Exempt Listings, Pocket Listings.....What Are They?

Have you ever wondered what  the term exempt  or  pocket listing meant, when used in reference to a properties listing status here on the North Shore? An exempt listing is a property that is being offered for sale, however has not yet been listed on the Multiple Listing Service.  Often when a seller first signs on with a listing agent, the listing will be coded exempt to allow for enough time to prepare the  marketing materials, to include property photos, as well as any minor enhancement needed to be made to the property prior to  going "live" on the MLS. In addition, a seller or agent may choose to first list the property as exempt,  during a slow period in the market cycle such as right before the holidays or during the summer months when activity  generally  is slow.  The seller does not want to miss out on any serious buyers who may be looking for "their" specific property profile, however at the same time would prefer not to incur additional market time as tracked by the MLS. The longer the property sits on the market the public perception is that  something is wrong with the property  or it is overpriced . Stale inventory tends to attract low-ball offers as generally the highest offer a property generates is  in the first few weeks of being  introduce to the market. Often with a good exempt listing, Realtors and their clients have first dibs, before the property ever makes its way  to the MLS. If interested in receiving a list of all the current exempt listings  in New Trier Township, feel free to contact me at LydiaDeLeo.com as would welcome the opportunity to serve as your local resource.