WHISPER LISTINGS: What home hunters need to know - KMSP-TV

WHISPER LISTINGS: What home hunters need to know

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Today's high-demand, low-inventory real estate market means there's more room for trends like whisper listings to gain traction. According to local realtors, whisper listings, also known as pocket listings, are booming in the metro.

"I'm seeing it more and more. It happens here on Lake Minnetonka quite a bit," confirmed Edina Realty Realtor Shelby Hayes. "[A whisper listing] is usually for a niche buyer or seller that has a unique situation."

Whisper listings take place via word-of-mouth. That means there are no online ads, photos, or postings on Multiple Listing Service (MLS) whatsoever.

"If someone's really elderly and they don't want to have 20 showings in a day and clean their house every five minutes, they just want to sell it and be done without dealing with the perceived hassles of being on the market," explained Hayes.

That's just one reason whisper listings are a win-win for buyers and sellers.

There is a small catch for sellers though. When whisper listing their property, Hayes says the seller foregoes more than one offer.

"That's the trade-off is that you're not going into multiple offers typically, but the benefit is that you're sellers can have a transaction they're really happy with," nodded Hayes.

General Manager of NetWorth Realty Minnesota Joshua Tew believes whisper listings are exactly what the metro's high-demand market breeds.

"Instead of listing it on the MLS, they're calling 5 or 10 buyers they know for certain are searching for this specific property," Tew told Fox 9 News. "So, it's easier on the broker, easier on the seller and easier on the buyer."

So how do prospective buyers get in on the secret deals? They make sure their agents are networking.

Hayes said agents pushing to meet their clients' needs also network amongst each other on websites like 400 doors.

"Four-hundred doors really allows the consumer to find those listings that aren't on the public market through their agent to help make that dream come true of finding those properties in such a competitive market," said 400doors.com Co-Founder Bill Pauling.

With homes for sale only sitting on the market for an average of three months or less in Minnesota, it truly is a market that favors sellers.

"I sold a house in 6 days a month ago -- multiple offers the first weekend if it's priced right," added Hayes.

Whisper listings are just one niche in the competitive real estate market. For prospective buyers who want to look at 20 homes, MLS is still a great resource.

Buyers looking for an extra edge in the market simply must make sure their agent is working to meet their needs, and the bottom line is: Don't be shy about asking your realtor if they're receiving whisper listing phone calls, and let them know you want in on off-the-market real estate deals.

Resources:

Edina Realty
Shelby Hayes
612-227-0094
ShelbyHayes@edinarealty.com

Bill Pauling
612-217-1444
bill@400doors.com

NetWorth Realty
Joshua Tew
http://networthrealtyusa.com/

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