Housing Watch: Pocket listing in a competitive housing market

FRESNO, Calif. (KFSN) -- A three-bedroom home in central Fresno near Shields and West has just gone on the market for $315,000.

Realty Concepts Broker Don Scordino doesn't expect the property to last very long because he says the market still hasn't cooled off

"In this one price range, I had 27 offers on a home in January," he said. "Same price range, same area, I only had 17 offers on a home in that area just last month."

Real estate agents will soon hear from clients wanting to take a look at the newly remodeled kitchen and living space.

"You can see now the new popular thing is to open it with an island, breakfast bar," Scordino said.

The home comes with a pool. Scordino adds it also falls below Fresno's median price of $365,000.

"I think this home will be on the market single-digit days, so nine days or less," he said. "That's provided there is full marketing, which we will do through our Multiple Listing Service."

A few homes though don't appear in MLS listings when they go up for sale.

Broker associate Annette De Dios with Brown and Brown Real Estate says those properties are called "pocket listings."

The reasons for a pocket listing vary. Sometimes, homeowners may be selling to friends or family.

"Situations where people don't want anyone to know they're selling per se," she said. "Or maybe during this time, they might not feel comfortable with people walking through their home."

De Dios says you'll notice pocket listings when homes are shown to have been "sold prior to publication." Eleven such sales are currently pending in Fresno County.

But given the competitive market, sellers could be leaving money on the table.

"Anytime a listing is sold without marketing, you're limiting the inventory for buyers," De Dios said.

The National Realtors Association seeks to do away with pocket listings.

It established a "clear cooperation" policy, which requires brokers to put a home on MLS if it is marketed in public.
Copyright © 2021 KFSN-TV. All Rights Reserved.