Feeling a little burnt-out on house hunting? Perhaps you're having a hard time finding a home for sale that meets your needs, or maybe you keep running into the competition and haven't had any luck getting an offer accepted. One thing you may want to ask your real estate agent about is focusing on something called "pocket listings," which can give you a competitive edge over other sellers.
1. What Is a Pocket Listing?
Specifically, a pocket listing refers to a home that has gone up for sale without a "traditional" listing that gets posted publicly. Typically, when a home goes up for sale, the seller's real estate agent publishes a listing with the Multiple Listing Service (MLS), which makes it available for other real estates and the general public to view on popular real estate platforms. From there, agents market their listings to generate as much interest as possible.
With a pocket listing, on the other hand, there is no public listing. Instead, the seller's agent may only share that the house is up for sale with a handful of other agents, who then pass the information onto prospective buyers.
2. Reasons Sellers Opt for Pocket Listings
Why would a seller opt for a pocket listing over a traditional listing, anyway? In many cases, sellers with pocket listings want to avoid the stress and hassle of hosting open houses and scheduling dozens of showings before selling. And typically, pocket listings sell "as-is," which can save sellers from having to stage their homes or make renovations in order to get the property "list-ready."
3. Finding Pocket Listings with a Real Estate Agent
Expanding your home search to include pocket listings can be a great way to gain access to a more exclusive list of properties with little competition. However, the only way to stay on top of pocket listings that may suit your needs is to work with a well-connected real estate agent who knows the local market like the back of their hand. Of course, because pocket listings can be difficult to come by, you may expect to have to wait a bit to find your dream home. Still, the wait can be worth it.
If you haven't already begun working with a real estate agent to find a home for sale, now is the time—especially if you're interested in being kept in-the-loop as pocket listings pop up in your area.