If you have recently searched for a home, it is quite likely that you may have come across a property that is listed as “coming soon”. Of course, the listing statuses that you most likely will see are “active”, “pending”, “contingent”, or “closed”. However, you may come across a listing that is coming soon. Below we will focus on what exactly it means to be coming soon.
What are coming soon listings and how are they used?
A coming soon listing is a property that is not yet officially on the market. It is typically listed for a period of 30 days or less before it becomes available for showings. During this time, the seller can use the listing to generate interest in the property and get feedback from potential buyers. This status is a tactic that is commonly used by real estate agents that allows them to advertise the property and open house events in advance, increasing the chance of the home selling quickly. Oftentimes, homes listed this way tend to spend less time on the market, with earlier offers from potential buyers.
There are a few reasons why a seller might choose to list their property as coming soon. One reason is to give themselves time to prepare the home for sale. This could involve making repairs, de-cluttering, or staging the home. Another reason is to create a sense of urgency among potential buyers. By listing the property as coming soon, the seller can create the impression that the property is in high demand and that buyers need to act quickly if they want to make an offer.
Pros and cons of coming soon listings
- These listings can generate interest in a property before it officially hits the market. This can help to create a sense of urgency among potential buyers and lead to higher offers.
- These listings give sellers time to prepare their homes for sale. This can involve making repairs, decluttering, or staging the home.
- These listings can help sellers to get a better understanding of the market value of their homes.
- These listings can be misleading. Buyers may be under the impression that a coming soon listing is a good deal, when in reality the seller may be asking for a higher price.
- These listings can lead to bidding wars. This can drive up the price of a home and make it difficult for buyers to afford it.
- These listings can be time-consuming for sellers. They may need to answer questions from potential buyers and schedule showings.
Overall, coming soon listings can be a good option for sellers. In particular, if you are in the final stages of making some repairs, de-cluttering, or even cleaning a home, this status can begin to generate interest in the property even before showings are allowed. If you are a buyer, it is important to always be in communication with your real estate agent regarding these listings. It is possible that by having your real estate agent communicate with the listing agent early in this process, you could have the opportunity to be the first showing scheduled. In a competitive real estate market with a low inventory of homes for sale, this can be a distinct advantage.