Real estate inventory in New York City is tight. According to StreetEasy, there are nearly 7% fewer properties for sale now compared to a year ago.
What you might not know, however, is that thousands of properties are being sold each month without ever being listed on Zillow, StreetEasy or any other multiple listings sites. These off-market real estate deals were once the preserve of ultra-high-end properties. But whisper listings—or pocket listings as they are also known—have spread to a range of price points as more buyers and sellers realize the advantages of keeping things hush-hush.
1. Sales are Kept Out of the Spotlight
Do you ever wonder why, despite how many celebrities own properties in NYC, you never see their homes for sale anywhere? That’s because these deals are completed off-market so that nothing gets publicized. But it’s not just the rich and famous who can benefit. Your average Joe can also take advantage of off-market deals if they want to sell a property without prematurely upsetting the current tenants.
2. Buyers Get a Competitive Edge
When you’re house-hunting in New York, you are up against hundreds of other prospective buyers. Find a property that is for sale off-market, however, and you’re only competing with one or two other people. That’s why working with an agent who can find off-market deals—like our Pure Properties brokers—can make all the difference.
3. Everyone Gets the Gift of Time
One of the problems with a highly competitive property market like New York is that time is never on your side. Sellers expect a quick sale and buyers rush to complete on an apartment before it’s gone. Due diligence often goes out of the window as a result. Off-market deals are different. Homeowners usually aren’t in a rush to sell. And because competition is much lower, prospective buyers get the time to look over the property thoroughly before making an offer. Both parties are much happier as a result.
4. Negotiations Can be Much More Flexible
With no time pressures, both parties are also far more relaxed when they come to the negotiating table. This can lead to the kind of contracts that would never be possible on the open market. For instance, if you’re still developing your new home, you can insist on delaying the deal for a few months or inserting a rent-back clause that allows you to rent the property from the new owner for as long as you need.
5. Sellers Can Test the Market
The beauty of selling off-market is that you don’t have to commit to anything. If you are thinking of selling in the near future, an off-market deal can be a great way to test the water. If you get a great offer, you can choose to accept it. If you don’t, you haven't lost anything. And because the property won’t be listed anywhere, you won’t have upset tenants, family members or your neighbors either.
Whether you’re a buyer who is looking to gain a competitive advantage or a homeowner looking to keep a sale on the down low, our group or hand-selected agents are well versed in sourcing and structuring off-market deals. Reach out to a Pure Properties agent to receive notifications about off-market deals today.