For most of 2022, it was a hot seller’s market in Tulsa. But now that things have slowed down a little bit, sellers are thinking twice before they go ahead and sell a house fast in Tulsa. Also, sellers are considering unconventional strategies that allow them to sell quickly and for a fair price.
While it may seem hard to believe, some sellers limit how many house hunters can bid for their homes. This selling method is known as “pocket listing” and it’s become more common in recent years. Also known as off-MLS listing or exclusive listing, pocket listing is essentially listing so that only a small, select group of buyers can bid on a home.
Traditionally, an agent lists a property on their local (MLS), and afterward this listing is shared on several real estate marketplaces, such as Realtor.com, Zillow, and Redfin. But a home that’s utilizing a pocket listing won’t appear on any of these sites. Instead, the agent handling the pocket listing shares it only with an exclusive group of hand-picked buyers.
In other words, a pocket listing is a home sold privately, and the buyer could be a typical investor or a cash home buyer in Tulsa. It’s hard to pinpoint how many homes have been sold with pocket listings recently, but what’s certain is they became popular during the pandemic.
For awhile, pocket listings were just used by celebrities and wealthy people who didn’t want the general public to know they were selling their property. But this isn’t the state of things anymore. Now, these listings are common, so much so that regular sellers are using them.
If you’re considering selling your home using a pocket listing, ensure that you’re aware of the pros and cons associated with these beforehand.
Pros Of A Pocket Listing
1. Ensures Privacy
A pocket listing will provide complete privacy when you sell your home. Don’t want dozens of strangers traipsing through your home? Don’t want others to know you’re experiencing financial difficulties or going through a divorce? In such scenarios, a pocket listing helps you sell your home discreetly without revealing your situation to the community.
2. Great Way To Test The Waters
If you want to figure out how much buyers would be willing to pay for your home, you can use a pocket listing. This will help you get a clear picture of how much a buyer would pay. You can use this information to price your home accurately when listing it later on.
3. Reduces Home-Selling Expenses
When you list a home the traditional way, you have to spend thousands of dollars on marketing, professional photos, staging, and hosting open houses. You can reduce these expenses by using a pocket listing, as no elaborate marketing campaign is required.
Cons Of A Pocket Listing
1. Lower Selling Price
Selling your home with a pocket listing might prevent you from getting top dollar. If you sold the traditional way, on the other hand, several buyers may want your home, and this may spark a bidding war, the result of which you may profit from handsomely. With a pocket listing, you’re limiting the number of potential buyers who can view your property, so the chances of a bidding war sparking are slim.
2. A Longer Sale
Since the home isn’t available to the general public, it might take longer to find the right buyer who’s willing to pay your asking price.
Explore Other Options When You Need A Below-The-Radar Sale
If you don’t want to list your home on the MLS, you should consider other quick selling options. A hassle-free cash sale is one of them. Connect with Oklahoma Cash Home Buyer to sell a house fast in Tulsa as is and discretely. We can close in under 30 days.