Hot housing markets are like the \u201cHunger Games\u201d right now \u2013 and the odds are definitely not favoring home buyers.<\/p>\n
In fiery markets like Austin, high demand and low inventory are juicing prices and sometimes bringing an unprecedented number of offers. A home in the desirable, centrally located neighborhood of Crestview recently drew 27 offers, says Lisa Boone<\/a>, Realtor, GRI, with Waterloo Realty. \u201cEveryone is fighting over the same properties.\u201d<\/p>\n For some buyers, that competition makes tapping into the robust, but controversial<\/a>, \u201cpre-MLS\u201d private-listing ecosystem feel almost like a necessity. \u201cMy job has gone from trying to get people a deal on a house to getting someone a house, period,\u201d says Anna Uliassi<\/a>, associate broker with Compass in Austin. \u201cI\u2019d say it\u2019s gotten crazier in the last six months.\u201d<\/p>\n That private, or pocket, listing ecosystem is shifting, too.<\/p>\n Well-connected agents who find or sell off-market properties through friendly phone calls to their networks and tapping into private online forums have been told to cut it out. In a bid to level the playing field, the National Association of Realtors<\/a> has essentially banned pocket listings with its \u201cMLS Clear Cooperation policy<\/a>,\u201d As of May 1, 2020, agents must list properties on MLS within one business day of \u201cpublic marketing,\u201d which includes phone calls, forum posts, and even the buzz-building \u201ccoming soon\u201d signs.<\/p>\n \u201cThere are no more private listings, unless the listing is kept private within your own brokerage,\u201d Romeo Manzanilla<\/a> of Realty Austin told the Austin Business Journal<\/a> in August. \u201cIt keeps the integrity of the MLS from the data perspective. It also allows all MLS participants to have access to the same listings and not necessarily have to go fish through, \u2018What Facebook group am I supposed to join to get these under-the-radar listings?\u2019 \u201c<\/p>\n But there are rules… And there is reality.<\/p>\n With tight inventory and rising concerns about privacy, demand for off-market transactions simply is not going away. Especially when it comes to luxury properties listed on places like Austin Luxury Network<\/a>.<\/p>\n Now savvy buyers want to check the pocket listings. They\u2019ve read articles on how to head off competition<\/a> with off-market homes. Or they\u2019ve had their hearts broken too many times by losing out on too many properties.<\/p>\n