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Old 07-27-2015, 06:25 PM
 
11,679 posts, read 21,250,268 times
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Quote:
Originally Posted by Johnhw2 View Post
Thanks. I thought there was a hard and fast rule on listings going into mls within 72 hours. I didn't know that rule was negotiable. I'm going to call the realtor because of the sign too so it's sure does work!

So a sale can be counted as an official mls sale without the property ever being listed in mls?

If sharing market information is a goal of realtors and the mls system, why wouldn't they show the listing info in mls and classify a pocket sale as pending or under contract? Perhaps that is not the goal....it's simply a tool to make money.
1. It won't go into MLS for comps, but realtors can provide each other off-market comps to help with pricing and appraisals.

2. The rise in hip pockets is a direct correlation to sales prices being mandatory in MLS. Up until a few years ago, a buyer could request the contract price be "Z"d out so no one - noteably DCAD- knowing what the hoise actually sold for. If dcad guesses wrong on a Z sale and it was to the owner's benefit, dcad was none the wiser. Now, they know all sold prices because it's mandatory.

Hip pockets are a gamble - your taxing district won't know what you paid, but the seller might leave money on the table by not exposing the property to the whole market. There are also sellers who just don't want a bunch of randoms going through their home either.
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Old 07-27-2015, 06:48 PM
 
Location: DFW - Coppell / Las Colinas
29,950 posts, read 34,553,963 times
Reputation: 35949
If you are curious if it's in the MLS send me the address and let's take a look. They may have it also setup where it does not feed to external websites from the MLS.

That is also an option and we are going to see more of that in the very near future.
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Old 07-27-2015, 09:37 PM
 
3,535 posts, read 6,957,967 times
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Curious - we're getting a lot of sales based off the Coming Soon signs in our neighborhood. Would those also be ones that don't hit MLS? I wouldn't have thought of them as "hip pocket" since it's being advertised but also not listed on MLS yet.
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Old 07-27-2015, 09:58 PM
 
Location: plano
5,955 posts, read 7,500,166 times
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Quote:
Originally Posted by Rakin View Post
If you are curious if it's in the MLS send me the address and let's take a look. They may have it also setup where it does not feed to external websites from the MLS.

That is also an option and we are going to see more of that in the very near future.
The address is 5069 royal creek court 75093. Thanks in advance.
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Old 07-28-2015, 06:13 AM
 
Location: DFW - Coppell / Las Colinas
29,950 posts, read 34,553,963 times
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Quote:
Originally Posted by Johnhw2 View Post
The address is 5069 royal creek court 75093. Thanks in advance.
This home is not in MLS as of now.

Quote:
Originally Posted by MurphyPl1 View Post
Curious - we're getting a lot of sales based off the Coming Soon signs in our neighborhood. Would those also be ones that don't hit MLS? I wouldn't have thought of them as "hip pocket" since it's being advertised but also not listed on MLS yet.
Anyone who sells off of a "Coming Soon" sign is not getting the full exposure to the market and maximizing their sales price.
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Old 07-28-2015, 06:16 AM
 
Location: plano
5,955 posts, read 7,500,166 times
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Thanks, the sold sign just appeared yesterday. It's about three houses away from a home that had a coming soon sign followed immediately by a sold sign and under contract sign on mls, this was around a year ago and a different realtor group and agent.
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Old 07-28-2015, 07:38 AM
 
Location: Prosper
6,268 posts, read 12,118,539 times
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Quote:
Originally Posted by TurtleCreek80 View Post
The rise in hip pockets is a direct correlation to sales prices being mandatory in MLS. Up until a few years ago, a buyer could request the contract price be "Z"d out so no one - noteably DCAD- knowing what the hoise actually sold for. If dcad guesses wrong on a Z sale and it was to the owner's benefit, dcad was none the wiser. Now, they know all sold prices because it's mandatory.
For this reason, I think the next time we sell/buy a home, we will want it kept off MLS. With all the rising property values, counties should be lowering tax rates to compensate, but we all know that won't happen, at least not nearly enough to make a difference.

When we bought our home last December, CCAD had our home valued at ~430k. For some reason that seriously lagged other comparable homes in the area. After we purchased they raised it to 540k, a 25% increase.

If we could have kept it off MLS, I bet their figure would have been a LOT lower.
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Old 07-28-2015, 04:25 PM
 
Location: plano
5,955 posts, read 7,500,166 times
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Heard back from realtor on pocket listing. Friend of a friend story as expected. I didn't ask directly for list price as I would not expect yhey would disclose it. It was heavily updated. New kitchen including cabinets, new floors on first level, new light fixtures, master bath upgraded fixtures and counter top, built ins added in garage. Sounds like around $100k spent, ask if they did it to sell and what kind of return they think they got in sale on updates/upgrades. This home was built about 13 years ago and is between 5-6k SF.
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Old 07-28-2015, 06:53 PM
 
11,679 posts, read 21,250,268 times
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Quote:
Originally Posted by MckinneyOwnr View Post
For this reason, I think the next time we sell/buy a home, we will want it kept off MLS. With all the rising property values, counties should be lowering tax rates to compensate, but we all know that won't happen, at least not nearly enough to make a difference.

When we bought our home last December, CCAD had our home valued at ~430k. For some reason that seriously lagged other comparable homes in the area. After we purchased they raised it to 540k, a 25% increase.

If we could have kept it off MLS, I bet their figure would have been a LOT lower.
We are lucky that we were the 2nd off-MLS sale of our home in the last 10 years. Dcad still has our house valued at a lot less than we paid in 2013, even after two years of value increases!
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Old 07-28-2015, 07:37 PM
 
Location: DFW - Coppell / Las Colinas
29,950 posts, read 34,553,963 times
Reputation: 35949
Quote:
Originally Posted by MckinneyOwnr View Post
If we could have kept it off MLS, I bet their figure would have been a LOT lower.
Keep it off the MLS and you risk not having the price bid up 5-10% above the list price in this market.

That could cost you a lot of money as a seller.
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