The “coming soon” status is gaining traction. You’ve no doubt seen it come up as you search for homes. Homes that are categorized as “coming soon” are listed but not available to be shown. A “first showing date” is publicized and no one is given access until that point. Often showings can be – and are – allowed to be scheduled for that future date and beyond. This tool has benefits to both sellers and buyers.
In the current market with low inventory levels, “coming soon’s” provide a heads up to to buyers hungry for options. And with a specific showing date established and adhered to, it should level the playing field with no buyers having the opportunity for access ahead of others. In my opinion this is a good thing.
For sellers, the “coming soon” status allows them to pop as new among listings twice, once when listed as a coming soon and then again as an active listing on the live date. It signals to buyers that the property is coming during a short period ahead of going live. The seller may be finishing up final preparation, the agent may be waiting for final professional photos – whatever the case, it provides a placecard for the active listing to come. It is a great way to build interest and excitement, and to signal to active buyers that the listing is coming.
In either case, with today’s low inventory level, the “coming soon” tool can create a feeding frenzy which presents a challenge to all. For sellers and their agents, the challenge is to manage the buyer traffic in an organized and safe – particularly given COVID – way. And for buyers, while the heads up is handy, the competition to get in the door is even greater. All in all, I do think there can be benefits to both parties but as with most everything, it relies on fair handed execution.
I work with both buyers and sellers. For you buyers, we’ll watch the coming soons to stay focused and ready. For sellers, we’ll chat about this listing tool and whether it makes sense when we list your home for sale.
As always, I am here for you!