The number of homes for sale across the country has declined when making year-over-year comparisons for the past 34 months. For home buyers, this means their search can be frustrating. Even when buyers find a home they like, they often compete against other buyers, especially during the busy spring housing market.
“One category of homes that prospective buyers should always have in mind is off-market properties,” says Trevor Moore, a real estate agent with Compass in Washington. “These properties expand their search and are easy to find through a good agent.”
Moore says off-market properties are available in all price points and include single-family homes, townhouses and condominiums. The properties are sometimes those with homeowners who took their homes off the market but may still be interested in selling. In other cases, they are homes that have yet to be listed on the multiple-listing service. Sometimes, real estate agents can find properties where the homeowners hadn’t considered selling but may be willing for the right price.
Off-market properties offer much more choice for first-time buyers and those who are familiar with real estate transactions, Moore says.
“Northern Virginia is ripe in these types of opportunities,” Moore says. “Qualified agents have a variety of search tools and connections available to find a residence that is not currently listed or readily seen. … The end result is normally a win-win for the buyer and the seller.”