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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.
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.
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?
Off-market listings are properties that are for sale but aren’t listed on multiple listing services.
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.
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.
Off-market sales involving only one agent can sometimes provide very little wiggle room for buyers looking to negotiate a price.
To get access to these listings, buyers can approach agents or homeowners directly, or try going online.