Are you curious about off-market listings and why some sellers choose to sell their property without listing it on MLS? I’m Milana Ostroy, and in this video we’ll be discussing the ins and outs of off-market listings, and offering some advice for first-time buyers.
Why Do People Choose to do Off-Market Listings?
Off-market listings are not as publicized as regular listings and are more relationship-based marketing. One reason is privacy. Some sellers, such as executives, may not want to generate unwanted attention or have the public know where they live. Off-market listings offer a perfect solution for these sellers as it limits the number of people who know about the sale, but the disadvantage is that there won’t be a bidding war for the property.
Another reason is testing the market. Sometimes sellers want to test the market without accumulating days on market. One such example was a property in San Francisco that was listed as coming soon at a higher price, but had to be priced aggressively on MLS as it didn’t generate enough phone calls and showings as an off-market property.
Off-market listings can also be beneficial in situations where sellers want to avoid disturbing tenants, children, or the elderly that currently occupy the listing. In such cases, off-market listings limit the number of showings required and allow sellers to show the property only to qualified, vetted home buyers.
Lastly, sellers may choose to hold the listing off-market to pursue their timing strategy to get a higher price. In the meantime, they may entertain offers if they get what they want faster.
Conclusion
While off-market listings can be a good solution, I still stress that it really depends on the property and the strategy. It’s not always recommended but should be considered on a case-by-case basis. I’d advise that sellers understand the limitations of off-market properties for sale, and to ensure that it meets the timeline and price point they need for the property they’re selling.
If you are looking at the option of selling a home in the San Francisco or Peninsula in the near future, please reach out to us.
