Off-market properties expand the options that buyers have for homes.
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With every month that goes by, we keep hitting new record lows for inventory in our core market. This creates challenges for both buyers and sellers, who have trouble finding new properties and must compete with others when they do. That’s why today I wanted to discuss what buyers and sellers should know about off-market properties, or homes that aren’t currently listed for sale on the MLS.
How do we find off-market properties for buyers? Technology and a whole lot of hard work. We have two full-time, dedicated inside sales agents who use direct mail, phone calls, and interpersonal conversations with leads to find people. However we can, we’ll meet with people and find out where they are in the arc of their homeownership. By doing that, we can identify hundreds of people who would consider selling their homes here in Mount Pleasant and Isle of Palms.
"There are more options out there than what is shown on the MLS."
When we’re working with buyers, we mail and contact the homeowners in their target neighborhoods to see if those owners are willing to sell. If the homes aren’t what the buyers are looking for, we’ll add them to our database, which is searchable by other agents. That list can be an excellent resource for our buyers.
So what are the benefits of searching for off-market properties? Well, given that we’re facing record shortages of inventory, it’s great to know that there are more options out there than what is shown on the MLS. Additionally, buying an off-market property spares you some of the stress of buying on the traditional market.
On the other hand, there are some downsides to buying off-market. The sales can be trickier, as sellers don’t have to follow the rules of the MLS, which structure the way that homes should be presented.
If you’re looking to sell your home sometime in the future, I encourage you to contact us so we can put your home in our off-market database. That said, I do think that selling on the MLS is by far the best way to sell and market a home; when there’s competition for a home, that generates multiple offers from buyers, which in turn leads to sellers getting the highest price.
If you’re looking to buy a home and aren’t satisfied with what you’re seeing on the market, contact us. We can get you access to the homes that aren’t listed in the MLS—we currently have around 150 homes in the area that may or may not work for you. Don’t hesitate to give us a call or send an email. We’d love to help you and answer any questions you have.