How many houses are not sold publicly/funda?

By Atomstar on Saturday 1 June 2019 09:45 - Comments (13)
Category: -, Views: 3.890

When we were looking to buy a house we did not use a purchase broker (aankoopmakelaar), but instead looked for houses ourselves online (mostly via funda.nl). One thing we often heard was that we’d miss houses were sold silently, from broker to broker. To verify this rumour, I bought kadaster data of recently sold houses in our neighbourhood and checked whether I could find these online.

Findings:
  1. 18 out of 20 houses had advertisements online
    1. 10 on funda
    2. 8 only on local brokers
  2. 2 houses were not advertised publicly, where one was sold at a very low price (perhaps sold to relatives?)
Method:
  1. Buy a few zip code reports from the kadaster
  2. For each house sold recently, search on google/funda
Conclusion: 90% of houses for sale are available online, of which at least 50% on Funda (some might have expired), and 40% on local websites. The hidden market could be limited to 10%.



Source data:

Zip codeHouse nrSelling price (Kadaster)Selling date (Kadaster)Selling date (relative)LinkAsking priceSelling price (relative)
3544DM7€286,0002016-09-19-224dlink€275,000104%
3544DM9€287,0002016-08-02-272dlink€275,000104%
3544DM31€275,0002015-12-29-489dlink€275,000100%
3544BZ30€224,0002017-01-25-96dlink not listed
3544BZ12€231,0002015-12-15-503dlink€245,00094%
3544CW248€280,0002017-01-12-109dlink€265,000106%
3544CW197€252,5002016-11-03-179dlink€257,00098%
3544CW200€241,6092016-11-01-181dlink€245,00099%
3544CW250€340,0002016-04-01-395dlink€360,00094%
3544CW215€310,0002016-01-05-482dlink€327,50095%
3544CW219€335,0002015-12-31-487dlink website gone
3544CW251€216,5002015-12-29-489dlink website gone
3544CW234€227,5002015-11-03-545dlink website gone
3544PP224€382,5002016-11-07-175dlink€362,500106%
3544PP212€245,0002016-08-09-265d ?? very low price sold in family?
3544PP174€348,0002016-03-01-426dlink€349,000100%
3544AR187€319,5002016-09-02-241dlink€319,500100%
3544AR189€275,0002016-07-15-290dlink€275,000100%
3544AR211€265,0002015-09-30-579dlink website gone
3544AR205€222,5002015-07-02-669d not found not found

Volgende: InfluxDB retention policy and data downsampling 15-06 InfluxDB retention policy and data downsampling
Volgende: Improving wifi roaming without mesh routers 05-04 Improving wifi roaming without mesh routers

Comments


By Tweakers user armageddon_2k1, Saturday 1 June 2019 11:46

I wouldn't consider 10% limited...

By Tweakers user Monkeydancer, Saturday 1 June 2019 13:13

Sample is kinda too small, also depends on the location. Also you didn't really take into account the quality of the houses which you were missing out (hidden market). Are the houses offered in the hidden market young? cheap? maintained well?

Anyway thank you for the info. Your idea and research is great

[Comment edited on Saturday 1 June 2019 13:13]


By Jesse Houwing, Saturday 1 June 2019 20:53

While they do end up on Funda, in many cities houses are internally marketed to other brokers, and then still put on funda. For a couple of reasons:

* Advertisement after the fact. Look at me being a good broker. I sold houses!
* Cause the client paid for it and it was in the contract

But in many cases the house has already sold prior to being available on funda, or has received the first viewers/bids and may already be sold under conditions.

By Cpt Slow, Sunday 2 June 2019 08:22

What Jesse said.
When we bought our house, it was sold before hitting the market but it was still put on Funda.
The reason?
I'm guessing it had to do with the fact that they put it in the sellers contract,
the rating of a the broker on funda (i mean selling a house within a couple of days is good for your rating)
and getting in contact with potential interested customers that are looking for a similar house or sellers of similar houses.

