Photos / Briggs Freeman Sotheby’s International Realty
When the real estate market is moving as fast as it has been in North Texas, you’re bound to see more home sales happening in the private market – and outside the MLS. By some accounts, a third of all transactions in the luxury category are private sales. So we asked our expert agents at Briggs Freeman Sotheby’s International Realty: What role are hip pocket or private sales playing in today’s market?
A: Hip pocket and private sales are making it increasingly necessary for serious buyers in the luxury market to secure the services of an agent who has a network within our community. Novice buyers are discovering that you can’t find a home just by searching the Internet listings or looking for yard signs. More sellers are asking agents to market properties within their network first. Either way, securing a trusted agent is more important than ever.
A: They’re playing a huge role. About 30 percent of what we’re selling is a hip pocket or private sale. The only time hurts us a little is when we see some higher-level sales in the private market that don’t get recorded in the MLS. It can make it more difficult to price new properties coming on the market. That’s why it’s important to choose a knowledgeable agent who is in tune with everything on the market.
A: I would say that hip pockets and private sales are a large, unseen part of the current real estate market. This selling strategy is effective for sellers, provided that the property is not overpriced. If a hip-pocket property has a high price tag, we are finding that buyers will wait to take action, as they feel there is less risk of losing it to another buyer. A large number of hip-pocket sales are ultimately listed on MLS.
A: Obtaining the highest and best offer for your property within the shortest amount of time is my ultimate goal. My marketing skills, Briggs Freeman’s worldwide resources and the MLS system help me reach this goal. Unrecorded sales place a hardship on appraisers and agents in accurately pricing properties. Thus, I am not a firm believer in hip pocket/private sales. If a hip pocket or private sale is absolutely necessary, it is important to list with an extremely active, well-connected agent.
For more luxury homes, see briggsfreeman.com. Click here to see the latest in real estate news. CEO Robbie Briggs independently owns and operates Briggs Freeman Sotheby’s International Realty with six offices in Dallas, Uptown, Lakewood, Ranch and Land, The Ballpark and Southlake.
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