If you are a home buyer, who’s looking for access to a backroom of off-market inventory that will never hit the market this is for you.
In today’s market, where home buyers outnumber home sellers by nearly 10 to one savvy home buyers need much more access than what they can find on Zillow and Redfin. What most buyers and many agents do not understand is there’s much more inventory to view, but where do you find it? Last week we discussed the coming soon inventory. These are properties that are getting ready to go on the market that can only be viewed by those home buyers working with a licensed real estate agent. There’s no question you definitely wanna be exposed to coming soon inventory today, we take a deep dive into the more elusive and exclusive compass private exclusive listings. A compass private exclusive listing is an off-market home that can be shared by a compass agent directly with their compass colleagues and their buyers.
Property details aren’t disseminated widely and once again, they’re not gonna show up on public home search websites and consumer apps. So why are some of these off-market homes listed as private exclusives?
Some homeowners want to sell, but they’re either looking for greater privacy or simply trying to avoid the headache of putting their home on the market. Let’s face it home showings, open houses, lockboxes, all sorts of photographs and videos being widely disseminated online. It’s a real invasion of privacy that some homeowners would prefer to avoid if possible, beyond the invasion of privacy and all the hassle involved with putting a home on the market, many homeowners are still leery about COVID and don’t feel comfortable opening up their home to random homebuyers who can come through basically at just about any time. So when I mentioned the compass private exclusive listings to many of my buyers, they all have some of the same questions.
What are the pros and what are the cons? Basically, the way I see it, there are three pros and three cons. So let’s dive into it pro number one, as the buyer, you have an opportunity to purchase a home that’s off-market, and very few people know about it.
Number two, because very few people know about it the buyer pool is greatly reduced. Most likely there won’t be the same pressure of acting quickly and meeting the seller’s deadlines. And of course, there’s less of a chance of a bidding war.
Number three pro, it may be possible to negotiate contingencies on a private exclusive that you may not be able to on a home that’s actively on the market. When I talk about negotiating contingencies, what I’m really talking about mostly is you probably will get the opportunity to do a home inspection, whereas a home that is on the market, chances are that’s a complete, no go.
Here are three of the possible cons of purchasing a private exclusive listing. Number one, sometimes these homes aren’t really market-ready. Many times you have a seller who’s simply testing the market. They wanna see if they can get their price without having to go through all the hassle of putting the home on the market.
Number two con many of the private exclusive listings are listed at a price higher than market value. Let’s be honest, some of these homeowners simply aren’t that motivated to sell. If they get their price, they’ll do it. And if they don’t get their price, they won’t.
Number three, there’s virtually no negotiating when it comes to price. As I mentioned before, most of these sellers are not gonna sell unless they get their exact price and terms. So there you have it, the ends and outs of a compass private exclusive listing in a marketplace where home buyers outnumber home sellers, 10 to one, it’s important to know there’s a whole universe of hidden inventory and sales taking place.
You just need to know where to find them. I do very little on this website to promote myself or compass, but right now, when inventory is so scarce, it’s important that you have access to everything. And at compass, we do have access to properties that other agents and buyers themselves are never going to find.
If you are considering buying a home in Montgomery County feel free to text me directly at 240-793- 7495. And if you’re considering relocating to Montgomery county and you’d like a free Montgomery county relocation guide, click the link below.
