Welcome to San Diego Blog | August 29, 2017
What you should know about Pocket Listings & Off Market Listings
You may have heard of the word Pocket Listing or Zillow’s Coming Soon listing but what does it really mean and how does it affect you as a buyer or seller?
Pocket Listing is an off-market, unofficial listing that is not being advertised to the general public through means of the multiple listing service (MLS)
Also known as “private offering”, a pocket listing is a valid listing with a seller signed a listing agreement with a real estate agent, however, the property for sale isn’t advertised on the MLS or other traditional forms of marketing.
These listings originally started years ago as a solution for private sellers, celebrities and high-profile people to sell their homes, typically very expensive homes, to be “privately” offered without the general knowledge to the agents, buyers, neighbors and press alike.
With today’s real estate market of low inventories not meeting demand and competitive buyers who are ready to write offers, the pocket listing has become more popular and no longer reserved for the elite, high-profile sellers. So what does it mean for you as a seller or a buyer?
As a Seller
- Test the market with a certain price without starting the Days on the Market clock
- Can sit on sidelines and hold out for a certain price without hurting your Days on Market count
- Receive feedback from other agents and buyers prior to going to being entered into the MLS
- Limit the amount of public knowledge and marketing for elite or private owners
- Creates a way to market a home and create interest while still getting property “market ready”
It’s important to know that the MLS is the very best vehicle to sell a property quickly and for the highest price. The more buyers that see the property, the more interest that is created which leads to a potential multiple offer situation.
As a Buyer
- Creates a secondary market other than the MLS
- Limits the amount of competition and interest from other potential buyers
It’s important to work with a local agent who has established relationships with other real estate agents in the neighborhood and within their sphere of influence, this way you can be sure that you will know of all potential homes that are for sale.
Looking for a sweet deal on an Off-Market, Coming Soon or Private Offering in the San Diego Area? I’ve compiled the listings of off-market, coming soon and private offering in the Downtown San Diego area. Click the link, the photo below or give me a call to get access and score your dream home before anyone else!