If a blog is “off-market,” does that mean it’s too late to be considered? Good news –– oftentimes, yes. Julia Fanning and Aleks Pavlova
specialize in off-market real estate in Tampa and are pleased to let you know how this select real estate opportunity works.
So what is off-market property?
Off-market property is sometimes called “pocket listing,” but regardless of what you call it, the two are essentially the same type of transaction. Properties being sold in this way are not found on the Multiple Listing Service and typically comprise a carefully curated group of homes that are sold by a single agent or broker. This type of transaction is most common in areas with large investor-oriented markets and for top-tier luxury housing. Exclusive real estate relies on private access showings and inner-circle word-of-mouth transactions.
The operative word here is “discreet.” Say you are a professional athlete, a government official, a famous film actor, or any other well-known public figure whose home and life are publicly scrutinized. You’d want the sale of your home to be done discreetly, limiting the press, hype, and spectators that may come gawking. Perhaps you own an especially unique property in which potential buyers must “see it to believe it.” You, too, would benefit from selling your property off-market.
Why would I want to buy off-market real estate?
Off-market properties are elite, often the most luxurious and exquisite in the area. Even when agents list these properties to “test the waters” and see what sort of interest is generated before making an MLS listing, inner circle buyers have first right of refusal, so to speak, as they are first to be made privy to the opportunity.
The limited access to the property can prove beneficial for you as well. Within the select base of potential buyers, it is improbable that you’ll get caught in competition with investors or a bidding war with other home buyers.
How does an off-market agent help you?
Many of the homes sold make their way onto the MLS. But many of the rest are sold through pocket sales. If you’re searching for a property you just don’t seem to be able to find through any published listing services, ask the off-market agent about what other opportunities await.
Off-market agents are the key to accessing the finest Tampa Heights homes for sale. By tapping into an extensive network of agents, investors, and influential persons in the local community, the off-market real estate agent is the first to learn of purchasing opportunities. You’ll gain access to her connections and have a powerful ally in the negotiation process.
The off-market agent works from a different contract from the typical agent/seller or agent/buyer agreement. Because the property is not on the MLS, the agent is the single representative for the transaction. This simplifies the process for both buyer and seller. One agent. One property expert. One commission to pay.
Why would a seller keep houses off-market?
In very high-demand seller’s markets, people may seek to purchase homes that are not even for sale. Those with the luxury of being able to name their price/timing and wait for the right buyer- and those with flexible plans for moving may choose this option to optimize their sale.
Additionally, if you have a high-stakes property or the circumstances of your life necessitate the simplicity of working through a single agent and want to entertain offers only from serious investors, off-market sales are your best bet.
The timeline for selling luxury properties is generally longer than for the standard home. An assumption exists that when houses sit on the MLS for a length of time, something is wrong with them. The inaccurate and unintended message may be sent from listing top-tier properties on the MLS that the property is substandard or a poor investment, making sale of the property more challenging.
Is Tampa a good place to invest right now?
Tampa is enjoying steady economic growth and a strong housing market. The area’s pro-business approach, accessibility to a port that generates $15 billion in wealth each year, and its popularity with national brands for regional and national headquarters has led to 2.3% job growth
while much of the nation stagnated last year. Tampa is projected to see 42.7% growth in the next decade. Already the likes of Publix, Outback Steakhouse, Raymond James Financial, Bright House Network, Tech Data, Global Imaging Systems, and many others across industry sectors call “The Big Guava '' home.
Steady economic growth translates into a strong housing market. Tampa’s
houses for sale currently list at a median price of $450,000, up from last year’s average of $435,000. The city weathered the tumultuous 2022 market admirably and has continued to grow. By pulling back the lens to look at the last five years of growth, Tampa’s success is impressive, with 40% increases in home values.
If you want to buy Tampa Heights real estate, have your finances in order and be prepared to make an offer quickly when you find that perfect property. On average, homes are moving into closing quickly –– in only 22 days, and at the same time, inventory is nearly 50% lower than it was a year ago. We’re currently coming into “relocation season,” however, and through the late spring and summer months of every year, Tampa experiences an upsurge in available inventory.
Is Tampa the right place for you?
For the very best in Tampa real estate opportunities, reach out to expert agents Julia Fanning and Aleks Pavlova
, who will be glad to show you why Tampa is in the top 10%
of US cities and places to raise a family. Let them utilize their knowledge and connections from Madeira Beach to Tierra Verde to find you the perfect off-market real estate opportunity.