While it’s not a new thing, there have certainly been a lot more “coming soon” riders on for sale signs in yards over the past couple of years than in prior years. This has created some questions among home buyers, particularly when they ask their buyer’s agent about seeing a listing are told it is not available to be shown yet, then later see the rider on the for sale sign change from “coming soon” to “sale pending”. So, what’s the deal with “coming soon” listings?
The good and the bad of coming soon listings:
The Good – Many good listing agents use “coming soon” as a way of generating interest in their client’s (the seller) home in advance of it hitting the market, perhaps while the seller is completing repairs or tweaks suggested by the listing agent or the agent is finalizing marketing materials. Typically, this is done for a short period, perhaps a week or two, and then the agent makes it known to everyone the date the listing will be available for viewing which, when done on a properly priced listing in a market with reasonable demand, results in multiple showings the first day or two the listing is available for viewing, which is good for the seller and often results in a quick sale at, or near, the list price.
The Bad – While it’s rare, there are some listing agents that use “coming soon” as a way of trying to keep the listing to themselves. They use it to attempt to force potential home buyers to contact them for info and to avoid having to cooperate with another agent on the sale, thereby saving both sides of the commission for themselves. As I said, this is rare as most agents out there take their fiduciary responsibility to the seller seriously and practice their craft in an honest and ethical manner, however, it only takes a few to spoil it for all.
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