Off-Market vs. Off the Market: Tricky Real Estate Distinction

The Monrovia real estate listings consist of the lineup of homes that are currently “on the market.” They’re for sale. Offered to buyers. Available for purchase. “On the market” is a straightforward real estate term; end of discussion.

So, you’d think that “off the market” should be equally unequivocal, and it would be, if it weren’t for “off-market,” with which it’s easily confused. And then there’s the fact that what actually happens after a formerly listed property goes off the market can result in a several different outcomes.

Sounds like a dose of contradictory California real estate jargon—but it can be sorted out with a little determined effort. Here goes:

In real estate, off the market denotes a property that was listed in the past but currently pulled from the market. It no longer appears in the updated local 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 might keep an eye on it in case the sale doesn’t 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, or because some event has caused them to decide to keep the house.

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when buyers search for new Monrovia homes for sale (particularly when some of the national sites don’t promptly remove outdated listings). As your local Realtor^® I can keep you up-to-date on the current status of any local property.

On the other hand, Off-market is sometimes used as a synonym for “off the market,” but can be used by some national websites for upcoming properties that are being marketed, but have not yet been listed. More often, off-market is used to denote a property that is for sale but will not be advertised publicly. Since such a property isn’t entered into the Monrovia listings at all, most potential buyers will be unaware that it’s available. You might think this is a nutty way to try to sell a home, but there can be good reasons. Celebrity owners may be in a constant battle to stay out of the public limelight, and therefore resort to an arrangement (formal or informal) with a broker to discreetly market their home. Later news will say something like, “Janet Showbiz sold her 18 bedroom Bel-Air estate off-market for $11 million.” Some extremely high-end real estate offerings are offered quietly to other brokers. This is sometimes called a ‘pocket listing.’ When successful, it results in an off market sale.

You don’t have to be a celebrity to want to discreetly search for—or sell—an area home. If you are beginning to think over your area real estate options, whenever you call me for a no-obligation consultation, it will always be treated with complete confidentiality.

Future Monrovia Home Sales May Defy Assumptions

Many Monrovia homeowners will be planning to list their properties this spring because it’s when future home sales would be expected to peak. Historically, at least, spring is when a sudden crush of prospects usually arrive on the scene. But this year, the upward drift in mortgage interest rates might have would-be sellers worried. After all, it’s common sense that any rise in home loan rates would put a damper on buyers’ enthusiasm.

Sometimes common sense and reality don’t go hand in hand. When we try to estimate the strength of Monrovia’s future home sales, it could be a case in point.

That’s one way to look at the conclusions drawn by a pair of studies released last week. Both were focused on examining how rising interest rates are likely to affect future home sales. If you assume that higher mortgage rates automatically dampen home buying activity, that in itself could become a self-fulfilling prophecy. For Monrovia homeowners currently deciding whether the prospects for future home sales are on the decline, that could be a factor in their decision about whether to list their own properties.

John Burns Real Estate Consulting examined the “common sense” idea about the dampening effect of rising mortgage interest rates—and found historical evidence that put the kibosh on it. They looked at ten separate periods since 1975 during which rates rose by 1% or more, and found little or no impact on sales if the underlying economy was strong. Apparently, the public optimism that accompanies a roaring economy offsets the effect of higher monthly mortgage payments.

Another study by market research journalist Greg McCarriston summarized a late-2017 Redfin-commissioned survey. More than 4,000 people were polled in late 2017 about their own homebuying plans. Surprisingly, only 6% of those quizzed said they would cancel their own homebuying plans if mortgage rates passed 5%. A surprising 46% said that would either have no effect on their plans—or that it would actually increase their urgency to buy since rates might rise further.

Common sense or not, if both studies prove out, the strength of recent economic news could energize this spring’s Monrovia future home sales activity—despite a creeping rise in interest rates. That will be good news for homeowners who decide to sell, and for buyers who are planning on the traditional spring flood of new properties entering the market. If you are thinking about joining either group, I hope you’ll give me a call!

4 Tricks the Pros Use for Monrovia Open Houses

Since bright, sunny days can’t be counted on for Monrovia open houses scheduled in February, the most common recommendations at this time of year deal with light. Everyone points out how doubly important it is to open the drapes and make sure all lamps and overheads are working. Where necessary, it’s also a good idea to brighten dim corners with higher wattage bulbs.

There are also any number of fine points that homeowners planning Monrovia open houses might not have heard about. Familiarity is a handicap in that respect. Being able to view a property’s rooms with fresh eyes is one of the advantages open house staging professionals bring to the party.

Beyond maximizing the “light and bright” quality that’s so important at this time of year, here some tricks of the trade that stagers and interior designers talk about:

Unclutter but don’t overdo. That is, never leave a room totally empty—it actually makes a room look smaller. A companion tip is to give every room a purpose. Showing what is presented as a nondescript “bonus room” runs the risk of losing its value: what’s forgettable is usually also unimportant.
Use the golden rule of home staging: The Rule of Three (it could also be called Rule of Five or Seven). Groupings with odd numbers of objects—whether chairs or artwork or accessories—create visually rich spaces that force the eye to explore. An even number of objects imparts a forced, geometric feeling that comes off as less natural. Try experimenting with chairs around a table: you’ll see that it works!
Play up a room’s best attribute by positioning accessories. When a room has a natural focal point (it might be a window with a view or an inviting fireplace), place attractive objects where they will direct attention to that area.
Place furniture People scan things from left to right (even rooms as we enter them)—so experts say that placing the tallest piece of furniture in the far left corner makes a room seem larger. If you can’t predict which will be the entry door, just make sure large pieces aren’t right next to a door—if people enter through that one, it will make the room feel much smaller.

Monrovia open houses can be terrific events for building awareness when your home is on the market—but it’s only one of many marketing tools I will bring to your campaign. Call me!