The property market has rarely been more competitive. If you’re tired of trawling through the Multiple Listing Service (MLS) only to find that the property has sold before you even view it, or that you’re up against tens or even hundreds of other buyers, it’s time you explored off-market properties.
What Does Buying Off-Market Mean?
An off-market property isn’t listed through MLS. Instead, the buyer often sells it themselves and promotes it through other means.
How Do You Buy Off-Market Properties?
If you want to buy off market property, it’s often more straightforward than you may think. One of the most common ways is through word of mouth. Letting your family, friends, neighbors and work colleagues know you’re in the market to buy can get the word out. You can reach out to home sellers by posting flyers through the doors of properties that fit your criteria to let them know you’re interested, or reach out through city or county social media groups. You could also connect with realtors to see if they know of any off-market homes in their network.
What Are the Benefits of Buying an Off-Market Property?
Buying a home off-market may take a little more effort and patience to find, but it is worth it. You’ll likely be one of a handful of buyers — maybe even the only one. You have more scope to negotiate on moving dates, and even if your seller needs a quick sale, this can afford you an opportunity to get the price down. If you’re buying to invest in real estate, similar factors apply. There’s less chance of a bidding war pushing you beyond the amount you want to pay. And there’s less time pressure, allowing you to be diligent when inspecting the property.
An off-market property purchase may feel unconventional, but with the housing market becoming ever more saturated with new buyers, this is one way you can get ahead. Educate yourself on the process and find your dream home sooner than you think.