If you are looking at residential real estate for sale and are already working with a real estate agent, the agent might talk to you about pocket listings. Pocket listings are something that many agents know about, yet they are not extremely common in all areas. If you are shopping for a house to buy, here are several things you should know about pocket listings.
What they are
A pocket listing is a house that is for sale but has not yet been formally listed for sale. In other words, it is like a private listing in a sense. For a house to be considered a pocket listing, the owner of the house must talk to an agent about selling it. This agent would begin spreading the word that the house is for sale, but is not yet listed, and this news would travel throughout local real estate agencies. As a buyer, you will not know about homes listed as pocket listings, simply because they will not be found online, and you will never see a for sale sign in front of one. The only way you will find out about them is through your real estate agent.
Why sellers do this
There are a number of reasons sellers would use pocket listings, and one reason is simply to see if there is a demand for their homes. By using a pocket listing, the seller does not have to commit to anything, including showings, yet the seller can find out if there are people around who would want to see or buy the house. Some sellers use pocket listings to maintain privacy, and this is a good way to sell your home without a lot of people knowing it is for sale. One other reason people may use pocket listings is to pay less commission. If a house is not listed on the MLS, the real estate agent selling the house will have less work to do, and the agent might offer a lower commission rate for this reason.
The benefits they offer buyers
As a buyer, there are a couple of benefits you may experience by purchasing a pocket listing. The first benefit is there will be less buyer competition. If fewer people know about the home being for sale, there will be fewer showings on the house, and this translates into a better deal for you, which is the other benefit of purchasing a pocket listing.
If you have questions about homes for sale or pocket listings, talk to a real estate agent today.Share
1 October 2018
When I started looking for a new home, I realized that there were a few things I needed to be careful about. For instance, I really needed to focus on finding a home that would appreciate in value, so I began thinking about investing in the right property. After quite a bit of research, I was able to find a great neighborhood that had a big support system for my family. After we found a house we loved, we worked with a real estate agent to procure it, and it was really nice to feel like we belonged somewhere. Read this blog about ways to find amazing pieces of real estate the first time around.