What are Off-Market Properties?



You may be wondering, "What are off-market properties?" Off-market properties are for sale but aren’t listed on multiple listing services (MLS). The MLS is a database of all available properties for sale in an area that's used by real estate agents. So, if a property isn't on the MLS, it's considered to be "off market." The benefit of an off-market property is that they give you additional inventory, more opportunities to save, and a chance to sidestep the competition.



Off-Market vs. On-Market Properties

On-market properties are those that are actively being marketed and advertised for sale. You can find them on the MLS, as well as on real estate websites like Zillow, Redfin, and Realtor.com.



Because on-market properties are actively being marketed, there is usually more competition involved in the purchasing process. This is due to the fact that there are usually multiple buyers who are interested in the same property. As a result, buyers may have to move quickly and put in their highest and best offer upfront in order to win the home—even if it’s not their dream home.



On the other hand, with off-market properties, there is typically less competition because these homes haven’t been widely advertised or publicly listed. Since they're not as well known, only serious buyers who are actively searching for a home are likely to find them.



Another big difference between on-market and off-market properties is price. Because there is less competition involved in the purchasing process of an off-market property, buyers usually have more negotiating power when it comes to price. For example, a buyer may be able to get a 5% discount off the asking price of an off-market home compared to an on-market home.



If you’re looking for a deal on your next home purchase, then you should definitely consider searching for an off-market property. With fewer competitors and the potential to save money, off market properties present a great opportunity for savvy homebuyers.



Curious to see a list of off-market properties near you? DM me, and I'll send it over!