High price homes don't always hit the market. In fact, a lot of them never hit the big listing sites like Zillow or Redfin, even if they have been marketed for months.
This seems counterproductive right? Wouldn't these sellers want to get as many eyes on their property as possible?
Well, like any real estate transaction, there is often nuance to a homeowner's situation that could motivate them to market their home off-line.
Let's unpack a few scenarios. One reason an owner might want to remain "off the grid" is to maintain a sense of privacy in their home selling process. We all know who the nosy neighbors are in your neck of the woods and how much they love stopping by and checking things out. Some sellers do not want to have that kind of a spotlight on their home! For example, the DC Metro area is home to some "celebrity" residents who prefer to keep their name and address out of the public eye.
Also, regardless if you are Joe DiMaggio or Joe SchMo, everyone has personal things that come up in their lives and have to move. Some of these life events can be very personal and even upsetting to the owners. Even if they are happy life changing events, it doesn't mean that the seller is ready to broadcast the news of moving to the world.
Another reason is the level of flexibility an off-market listing offers the sellers. At this price point, the owners of these luxury homes are not necessarily moving for necessity, but primarily for preference. They have the ability to take their time and dip their toes in a smaller pool of buyers. These buyers who are looking into off-market properties tend to be more serious about purchasing the homes because in order to see these homes at all, they have to be working with a licensed agent who has the scoop on these exclusive purchase opportunities.
Speaking of agents, this is the best piece of advice we give to anyone looking for a house, but especially an off-market luxury listing. Off market transactions are the real estate industry's best kept secret, but we want to share this secret hack with all of you. Mainly because it isn't that big of a secret that anyone is trying to keep from the public. It just might mean that the home of your dreams actually is on an exclusive list rather than on the internet.
So find yourself an agent (or a whole team like Jillian Hogan Homes) who has sufficient experience and confidence in touring, advising and negotiating on off market luxury listings.
Til' Next Time,
Jillian
Every month Jillian Keck Hogan shares local real estate insight, advice, and more. To learn more about Jillian and her team, visit jillianhoganhomes.com and follow her real estate group on Instagram @jillianhoganhomes. Equal Housing Opportunity.
