There’s no doubt that the current market conditions greatly favor sellers in Redondo Beach. Demand has remained strong with low interest rates and low inventory and every “deal” seems to be a competition between every buyer interested in the area. Tear downs get bought by builders, fixers get scooped up by flippers and investors, demand for mid range properties and townhomes continues to drive prices up, and the influx of money on the high end means luxury properties often disappear in a hurry as well.
Pocket listings and off market homes are all the rage in this market and can sometimes mean less competition and allowing buyers a “chance” to find something and pay a reasonable price. With social media, networking groups and an abundance of realtors chasing every possibility these off market homes are less of a secret than they used to be, but still offer the most likely way of a buyer having a chance of finding a home and avoiding a bidding war.
Pocket and off market listings can mean a lot of different situations. Sometimes a realtor has a listing agreement that doesn’t start for a while, sometimes they home is getting “prepped” and isn’t quite ready for the market, sometimes a realtor talked with a homeowner and they don’t want it on the market but may consider selling for the price. The reasons are endless but these are all sellers that would consider selling their home.
So how does a buyer find out about these types of homes?
As these homes are not on the market, that means they’re not on the MLS which means they don’t generally show up on the Zillows, Trulias, Redfins and the searches that realtors send their clients. These homes are more likely found by realtors very tied into the local market. Whether through direct contact with potential sellers, networking groups, inter office communications or other sources, they are certainly harder to find.
The best bet is to look for a local real estate specialist that sells quite a bit in the area you’re looking. Realtors that have experience in the area and have been successful, generally have made connections with sellers and realtors that could ultimately be very beneficial to you. If you already have a relationship with a realtor that does all of that than let them know you’re searching for off market, as well as on market, homes. If you don’t have that relationship we would be happy to help and search resources most realtors don’t have access to. Contact us or fill in the form below to get started.