Pocket listings a 'significant factor' in competitive markets

As many as one in five sales of high-end homes may be pocket listings — homes that aren’t listed in the multiple listing service or otherwise publicly marketed — Ken Harney reports. Top brokers in competitive markets tell Harney pocket listings are becoming “a significant factor.” Pasadena-based broker-owner Bill Podley says he’s heard estimates that a third of luxury home sales in northeast Los Angeles County may be pocket listings. Redfin CEO Glenn Kelman said pocket listings are up across the U.S., and that some listing agents in Boston and L.A. are refusing to allow showings before holding open houses. Harney notes that conflicts of interest can arise when the same brokerage represents both the seller and the buyer in a transaction. But agents say sellers often have reasons for wanting to keep the sale of their home private. Source: washingtonpost.com.