Off-market listings on Zillow are homes that are not currently publicly advertised for sale.
If you see an off-market listing on Zillow, it means the home has been for sale on Zillow at some point, but is not currently for sale.
Off-market listings may not be for sale at all, or they may be being privately marketed to a select group of buyers. This can be done for a number of reasons, such as the seller wanting to avoid a lengthy and expensive marketing campaign, or because they only want to sell to a certain type of buyer.
Whatever the reason, off-market listings can be a great opportunity for buyers who are willing to do a little extra legwork to find their dream home. If you've spotted an off-market home on Zillow that you like, let's take a look at how to find out if it could actually be for sale.
What is an off-market listing?Permalink to “What is an off-market listing?”
An off-market listing is a property that is not listed for sale on the open market. This can mean that the property is not listed on any public MLS, or that the listing is only being marketed privately. Off-market listings can be a great way to find properties that are not widely known about, but they can also be difficult to find.
Why would a seller choose to list their home off-market?Permalink to “Why would a seller choose to list their home off-market?”
There are a few reasons why a seller might choose to list their home off-market. One reason might be that the seller is not ready to list their home publicly and only wants to gauge interest from potential buyers.
Another reason might be that the seller is only interested in working with a select group of buyers, and they do not want to deal with the general public. Whatever the reason, listing a home off-market can be a good way to get started in the selling process.
What are the benefits of buying an off-market listing?Permalink to “What are the benefits of buying an off-market listing?”
The main benefit of buying an off-market listing is that it can help you avoid paying a premium price. When a property is listed on the market, it is typically exposed to a wider audience of potential buyers, which can drive up the price.
By contrast, an off-market listing is not publicly listed, which means that there is typically less competition for the property. This can lead to a lower purchase price.
How can buyers find off-market listings?Permalink to “How can buyers find off-market listings?”
There are a few ways that buyers can find off-market listings.
- On Zillow, you can simply browse your desired neighborhood and look for off-market listings that you might be interested in.
- A different way is to contact a real estate agent and ask if they know of any properties that are not currently listed on the market.
- Another way is to search online for websites that list off-market properties.
- Finally, buyers can also look for signs in front of properties that say “For Sale By Owner” or “Not Currently Listed.”
What are the risks of buying an off-market listing?Permalink to “What are the risks of buying an off-market listing?”
The risks of buying an off-market listing on Zillow include not being able to view a full property listing, not knowing the true market value of the property, and having to negotiate the purchase price without a guideline as there is obviously no advertised price.
There is also a strong chance most of the properties you find won't actually be available, because the owner is just not at a point where they are willing to consider a sale. This means you can expect to have a much lower success rate when reaching out to owners of off-market properties cold.
Closing thoughtsPermalink to “Closing thoughts”
Off-market listings on Zillow are homes that are not currently being advertised for sale, but that have been in the past. This can mean that the owner is not interested in selling, or perhaps that the property is being marketed privately.
Sometimes, it's possible to buy a property via an off-market listing for a great price—if you are lucky enough to catch the seller at the right time.