Losing out on homes: Why Manhattan buyers may be missing property offers
Manhattan real estate brokerages are increasingly using 'private' and 'coming soon' listings, which critics argue reduces market transparency and limits buyer access to inventory. While brokerages claim this helps sellers achieve higher prices, analysts warn it obscures true market value.
Why it matters
The practice of private listings impacts housing market competition and price discovery for consumers in high-demand urban areas.
Manhattan homebuyers may be missing out on a significant share of properties for sale as brokerages increasingly market homes privately before listing them on public real estate platforms, raising concerns about transparency, competition and whether sellers are getting the highest possible price.Compass, the largest residential brokerage in the US by sales volume, has expanded the use of its “Private Exclusive” and “Coming Soon” listings, allowing sellers to test demand within its agent network before making a property publicly available, reported NY Post.The practice has particular significance in Manhattan, where Compass has an estimated 80 per cent share of the residential brokerage market, according to data cited by the New York Post.
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