Pocket listings have become more popular in recent months. Many home buyers are not familiar with the term, but if they are looking for a home in the near future they may hear it. A pocket listing refers to an off-market listing that the realtor doesn’t advertise or place online. These listings are usually held for specific clients who the realtor feels would be best suited for the property. Although the seller has signed a listing agreement with a realtor, the property isn’t officially listed in the MLS. Other methods of advertising are also not used.
Pocket listings are growing in popularity among sellers. Because of the problematic state of the real estate market, pocket listings are being used more often now than in previous years. This method of selling is perfect for sellers who are determined to the sale price they want. In today’s real estate market, it has become more difficult for sellers to receive their full asking price. By using a pocket listing, sellers will not be pressured by how long their house sits; these sellers are only selling their home if their price is met.
By using the pocket listing method, sellers and their agents are allowed to test the market without officially listing their home on the MLS. Sellers can see how the asking price is accepted among buyers and can also help them determine if the price may be too high. The agent is able to spread the word about the home’s availability using different marketing techniques except the MLS. Agents may opt to hold a small open house or offer private tours. These steps will help spread the word that the home is available to other agents.
In some cities websites have been developed to showcase pocket listings. These websites provide other agents with information on the property and any upcoming viewings. This method of selling homes has gone from a way to spread the word about homes available to a secondary market of available homes for sale among well-connected real estate agents. It is still to be determined whether this method will become the norm in some markets or if it will fade away once the market improves.
If you’re a seller interested in testing the market then perhaps a pocket listing is right for you. There is no time limit; you can test the market for one to two weeks to determine if your home will sell for the asking price. If during the time you have it listed, you may find someone who feels that your price is reasonable and is willing to make you an offer. In today’s market you never know what is possible until you try.