“Pocket listings have traditionally been used by very wealthy people or celebrities, who don’t want other people to know that they’re selling their home,” Fairweather adds.
On top of that, unbelievably high demand from homebuyers has enabled some seller’s agents (and brokerages) to have a larger pool of buyers in their personal sphere, making pocket listings more viable. One reason they’ve gained traction is that “a lot of sellers didn’t want strangers traipsing through their home,” says Redfin’s chief economist Daryl Fairweather.
(Considering how quickly these homes went under contract, there’s a strong chance they were marketed privately before they were put on the MLS, which would make them pocket listings.) “Buyers need to have some sort of connection to the brokerage, the listing agent or the home seller in order to hear about the property.”īy nature, it’s difficult to pinpoint how many homes are sold this way, but housing market analysts say pocket listings have become more popular during the pandemic.Īccording to a Redfin analysis, the number of homes that were listed and immediately marked as sold or “pending" have ticked up from 1.8% in June 2019 to 2.8% in June 2021.
“A pocket listing is essentially a privately sold home,” says Amber Taufen, managing editor at HomeLight’s Buyer Resource Center, an advice blog for home buyers. Instead, agents market pocket listings to other agents in their office or to an exclusive network of buyers. Pocket listings, however, don’t appear on these sites because they never get plugged into the MLS. Once a house is posted on the MLS, it’s automatically shared with other agents and on aggregate listings sites like Redfin, Zillow, and.
Normally, agents register listings with their local multiple listing service (MLS), a regional database of homes for sale. Pocket listings - also called office exclusive listings or off-MLS listings - are properties that are never made available to the general public. The technique is known as a pocket listing and it’s becoming more common. You read that right - some sellers are reducing how many house hunters can compete for their home. In today’s sizzling housing market, some sellers are taking the unconventional approach of intentionally limiting their house’s visibility to prospective buyers.
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