Tbh, not only do you have a small sample.
But also the method used here is not reliable. It really says nothing about where the house was sold.

By Tweakers user Harm_H, Sunday 2 June 2019 09:42

You're probably correct. >90% is on Funda.

The key assumption people discuss here "being on Funda doesn't mean you have a FAIR shot"

Indeed you forget two things:
  • People are emotional and get manipulated into selling a house for a less than optimal price. Like @cpt slow
  • Broker market is corrupt and will get you the deal

By Tweakers user swagerinno, Sunday 2 June 2019 22:29

never mind

[Comment edited on Sunday 2 June 2019 22:36]


By Tweakers user Qwerty-273, Monday 3 June 2019 10:52

@Harm_H , actually in this sample, only 50% was on Funda.. The other 40% was available on the websites of the local brokers (or Realtors).
So you would miss out on these offers when only looking at Funda. And that is also the most seen comment, that the offer on Funda is not complete when you compare it to the online offers of the full region. The 'silent' market, is indeed small as these are frequently more private transactions (within family, or within circle of friends/collegues where someone mentions of wanting to move and someone else making a direct offer on their former/current property).

By Euchromatic, Monday 3 June 2019 11:27

It greatly depends on the region as well. My feeling is that in the Randstad most homes appear on Funda, but I know that in the South Limburg region this is definitely not the case.

By Tweakers user himlims_, Monday 3 June 2019 15:04

location, location, location !

just keep in mind; "You dont NEED to buy this now / at current price" (depends on location location location :+) i mean, dont over pay!

took us few months to agree upon price, no need to rush; if so, forget it, find other housing

[Comment edited on Monday 3 June 2019 15:05]


By Tweakers user SeenD, Tuesday 4 June 2019 09:00

My house was sold to the brokers own client circle. He knew those people were looking for a house like that. And it was sold before it went up on Funda. But the mortgage approval wasn't there yet, so they placed it on Funda with "sold under conditions".

But yeah, my wife and I had the same, we werent really looking for a house. But the houses we liked and wanted to visit were often already sold silently before hand, but were still placed on Funda, because they were waiting on mortgage approval or whatever.

About 5 appointments to visit were cancelled with those reasons.

By Tweakers user himlims_, Tuesday 4 June 2019 11:45

SeenD wrote on Tuesday 4 June 2019 @ 09:00:
My house was sold to the brokers own client circle. He knew those people were looking for a house like that. And it was sold before it went up on Funda. But the mortgage approval wasn't there yet, so they placed it on Funda with "sold under conditions".

But yeah, my wife and I had the same, we werent really looking for a house. But the houses we liked and wanted to visit were often already sold silently before hand, but were still placed on Funda, because they were waiting on mortgage approval or whatever.

About 5 appointments to visit were cancelled with those reasons.
never understood why; why look for housing, but dont have financial guaranteed yet. Than not much point looking for residence

By Tweakers user Nystran, Wednesday 5 June 2019 10:34

In some cities (looking at you, Utrecht), brokers have an internal monopoly: they will make the house available to eachother 3 days before placing it on Funda. Fortunately these practices are becoming rarer and rarer. But it might be a good idea to inquire.

By Tweakers user Atomstar, Saturday 15 June 2019 13:23

Thanks for your feedback, some comments:
  1. We were able to view any house we saw on Funda (if we were fast enough, i.e. 9am the same day). This to me implies that houses on Funda are really for sale (albeit with 50 people viewing, impossible to purchase).
  2. Indeed some houses are not on Funda but on private websites. For these houses it could be that it's 'Marketing after the fact'. However, since this analysis was done on houses sold a while ago, it could be that these houses were already removed from Funda.
  3. The sample is limited, but focuses around the area that we were looking at, so it's relevant for us. YMMV.
I recognise some of the comments/stories, but I wanted to have a more structural approach to check the validity of these anecdotes. My sample size might be limited, but it's larger than one ;)

Comment form
(required)
(required, but will not be displayed)
(optional)