“Hip Pocket” Sales: New Trend in Dallas Luxury Real Estate
Posted September 21st, 2012 | by The Update
A new trend in Dallas luxury real estate advocates word-of-mouth sales and puts the new owner in the home before it even hits the market.
Pegasus News: I call it the Hip Pocket Revolution, and it’s been going on since the market picked up this January. Steve Brown jumped in on something that is growing like hotcakes in Dallas real estate: the hip pocket sale. These are off-market deals, says Steve, but I prefer to call them deals where no listing agreement has been signed. The agent carries the property in their “hip pocket” to sell. (Not literally, of course.) Hip pocket sales are all over Park Cities and Preston Hollow, and growing out in Lakewood and Westlake.
The number of such off-market home deals has ballooned as the number of properties available (for sale) has declined in Dallas-area neighborhoods. The trend is especially gaining steam in affluent neighborhoods in North Dallas, Highland Park and Lakewood.
“With the shortage of inventory — especially in the Park Cities — more hip-pockets are selling,” said Amy Detwiler, an agent with Briggs Freeman Sotheby’s International Realty. “A lot of people prefer private sales because they don’t want to put their house on the open market.
Detwiler estimates that 30 percent of the sales in her office at Briggs Freeman Sotheby’s are hip-pocket transactions. Sellers vastly prefer these fast and dirty sales to open houses and maintaining a picture perfect home for showings. This also keeps images of the inside of their homes from being plastered all over the Internet.