Apparently pocket listings, where a home is offered for sale by the homeowner but where the information is not made public on the local multiple listing services, are on the increase. The broker/owners of RE/MAX offices in Chicago, Buffalo Grove, Rockford and Belvedere, Illinois have reported an increase in the number of requests from clients for these types of listings, with more requests coming in last year than in the previous two years.
This confirms a trend that was noted last year in a story in the Chicago Tribune. It reported that 4.7% of all homes sold in Chicago in March last year were as a result of pocket listings. This is an increase of 2.6% compared to the same month a year earlier. In spite of this increasing trend, Tom Humpel, broker/owner of RE/MAX Property Source in Rockford and Belvedere has pointed out there is a major downsides to these types of listings as they fail to expose properties to the greatest number of buyers.
Humpel is quoted as saying “Personally, I rarely think pocket listings are a good idea. They can make sense for home sellers in sensitive positions. An example would be someone in law enforcement. In these …read more