The actual percentage is nearly impossible to pin down, but something like 15%-20% of the nationâ€™s homes for sale arenâ€™t listed at all. You might assume that every homeowner with a property for sale would relish the effective marketing that comes through the multiple listing service, but there are at least four ways home listings in Brooklyn sometimes donâ€™t include everything that really is for sale:
Pocket Listing: Occasionally agents choose to withhold Brooklyn home listings from the open market. Reasons vary, but they might wish to keep a choice property for their own brokerageâ€™s clients, or they might seek to create an air of exclusivity around the listing. Digging for these off-market home listings can require energy and persistence, including regular searching through the websites of independent and luxury brokers, contacting scores of agents, or (a good deal simpler) making sure you work with an agent whose own Brooklyn real estate network is deep and current.
FSBO: This is the â€œFor Sale by Ownerâ€ group, usually comprising about 10% of the market. These properties are easier to find. Just drive through the target neighborhood looking for yard signs without a brokerage logo. Sometimes you will even find Brooklyn FSBO home listings on the MLS if the owner is offering a commission to buyerâ€™s agents.
Closely Held Transaction: When transactions are arranged between family members, neighbors, or other acquaintances (about 3% of the total market), they frequently close without appearing on Brooklynâ€™s home listings.Â
Expired Listing: When homes arenâ€™t sold within the expected period they can disappear from Brooklyn home listings. These make up most of the hidden home listings that are still available. A heads-up agent will often be aware of the situation, and if the property fits your criteria, can help you uncover them before others do.
If this winter finds you already on the hunt for a home in Brooklyn, or you are just getting started, or are hitting a dead-end in your search, I stand ready to help you land the right property. Contact us today to see what my network can do for you!