While Boston citywide inventory has increased steadily since 2014, general inventory has been historically tight. One major factor is that thousands of properties in the city are being sold each month without being listed on MLS, Zillow or Redfin.
While these sorts of off-market deals were once used solely for prestigious high-end properties, they are becoming more popular with buyers and sellers who recognize their advantages.
Privacy: Keep Your Home out of the Spotlight
In this age of growing concerns over privacy, many sellers want to avoid sharing their home's sale price and photos. Sometimes the house is in disorder or the sellers don't want the public to know that they are moving.
The main advantage for a seller in keeping their home off-market is anonymity. You may notice that you rarely come across homes being sold by famous celebrities. Most of these deals are being completed off-market so that their information does not get publicized.
Time: Avoid the Hassle of Time in Home Preparation
One thing that there never seems to be enough of in the real estate world is time. Sellers are expecting a fast and easy close while buyers rush to close on a home amid other offers.
While off-market properties typically receive fewer showings, they also receive more serious buyers.
This cuts down on the number of showings sellers have to deal with and the times that they need to get their home prepared at the last second prior to an unannounced showing.
Homeowners are not typically in a rush to sell, and because competition is relatively lower, buyers can get the time to look over the property at the seller's convenience. And without time pressure, both parties can feel more relaxed at the negotiating table.
Control: Sell Your Home on Your Terms
When there are few homes on the market but a wealth of buyers, a seller can be more selective and choose to avoid going public with their home sale.
In an off-market sale, sellers can choose who can see their home and when it's available. If they want to avoid having their neighbors know they're selling or avoid having their house sitting on the market for months, an off-market sale may be their best bet.
Test the Waters: Evaluate Salability and Gain a Buzz Before Going on the Market
Sellers can get an idea of their home's marketability and see how the local market views their home and proposed price.
If a seller doesn't receive a great offer while the property is listed off-market, they haven't necessarily lost anything. If the home has been listed off-market for some time and there haven't been any offers, perhaps it would be best to lower the price before it's listed on MLS.
Buyers Get a Competitive Edge
When a buyer is putting an offer on a home, they are up against several other prospective buyers. Buyers that put in an offer on an off-market property are rarely up against the same numbers of buyers.
Buying off-market can significantly reduce the stress of getting your offer accepted.
Whether you're a seller looking for a private transaction or a buyer interested in gaining a competitive edge, The Bushari Team is well-versed in sourcing and structuring off-market deals.
Reach out to us to get your off-market home buying/selling process started.