“No longer on the market” is a pretty vague term in the real estate industry. It means different things in different contexts, and it could mean sold. However, the word “sold” is a pretty definitive way to say “the deal is done” with no reservations; another way is to take it off all listings completely.
When you see a property listed on an MLS with the phrase “no longer on the market,” take it to mean that the opportunity is still there! In most cases, sellers will use “no longer on the market” to indicate that they are listing it off the market. What does this mean?
Why “No Longer On The Market” Could Mean “Off-Market”
When a person puts their home up for sale, they often turn to a local real estate agent. This broker has access to a Multiple Listing Service (MLS) and they use this to advertise a property to a wide range of potential buyers. But when a seller chooses not to market their property on an MLS to advertise the property, this is known as an “off-market” listing.
This is what “no longer on the market” often means: the seller has gone independent and wants to make the most profit off the sale. An off-market listing allows them to keep the sale private and more discreet than listing it on an MLS.
What Are The Advantages Of Off-Market Realty?
Successful off-market buying and selling involve ensuring that the details of a property circulate among buyers who are actively looking for a property to buy and are ready to move in as soon as possible. Buyers seeking off-market homes need to establish proper contact with local agents to make sure they get the right information about the properties before they hit the market.
Very few off-market properties use the traditional tactics of a real estate marketing campaign; instead, the seller considers offers from people who have gotten in touch for buying new properties with the same criteria. The seller is under no obligation to accept the offer unless satisfied with it.
“No Longer On The Market” Can Mean Sold, Too
Of course, if you’re dealing with an agent or an independent seller who isn’t adept at marketing-speak, “no longer on the market” can mean “sold.” As we said at the top, it’s a vague phrase that can mean different things to different sellers. Other ways a seller could employ it include indicating that they’re renovating the listing and it’s not ready to show, or that buyers have made acceptable offers but the paperwork isn’t final.
More often than not, though, “no longer on the market” does not mean “sold.” If you see a home or property that could work as a great investment, don’t skip over it – the opportunity is still there! You’ll most likely have to deal with the seller directly instead of an agent, but reach out for more information or a tour. It could be the right investment property for you!