Pre-Market and Off-Market Sales
Barely over one month into the New Year, my clients are in the middle of four different deals.
Deal #1 is an expired listing that had been rented for the last year, where an interested Buyer popped up after Jan. 1 to inquire about the home’s availability.
Fortuitously, the about-to-expire lease was up for renewal, and the owner — my client — was open to offers.
Two weeks of negotiating and an inspection later, the home is now under contract.
“Days on Market?” Make that ‘Day’
Deal #2 — freshly signed as of last night — is a condo that had been off the market since just after Thanksgiving (its formal MLS status was Temporarily Not Available for Showing, or “TNAS”).
Again, an interested Buyer inquired about the property’s status, set up a showing (actually, several), and ultimately made an offer that my client accepted.
Deal #3 is an Edina rambler that my Buyer won in multiple offers the first day it came on the market; Deal #4 is a pre-list of mine that is attracting serious interest two weeks before it formally debuts on MLS, thanks largely to the exposure it has gotten on Edina Realty’s “Network One” exchange (exclusive to Edina Realty). See also, “Have a House/Need a House.”
Total elapsed market time for the above: 1 (day) divided by 4 (listings) = .25 days on market.
The takeaway for Buyers from the foregoing?
In a year with lean inventory, waiting for something to actually come on the market often means . . . missing out.
Your Realtor had better be connected — and good at networking — if you are to find the best opportunities.