We get it, it can be stressful to find your dream home. In this real estate market, finding and bidding on a home is highly competitive. But, off market properties might be the solution you’re looking for. And JJ Team Homes is here to educate you on the process from start to finish.
What Does Off Market Mean?
“Off Market Property” can mean two things: 1) a home that is not for sale or 2) a home that is for sale, just not listed on the MLS. According to the National Association of Realtors, 11% of homes sold in 2021 were never listed and sold as off market. Off market sales tend to be highest in areas where the housing market is most competitive, like the San Francisco Bay Area real estate market.
J+J Team Homes has plenty of experience selling off market properties. In 2020, we sold 42.8%, in 2021, we sold 49.8% and this year, we’ve done almost 46% in off market sales! Great things happen to those who hustle. At J+J Team Homes we are never limited to what is offered in the MLS. We pride ourselves on our out of the box thinking, strong relationships and true passion for real estate on the Peninsula.
What Types of Homes Can be Off Market?
Any home can be available for sale. Off market properties can be options in hot real estate markets like ours. Or, they can be a whisper sale, where a seller contacts a small group of real estate agents to market the home to buyers they are already working with. This is another reason to have a good real estate agent!
The MLS requires every home listed to be available for showings. That may not be possible or desirable for some sellers. So instead, they engage with a real estate agent to sell their home off market to avoid multiple showings.
Benefits of Buying an Off Market Home?
More Inventory – By considering off market properties, you open your home buying search up to more opportunities. You never know who might say yes to an offer. Looking off market increases the inventory in your own search and excludes your competitors.
Getting a Deal – Unless the off market opportunity is a whisper deal or “coming soon,” the seller may not have a high purchase price in mind. There most likely will not be a bidding war, further driving up the price. Or the seller may want privacy. There are deals to be had when buying off market.
Less Rush – Because the home is off the market, there isn’t an open bidding war. As a buyer, you can take more time to look at the house, calculate your offer and get financing. You won’t be trying to beat other buyers to make an offer.
Less Stress – Without that time crunch, the entire process is often less stressful. Without competition, there tend to be fewer conditions on the sale. And this tends to benefit the buyer.
How Do You Find Off Market Homes for Sale?
The No. 1 way to find off market properties: engage a real estate agent. Our JJ Team has sellers looking to sell their homes off market. We also have properties that are coming soon. In addition, we can give you good intel on neighborhoods and houses to watch. It’s all about who you know and who you work with.
You Placed an Offer on an Off Market Property – Now What?
While the initial offering process is the same whether the house is on the market or not, home inspections and disclosures have not been done with off market properties. While some off market sellers are ready to jump at the offer and move, the vast majority require some seller rent back.
Want to Learn More? Reach Out to JJ Team Homes Today!
Are you looking to buy? Or do you want to sell your home off market? We can absolutely help: reach out to us today!