Pocket Listings?

Interesting post from one of Marin's brokerages describing how many "not on the MLS" listings are currently available. Apparently sellers and their agents don't want the listing on the MLS because if it doesn't sell, you don't want that history available for all and sundry to see in the MLS.

There's only a couple of things wrong with this strategy.

1) If you're sincerely interested in selling your property, why would you not list it in the MLS which is by far and away the single best advertising medium for residential real estate -- could it just be that you're pretty sure your property is overpriced and will never sell at the asking price?

2) Your agent is probably going to broadcast the availability of the property through other media (electronic flyers, an open house ad, etc.) which, although worthwhile, are no substitute for the MLS. This is not a great strategy for getting the best price for the property.

A long "unsold" history of a property in the MLS simply means the property was overpriced and/or under prepared. It's also an indication that the seller is not really motivated. At the end of the day, the actual value of the property will be based on what a buyer is willing to pay (and what the lender is willing to lend), not on what the seller wants.