More houses are being sold without ever hitting the market, furthering inequality
06.03.2021 - By Marketplace Tech
One promise of technology is open access to information –– if that information is shared. The tight housing market has led to a rise in what are called “pocket listings,” where a home is for sale but only offered to select clients. It’s common with celebrities seeking privacy. But one big real estate site, Redfin, is not taking part. Marketplace’s Amy Scott speaks with Glenn Kelman, Redfin chief executive, about why his company stopped using pocket listings in 2018. Kelman is on a bit of a campaign to end the practice. A Redfin analysis found that 4% of homes nationally were sold this March without being marketed. In Kansas City, Columbus and Minneapolis, more than 10% of sales were pocket listings. In Chicago, about 15%.