“Pocket listings” are on the rise.
The Lawhead Team came across a very interesting article from the Union Tribune about “pocket listings” reemerging throughout San Diego County.
As if inventory wasn’t low enough, homes are not even having a chance to go to market before they are being snatched up by buyers. Check out the article from the Union Tribune:
‘Pocket listings‘ re-emerge in housing market
Think there aren’t enough homes on the market now?
Consider the rising number of San Diego County home sellers who are limiting access to their listings instead of putting them on the open market.
“Pocket listings” are an old-school marketing method that appears to be making a comeback — and riling up some real estate agents. Officials with trade group California Association of Realtors even launched a campaign earlier this summer that advises sales agents, consumers and media outlets of the potential dangers of the polarizing practice.
A pocket listing is a home for sale that is not entered into the Multiple Listing Service. The trade group says they comprise up to 15 percent of homes offered for sale today. Pocket listings are typically used by the rich and famous and those going through a divorce.
But as local housing supply remains tight and home prices keep gaining ground, an increasing number of consumers of all income levels are opting for discretion over full exposure.
Benefits may include quick, private sales without intrusive open houses and wading through multiple buyers’ offers. On the flip side, pocket listings could result in sellers missing out on the best prices and depriving the wider pool of potential buyers of more for-sale supply.
“Now the good agents are not even putting listings on the MLS (Multiple Listing Service,) which is causing more of a panic,” over lack of home inventory, said Jim McInerney, real estate sales manager of Harcourts Prime Properties brokerage in Carmel Valley.
Read entire article on pocket listings from the Union Tribune here.