Off market listings becoming more popular
“The times they are a Changin'”.
You never really know if a homeowner is considering selling these days. Long gone is the time where a spiffy Realtor in a pink blazer put up a “For Sale” sign in the yard. It’s much more about “exclusive” information traveling throughout certain circles to learn if a house might be available to buyers.
Strong demand – especially in the higher-end markets – have allowed homeowners the upper-hand in deciding who knows about their intentions to sell. In exclusive neighborhoods like Beverly Hills, homeowners despise having hundreds of Realtors calling and tracking them down to get the listing – and who could blame them?
Many real estate professionals are offering “pocket” listings to satisfy savvy buyers who have the same data as the MLS (multiple listing service) at their fingertips. After all, if buyers are now able to find listed properties on Zillow and other sites, what value does the agent offer in terms of searching for property? Well, here’s where “pocket listings” enter the equation – and they are becoming more popular than ever.
In Los Angeles, off-market property sales make up around 15% of total sales, according to one Los Angeles firm. This is a large increase from prior years. Nonpublic listings are seeing a sharp increase in the higher-end market for homes listed $10,000,000 and higher. The advantage is that these types of homes rarely have multiple offers since they cater to only a select few high net worth individuals, therefore they do not get “stale” sitting on the MLS. The “allure” of having the chance to purchase something very exclusive is the preference to many high-end buyers.
In the real estate market, things shift as the market does. In this seller’s market, where inventory is low, pocket listings are becoming more popular than ever. Don’t be surprised if you notice some new neighbors moving in next door to your home, as it might have already been sold. 🙂