Shadow Listings: The Hidden Homes of Phoenix Buyers Are Missing
Scrolling through real estate apps, you might feel like you’re seeing everything Phoenix has to offer. But a behind-the-scenes fight over “shadow listings” — homes sold quietly and often without ever hitting popular real estate apps — could mean that some of the best homes out there aren’t even making it to your screen.
In the high-stakes world of real estate, shadow listings are becoming a major topic of debate, pitting everyday homebuyers against powerful brokers and industry titans. While this isn’t about hiding homes in secret corners, it is about keeping properties in a closed network — visible only to certain agents and their select clients. The battle over these listings is turning up the heat in an already competitive Phoenix market.
What Are Shadow Listings and Why Do They Matter?
Imagine your dream home is out there — maybe it has the spacious yard, gorgeous views, or that sparkling pool you’ve been hoping for. Now imagine that you’ll never see it online because it’s locked away in a private broker network or only available to buyers “in the know.” Shadow listings are properties that aren’t marketed on the open MLS (multiple-listing service) and, therefore, don’t appear on popular sites like Zillow or Realtor.com. Instead, they’re shared only within certain circles, like a private club with a very selective guest list.
This approach runs counter to the National Association of Realtors’ (NAR) “clear-cooperation policy,” a rule meant to keep things fair by requiring listings to go public within one business day of any form of advertising. The idea behind the rule was transparency and accessibility, so every homebuyer — no matter their connections or agent — could see every available home on the market. Yet major brokerages like Compass and Anywhere Real Estate want to loosen these rules. They argue it would give sellers and agents more control over marketing strategies, allowing a more tailored approach to home sales.
What This Means for Phoenix Buyers
Phoenix is a red-hot housing market, and shadow listings could make it even tougher for buyers. Hidden listings mean fewer homes appearing online, potentially driving up competition and prices for the properties that do hit public platforms. In Phoenix, where inventory is already tight and demand is high, even a few missing listings could have an outsized impact, making it feel like a treasure hunt — except some of the treasure isn’t even on the map.
For first-time buyers or those who aren’t “in the loop,” this can be frustrating. Picture browsing online, wondering if there are homes out there you’ll never see, reserved for a network of insiders. It’s no wonder that Brian Boero, CEO of the real estate marketing firm 1000Watt, says, “Most people want transparency in housing. If you ask, ‘Should everybody be able to see the houses for sale on the market?’ I think most would say absolutely.” For the average buyer, shadow listings seem anything but fair.
The Other Side: Why Agents and Sellers Like Shadow Listings
To some sellers and agents, however, shadow listings are a dream come true. These listings let sellers who prefer a quieter sale — maybe because of privacy concerns or sensitive personal situations — avoid the public eye. For agents, having an exclusive listing can also be profitable; they get the chance to work with unrepresented buyers and potentially keep a larger commission.
Brokerages like Compass now offer “private exclusives,” allowing sellers to test the waters privately before going public on the MLS. For a seller, this means a sense of control over who sees their listing. For buyers? This could mean missing out on homes that match your needs, and having to search across multiple sites or even rely on “insider” information to see everything available.
Is This the Start of a New Real Estate Landscape?
The NAR is now at a crossroads, facing pressure to either keep clear-cooperation rules as they are, revise them, or scrap them entirely. The result could significantly shape Phoenix’s housing market — and the experience of every buyer searching for a home. Websites like Zillow and Redfin are advocating to keep the rule, arguing that shadow listings will make it harder to find homes and may even lead to higher prices, benefiting big brokerages at the expense of everyday buyers.
Meanwhile, some agents argue that more freedom around shadow listings will create a flexible, modern approach to selling, where homes can be selectively marketed for a higher price. But many experts and industry insiders feel that a housing market dominated by exclusive listings is not what buyers or fair-housing advocates want. As Redfin’s CEO, Glenn Kelman, put it, “Weakening Clear Cooperation is about making size matter more than service,” pointing out that bigger brokerages could use hidden listings to leverage their own growth, not the buyer’s benefit.
What Phoenix Buyers Need to Know
For buyers in Phoenix, this shadow-listing battle could be a game-changer. Imagine finding a moving van outside a house you never saw online or wondering if some of the best listings are staying within an exclusive club. Phoenix is already one of the hottest housing markets in the country, and these changes could make the home search even more competitive.
As the NAR deliberates, one thing is certain: the future of Phoenix’s housing market could become harder to navigate, especially if shadow listings continue to spread. For now, staying informed and working with a knowledgeable agent will be key. The rules may change, but your dream home is out there — even if it takes a little digging to find it.
