By Russ Meyer, Associate Broker
Real estate is full of quirky acronyms and unique terminology. From FSBO (for sale be owner) and CMA (comparative market analysis) to Jumbo Loans (a loan for a large amount that tops out at $625,500 currently), it is a realtor’s job to explain to our clients all the terms used during a transaction. Two new-ish terms are growing in use in our local Lincoln market—pocket listing and pocket neighborhood.
Pocket listings are a listing type where the seller has contracted with a realtor to sell the property, but for many plausible reasons, the seller does not want the property to go public on the MLS. Why? Perhaps the listing agent has a specific buyer in mind, and the seller wants to maintain a bit of privacy for a faster, smoother transaction. Or, a realtor may be able to sell a property to their buyer if they also have the listing. Called a dual agency, the agent represents the seller and the buyer in a contractual agreement. A pocket listing may give a buyer an advantage with no competing offers from other buyers. This is where it’s key to have a knowledgeable realtor working for your interests, and one that knows about upcoming listings.
A pocket neighborhood, however, is a type of planned community where smaller houses or townhomes are gathered around shared community space. Pocket neighborhoods are gaining in popularity all across the U.S. and offer a great opportunity in making a “neighborhood within a neighborhood.” In Lincoln, think Bishop Square on S. 27th or Antelope Village near 23rd and Q Street. Our local pocket neighborhoods offer more private but shared community spaces that are exclusive to the immediate neighbors.
Both pocket listings and pocket neighborhoods are becoming more popular as they can create a sense of value for both seller and buyer. Talk to your trusted realtor to know more when buying and selling. Could you have a pocket listing in a pocket neighborhood? Yes, let your realtor button or zip it all up for you!