Interested in selling your house? Have you ever thought about what will happen if you ask for an excessive price on it? Should you do this, the house will just remain on the Multiple Listing Service or MLS for months, and eventually you will have to bring down the price. But what effect will this have on the buyers? They will eventually think that there is something wrong with your property and either not be interested or agree to pay an even lower price.
There is a way with which you can avoid the above situation, and this is pocket listings. In such a case, you ask your agent to advertise your house among their circles, but not put it up on the MLS. If prices are rising, this can be a very good strategy because it will allow you to test the housing market. You can set asking prices slightly greater than averages, and see the response you get for this. If this works out in your favor, fine, otherwise, you can reduce the price. However, this time, not many buyers will be affected because hardly anyone knows you want to sell the house. The only thing is that you need time for this.
We came across a couple who tried this strategy and we asked them about their opinions. They told us that pocket listings can give you a picture of the housing market before your property goes up on the MLS. This couple is planning to sell their home, but have not listed it as yet.
A real estate agent stated that even buyers can benefit from pocket listings. Bidding wars have become so common and waste so much time, which is why many buyers want to avoid them altogether. How do they do this? By asking their real estate agent to show them those homes that have not yet been listed on the market.
Pocket listings, particularly, appeal to sellers of luxury homes who do not want to show their properties to every buyer out there.
Despite the benefits, pocket listings do have their share of risks for both the buyers and the sellers. The sellers may under price their house and buyers may pay an amount more than necessary. This is why there are real estate agents who find MLS to be a better option.
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