If you’re currently in the market to purchase a new home, you may have heard quite a bit of real estate lingo thus far including the term “pocket listing” as you begin your home search. Pocket listings can be either beneficial or frustrating to you as a buyer for many different reasons. In short, a pocket listing is a home that is for sale but not currently listed or marketed to the public, but rather sold via word of mouth or to a direct buyer prior to it ever hitting the real estate market. This can be frustrating to buyer’s as they often feel as if they’ve missed out on what could have been their dream home, however, don’t count yourself out yet.
What does this mean for you?
You are most likely not going to see pocket listings which can limit the amount of inventory that is available for you to tour and potentially purchase. In most cases, you may not even be aware pocket listing are available in your area and thus, don’t know there are listings you aren’t currently viewing.
Why would a Seller Consider a Pocket listing?
Pocket listings may be used for a large array of reasons; however, the two most commonly used reasons include, selling the property to a friend or family member or the seller prefers a private sale vs. public.
Related: Why Single-Story Homes Sell Faster
Can I still Purchase a Pocket Listing?
Just because a pocket listing isn’t on any online MLS services, doesn’t mean you can’t purchase a pocket listing for yourself. Pocket listings are indeed advertised in some cases, most commonly advertised via e-mails, yard signs, door flyers or direct mail, and word of mouth. Should you see a Pocket Listing you are interested in it is important to discuss the listing with your real estate agent so that you can gather information as you won’t have access to a -regular online listing.
Regardless of what type of sale you end up purchasing, as with all real estate purchases, it is vital that you work closely with your real estate agent to ensure that you are viewing all listings available to you that fall within your desired criteria. Whether this be through means of a regular MLS online listing service, or a Pocket Listing, it is important to discuss your wish lists and must haves with your agent so that they can help you find the home of your dreams.