With inventory levels down, and buyers scrambling for homes (sometimes faster than they come on market), the “pocket listing” has become more and more popular this past year.
A pocket listing is essentially a “coming soon” property. You may have heard about Zillow launching this new feature on their web site. There are many schools of thought on marketing homes off market. On one hand, marketing your home as a pocket listing saves you having to keep it ready for showings daily, or, if you have tenants, inconveniencing them. Securing a buyer who feels he/she got a sneak peek and was able to buy something no one else knew about, however, may help in negotiating things like repair credits and lessening your investment as a seller.
On the other hand, many contest that by not exposing it fully to the market, that it won’t generate the highest price. Of course, there is no right or wrong answer. If you’re selling your home, just be sure to review both options and make the decision that is best for you!