agents who specialize in your desired area or property type. They may have access to off-market listings that haven’t been publicly advertised yet.
• Attend real estate events: Networking events and conferences can be a great way to connect with agents, investors, and other professionals who might have knowledge of off-market properties.
• Join online communities: Several online forums and groups cater to off-market real estate listings. These can be a valuable resource for finding properties and connecting with potential sellers.

Scottsdale’s Best Off-Market Realtors

If you want to start your journey into the world of off-market listings, our team at David Newman Partners is ready to help you find your dream home. Our luxury real estate agents in Scottsdale have over 20 years of experience and have sold over 400 homes above asking price. We understand the importance of a great realtor relationship and take that relationship seriously. Our mission is to help you find the best home, for the best price.

Contact us today to speak with an agent and tell us more about what you’re looking for.