Never heard of a Pocket Listing? These “underground” sales can be a boon.
Pocket listings, or houses which are for sale but are only being advertised by word of mouth (rather than being placed in the MLS and spread around to other Realtors®), are usually touted as being good for sellers for a variety of reasons—if you’re not in a rush to sell, you can set your price and “wait it out” for the right buyer, before running the risk of your listing going “stale” on MLS. The longer a property is active on MLS, the more likely that agents and even potential buyers will assume that either there’s something wrong with it or the price is way off.
What some people don’t know is that pocket listings can be advantageous to buyers, as well. If you live in an area where there’s stiff competition for available properties, locating a pocket listing could mean the difference between making a successful offer on your dream home or getting into a bidding war and losing out. What’s more, there’s no single reason a seller decides to go this route; sometimes it’s to see if a higher price point will get offers, but not always. That means buyers should be vigilant and do their research to make sure the asking price is reasonable, but also means that occasionally you could luck into a pocket listing that’s priced below market value. That could mean both decreased hassle and a great deal for you!
If you were wary of pocket listings before, don’t be. They may just pay off if you happen across the right one.
Click here to view our pocket listings.
Written by: Mir Kamin