If you find yourself searching online for the perfect house, then you might be wondering, “what is an off-market listing?” There are many search engines out there that can show you homes listed on the market, but did you know that there are also homes that don’t show up on those lists? These homes are known as off-market in real estate terms. When browsing for new construction in Davenport, Fl, it helps to get an idea of off-market property options available in the area as well. A real estate agent can help you navigate both on-market and off-market listings because of their greater access to what is going on in the local market. Whether you are buying or selling off-market, you want to find a real estate team you can trust to help you through the process.
Off-Market Properties vs. Pocket Listings
There are many terms in the real estate industry that can be confusing for homebuyers who are simply browsing for homes online. Two terms you may see are off-market properties and pocket listings. These two terms are often used interchangeably and refer to properties that aren’t listed on the Multiple Listing Service (MLS) database. However, a pocket listing refers to a specific type of off-market listing where the seller is actually working with a real estate agent privately. Some people who are selling off-market prefer to keep the sale of their property private and work with a real estate company to treat it as an off-market property instead. The general public generally does not have access to off-market properties and home listings.
Off-Market vs. Pending Homes
Another real estate term you might come across while looking for new construction in Davenport, Fl, is a ‘pending’ home. This term is used for active listings that are on the public market but are also currently under contract. That means the house has been listed for sale, interested buyers have put in offers, and the seller has selected an offer for moving forward. The contract is still in negotiations, so it is possible for a pending home to return back to an active listing. This differs from an off-market home in several ways. An off-market property may be shared among a select group of potential buyers. This technique may also be used to garner interest for a property before a listing goes live.
Benefits to Purchasing an Off-Market Home
Here are some benefits to consider with purchasing an off-market property.
Off-market property deals are typically not dealing with the same volume of competition as MLS listings. This means you can get ahead of the competition in this sellers’ market by competing against a smaller number of prospective buyers. This helps to increase the chances of your offer being accepted and closing on the property.
The pressure of the real estate market can make determining the accurate price for a home more difficult. An off-market home can provide you as a buyer with more control over the process without worrying about the time pressure of multiple offers from buyers competing for an active listing.
The buyer and seller for off-market properties have more flexibility with negotiations. Without the time pressure of a regular real estate listing, an off-market property allows you to get more flexible with your negotiating and allow you to appeal to the buyer or seller.
Why a Seller May List Off-Market
Privacy is one of the main reasons why sellers are interested in listing a home or property off-market. A seller may not want the sale of their personal home to become public knowledge for various reasons like financial issues or divorce. A property owner with a rental property may also not want to alarm current tenants until they have more information. Some sellers are interested in listing their home with MLS eventually, but first want to garner more buyer interest by listing their home as “coming soon.” A seller may also be interested in avoiding complicated processes like time pressures and bidding wars.
Visit Florida Realty Marketplace to find new construction homes in Davenport, FL, that meet all your criteria for your next home.