Real estate listings consist of the lineup of homes that are currently “on the market.” They are for sale. They are offered to buyers. They are available for purchase. “On the market” is a straightforward real estate term; end of discussion.
In real estate, off the market means a property that was listed in the past, but currently pulled from the market. It no longer appears in the updated real estate listings, either because the owner has decided not to sell, or because the property is now in the process of being purchased (so more buyers don’t need to be recruited).
When phrases like ‘under contract’ appear in a listing, it has the effect of being off the market at the moment, though interested buyers and their agent might keep an eye on it in case the sale does not go through. An owner might withdraw a home if they now believe the market is not active enough to warrant more effort at this time, too many low offers, or because some event has caused them to decide to keep the house.
Ever come across a property on the internet and it looks attractive, the price is right, it’s in the neighborhood you desire and you think this could be the one so you call your agent and you’re told that the property is no longer available?
Off the market, in today’s web-centric real estate reality, is not quite as cut-and-dried as in former eras. Because the Internet never seems to forget anything, an off-the-market property may still pop up onscreen when buyers search for new homes for sale (particularly when some of the national sites don’t promptly remove outdated listings). Your Realtor® can keep you up-to-date on the current status of any local property.
If you are having difficulty finding the house you want to purchase or confused about some of the real estate jargon, you can always call me for a no-obligation consultation.
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