WATCH: As housing costs boom, how home-buyers in one city search for affordability They grew so prevalent in some parts of the country that the National Association of Realtors (NAR) passed a policy against the practice in 2019, requiring brokers to list any property that they are marketing to potential buyers on the multiple listing service, or MLS, a publicly available online database. Brokerages have used them for years to corner the market by way of having the opportunity to represent both buyer and seller, keeping these sales within their network. So-called “pocket listings” like the one that caused Dedios to lose a sale are not a new phenomenon. But, as she was doing so, her clients were poached by another agent – one who gave them an attractive offer: go with him to sell their condo and he would show them a home that was not yet on the market. They were looking to buy in Fresno, California – dubbed “the nation’s hottest housing market” by the Los Angeles Times back in March – and most of the homes listed in their desired neighborhood were above their price point.ĭedios had previously found the couple a condo in 2019, so when they approached her to get pre-approved to buy a house, she got to work. When a couple looking to buy their first home approached real estate agent Annette Dedios at the beginning of the year, she knew it would be tricky to find something that fit their needs.
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