Uncategorized February 20, 2024

What Does Off Market Mean When Shopping for a Home?

In your journey to find the perfect home, you’ve likely come across the term “off market.” But what does off market mean when shopping for a home? This phrase can unlock doors to exclusive listings and offer unique opportunities in your home search.

Whether you’re scrolling through home-search sites or mingling with real estate investors, understanding the ins and outs of off-market properties could give you an edge in the competitive housing market.

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What does ‘off market’ mean in real estate?

The phrase “off-market property” can have two definitions in the world of real estate:

1. When seen on home-search sites like Zillow or Realtor.com, “off market” indicates that a home is not currently listed for sale on the multiple listing service (MLS), the database of homes for sale used by home shoppers, sellers, and agents. You may have seen this “off market” status label on Zillow when you’ve searched for an address to see if a property is for sale, when it was last sold, or what its estimated value might be.

2. Within the real estate investor industry, “off market” is a term used to identify a house that has been sold outside of the MLS, meaning it was never publically posted as a property for sale. Investors will search for this second type of off-market property using a variety of strategies, including perusing sites like Zillow. They’ll search non-agent home listings, such as those posted by individual homeowners selling FSBO (For Sale By Owner) or properties being sold at auction.

Off-market homes often present opportunities for buyers looking for a deal — especially investors on the hunt for a property they can flip for a profit.

Real estate agents helping home buyers sometimes referred to these off-market properties as “pocket listings.” | BidBuddy.com