When inventory is this low people try to find listings anywhere. Off market listings are a great place to start. If you can find them in this market. When is a seller’s market like this there are not many off market homes for sale especially in Evergreen.
Off Market Homes for Sale
What are Off Market Homes For Sale?
Off market homes are homes that are for sale that have not been entered into the MLS. There are a lot of reasons why not to list your home on the mls. A lot of times people that are more high profile in more expensive homes are sold off market. This is done for security or privacy or for whatever reason the seller may have. In this type of market that is one of the only reasons to have a home sold off market. This real estate market in Evergreen, CO is so hot any seller should have their home exposed to the market.
We are seeing bidding wars that are driving prices up and up. When homes are getting multiple offers it would be crazy not to let the market push up your final sale price.
Even DORA, the agency that regulates real estate agents in Colorado, do not like off market listings. They understand that for a seller to get the maximum amount for their home (that is a listings agent’s job to do) their home needs to be exposed to the open market. Off market listings usually do not get the proper market exposure.
What is the Difference Between For Sale By Owner and Off Market Listings?
The difference between for sale by owner (FSBOs) and off market homes for sale is simple. FSBO homes are (at least should be) marketed on the open market. A for sale by owner listing also is not listed in the MLS.
An off market listing is home that is actually being represented by a real estate agent. That real estate agent markets that listing to the extent the seller wants it marketed. Maybe not in the MLS. The off market home may be marketed by the listing agent sending out an email to their network. Also most “off market listings” have a real estate agent representing the seller in some way.
For Sale by Owner Homes are homes that the seller (usually) doesn’t have agency representation. They also market the home in the ways they believe would buy their home. Sometimes a for sale by owner will even pay a buyer co op to a real estate agent that brings the buyer.
There is Low Inventory Including Off Market Homes
All home inventory is low right now. When that happens buyers try to find homes anywhere. That includes looking for off market homes for sale. We are not seeing nearly as many off market listings up here in Evergreen and Golden. Sellers seem to enjoy having their homes go under contract in 3 days and 15% over list price. That is not happening on every deal but it is happening out there.
As a real estate agent I would not advise too many of my clients to keep their home off market in this environment. Buyers are driving the sale prices up in almost the entire state. The idea of selling your most expensive investment is to get as much as you can get. The best way to do this is to make sure as much of the market sees your home as possible. More people that see it online means more people making showing appointments. Then that means more offers. More offers will (99% of the time) drive the final sale price higher.
Off Market Listings (homes for Sale)
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Remember, in this market, you will most likely be making an offer on a new home in a hot housing market. If so, one possibility is that you are going to end up bidding against other buyers who are looking to buy the same home. Unfortunately, in some cases bidding wars are inevitable, and they can be a significant source of stress. Let’s take a look at three ways that you can win a bidding war without having to spend more than you can afford. There are a lot of things and epeirenced agent or broker can add to the contract to make it more appealing for the seller. There are times that a buyer can not make a cash offer. Cash is no longer king. There are plenty of things you can do to make your offer stronger even with a loan contingency. Give us a call and we will explain!