Coming Soon listings continue to become more common as the local housing inventory tightens. It causes concern among buyers, sellers and real estate professionals. It has prompted real estate commissions across the country to issue guidance on the topic. Here’s what you need to know to keep informed and to understand all sides of the equation.
What is a "Coming Soon" listing?
A Coming Soon listing refers to a property that is not available for showing or sale until a later date. “Coming Soon” can be a legitimate advertising technique, allowing the owners more time to complete repairs, pack, or otherwise prepare the property for showing or sale. A legitimate Coming Soon listing should truly be unavailable for purchase or showing.
Should you be concerned about buying a "Coming Soon" listing?
Listing agents can stir up pre-market excitement by listing a home as Coming Soon. The idea is since there are very few homes for sale, a new listing that is not yet available will not only create demand, but could generate a bidding frenzy when it is finally Active on the market. This is where you may hear about a seller or a seller's agent declaring that quickly after a home is Active, all offers will be reviewed at a specified date and time.
- The listing must be submitted to the MLS within 5 business days
- Properties in Coming Soon status may not be shown to any potential buyers
- The home cannot be shown (including previews and open houses) until status is changed to Active
- The listing can only be in the Coming Soon status for up to 14 days
- At 14 days, a property with Coming Soon status automatically rolls to Active status
- A Coming Soon listing can manually be made Active at any time
- Days on market do not start until the property goes to Active
What do the other listing status like Pending, Option, and Contingent mean?
