New York's Pocket-Listing Bill: The Quiet Sale That Could Cost You $11,000
By admin 9 min read
A NY bill would make off-market home sales require a signed warning. What it says, the $11,000 data fight, and what LI sellers should ask.
under the bill (The Real Deal, Nov. 2026)
the rules once signed
(Zillow study, May 2026)
price, Sept. 2026 (OneKey MLS)
“Let’s keep it quiet.” New York wants that in writing.
Denise has lived in her Valley Stream colonial for 26 years. The kids are gone, the stairs feel steeper, and a listing agent is sitting at her kitchen table with a pitch: “Let’s try it off-market first. Two weeks, our private buyer network, no open houses, no strangers walking through, no days-on-market clock.”
It sounds like a favor. Sometimes it is. But if Gov. Kathy Hochul signs the bill now on her desk, that pitch will come with a form — one that tells Denise, in plain language, that keeping her home off the public market may mean fewer buyers, fewer offers and possibly a lower price.
The pitch: “private exclusive”
Off-market listings go by many names: pocket listings, private exclusives, whisper listings, office exclusives. The idea is the same. Your home is shown to a short list of buyers — often the brokerage’s own clients — before (or instead of) going on the MLS and the big public sites.
For a seller, the appeal is real: privacy, no parade of weekend lookers, and a chance to “test” a price without a public record of cuts. For the brokerage, the appeal is also real: a listing nobody else can see is a listing its own agents are more likely to sell — sometimes on both sides of the deal.
What the bill actually says
The Fair and Transparent Real Estate Listings Act (Assembly Bill A10679 / Senate Bill S10274) is sponsored by Assembly Member Michaelle Solages, who represents part of southwest Nassau, and State Sen. Nathalia Fernandez. It passed the Legislature on June 1, 2026. As of Nov. 11, The Real Deal reported the governor’s office is reviewing it, and Solages said a signature could come as soon as this month.
- ◆Sale and rental listings must be marketed on at least one widely accessible platform — an MLS or a free public website — in a “timely manner.”
- ◆Homes shown on private networks must also be marketed publicly at the same time.
- ◆Staying off the public market requires a signed, standardized opt-out disclosure warning of less exposure, fewer offers and a possibly lower price.
- ◆Penalty: fines up to $5,000 per violation, plus possible license suspension or revocation.
- ◆Agents who act in good faith get a liability shield.
If signed, the Department of State gets 180 days to write the rules and publish the official form. CityRealty’s review of the bill adds that listing agents would keep signed opt-out forms for at least three years. An earlier draft required listings to go live within one calendar day; sponsors softened it after brokers raised staging concerns.
For agents: this isn’t a ban. It’s a paper trail. If your office runs office-exclusives today, plan now for the form, the filing and the conversation.
New York isn’t alone: Wisconsin, Washington and Connecticut already regulate private listings, and Illinois and Hawaii are weighing it.
The money fight: dueling studies
Everyone agrees privacy has value. The fight is over price. The two biggest players in the debate — Zillow and Compass — are also suing each other, so read every number with that in mind.
| Study | What it found | Who paid for it |
|---|---|---|
| Zillow, May 2026 — 15M+ U.S. sales, 2023–2025 | Off-MLS sellers got 1.3% less; $1.36B lost combined over 3 years | Zillow (party to the fight) |
| Compass, July 2026 — 70,000+ listings | Pre-marketed homes sold for 4.6% more than comparable MLS-direct listings | Compass (party to the fight) |
| Hayunga (Univ. of Georgia) — 700,000+ Dallas–Fort Worth listings, 20 yrs | 1.7% private-listing premium — less than half of Compass’s figure | Academic; cited by Compass |
| Philadelphia Fed working paper, 2025 | Older sellers (70+) using private listings got lower prices | Independent |
Zillow’s chief economist argues Compass’s sample is skewed toward higher-value homes that later hit the MLS anyway. Critics note Compass hasn’t published its 50-plus control variables. Both sides’ numbers serve their business. The honest read: nobody has proven off-market reliably pays more — and an independent study found older sellers, people like Denise, did worse.
