As we approach Labour Day, we’ve just witnessed the second straight month of record sales, as reported through the regional MLS. Not many people would have predicted this scenario, even four months ago. But, those numbers don’t tell the full story because they don’t include off-market transactions not reported on the MLS system.
During the past five months of Covid-19, I think we’ve seen more exclusive listings sold as a percentage of total sales than in any other time in the history of the Toronto Regional Real Estate Board. There are many reasons why someone would choose to list exclusively. Looking at the Covid-19 period, there may have been a homeowner who was forced to sell and didn’t want that publicized; others will have wanted to sell, while seeking to avoid widespread in-person showings that often accompany a public MLS listing. In more normal times, a vendor may simply want privacy by not having the listing in the public eye. These sellers are not interested in negotiating, but if they can achieve a desired price, they will sell their home. Or they think they can get a higher price from a buyer willing to pay a premium before it comes to market. On the buyer side, we often see situations where they are only interested in purchasing exclusive listings because they want to avoid the competition that can come with an MLS listing.
So, there can be advantages with an exclusive listing, depending upon your circumstances. But I think this speaks to another advantage of having a trusted relationship with an experienced real estate professional who can guide you as to the best strategy when buying or selling real estate.