What it means on Long Island, in dollars
Percentages hide the stakes. Here they are applied to the September 2026 OneKey MLS median single-family prices for Nassau and Suffolk. This is our illustration, not a forecast for any one home.
| Median home, Sept. 2026 | Price | If Zillow is right (−1.3%) | If Compass is right (+4.6%) |
|---|---|---|---|
| Nassau County | $860,000 | −$11,180 | +$39,560 |
| Suffolk County | $740,000 | −$9,620 | +$34,040 |
| The swing between the two claims | — | — | about $44,000–$51,000 |
That swing is the whole story. When the gap between two claims is bigger than a year of property taxes, you don’t pick a side on a feeling. You ask your agent to show you which buyers saw the house, how many offers came in, and what the closed comps say.
Market context matters too: Nassau inventory was 2,318 homes in September, down 1.7% from a year earlier, with homes averaging 40 days on market. In a thin market, more eyes usually means more competition — which is the bill’s whole premise.
When quiet still makes sense
Off-market isn’t illegal under the bill. Some sellers have good reasons: safety concerns, a high-profile owner, a tenant in place, a divorce or estate that needs discretion. The bill specifically doesn’t force showings that would violate health, safety or security protections.
- ◆Ask for the agent’s written plan: how long private, which buyers, and the exact date it goes public.
- ◆Set a deadline (e.g. 14 days) after which it goes on the MLS automatically.
- ◆Ask whether the brokerage would represent both sides — and how that changes who negotiates for you.
- ◆Get a seller net sheet at both the private and the public price.
- ◆Keep a copy of every signed disclosure — and ask your attorney before signing anything you don’t understand.
That dual-agency question isn’t trivia. Zillow’s same research put losses for dual-agency sellers at $1.49 billion over three years. Again: Zillow’s number, Zillow’s interest — but it’s the right question to ask.
Red flags vs. green lights for sellers
- ✗“Our buyers only” with no date to go public
- ✗No written reason why private beats public for your home
- ✗Pressure to sign before you see comps or a net sheet
- ✗The same office would represent the buyer and you weren’t told what that means
- ✗Price “feedback” from a private round used to talk you down
- ✓A CMA built on closed sales near you
- ✓A clear private window with an end date
- ✓Showing and offer reports in writing
- ✓Public launch plan: photos, MLS, major sites, open house
- ✓Every disclosure explained before you sign
Watch: the quiet sale, explained
The whole story in under two minutes — produced by Best American Homes
- What New York’s pocket-listing bill requires
- The $5,000-per-violation penalty for agents
- Zillow’s −1.3% vs. Compass’s +4.6%
- What that means on an $860,000 Nassau home
- Three questions to ask before you sell quietly
Share it: this video is sized for Instagram Reels, YouTube Shorts and TikTok.
The 10-point checklist before you sign a listing agreement
Frequently asked questions
Is the pocket-listing bill law yet?
Not as of Nov. 11, 2026. It passed the Legislature in June and is awaiting Gov. Hochul’s decision. If signed, the Department of State has 180 days to write the rules and the official opt-out form.
Will I still be allowed to sell my home privately?
Yes. Under the bill you’d sign a standardized disclosure acknowledging the trade-offs. It’s a choice, not a ban. Ask your attorney how it applies to your situation.
Does it cover rentals too?
Yes. The bill covers both sale and rental listings handled by licensed agents.
I own a small apartment building in Queens or Brooklyn. Anything else I should know?
Separately, New York City’s Community Opportunity to Purchase Act (COPA), signed this week by Mayor Zohran Mamdani, gives approved nonprofits a first chance to buy certain buildings — roughly 3,400 by HPD’s estimate, mainly 4+ unit properties meeting distress criteria. It takes effect after a one-year runway. Talk to your attorney before planning a sale.
Before you choose private or public, get a free valuation and a seller net sheet for both from Best American Homes — 25 years in Long Island real estate.
Get my free home valuation → Call (516) 792-6252Sources: The Real Deal, “Private listings bill poised for Hochul’s signature, COPA becomes law” (Nov. 11, 2026) and “New York advances pocket listings crackdown” (June 12, 2026); CityRealty, “What New York’s transparency bill could mean for whisper listings” (2026); RISMedia, “How dueling real estate data studies are shaping the private listings fight” (Aug. 13, 2026), summarizing Zillow (May 2026), Compass (July 2026), Hayunga and Philadelphia Fed research; OneKey MLS September 2026 county data via Long Island Guide (Oct. 24, 2026). Dollar illustrations are Best American Homes calculations. “Denise” is a composite drawn from common situations; names and details are illustrative. Figures change over time; this article is general information, not legal or tax advice.
