With such a shortage of homes for sale, coming soon listings have become popular on sites such as Zillow. A month ago today Coming Soon listing status also came to the MLS… but with some differences.
Property cannot be shown while in Coming Soon status
With Zillow, coming soon listings can be shown (and even sold) before becoming active listings. This can have advantages for eager buyers trying to be the first in line and avoid the potential of multiple offers. However, this isn’t necessarily an advantage for the seller because multiple offers can mean a higher price and better terms.
Coming Soon status in the MLS means buyers can drive by the property before it becomes active and prepare to make an offer immediately if they feel it could be a good fit for them. It also levels the playing field… meaning they don’t have to worry that another buyer can make an offer before anyone else even gets a chance to see it.
Showing a property while in Coming Soon status is a serious offence that comes with a $1,000 fine.
MLS Coming Soon listings are available only through MLS Realtor agents
Coming Soon listings are available in the Northstar MLS Matrix listing updates sent directly from the MLS through your licensed Realtor. Active listings are sent through data feeds to sites such as Zillow, but MLS Coming Soon listings are not part of their data feed. MLS Coming Soon listings are only available on those sites if they are manually entered by the listing agent.
A property can be in Coming Soon status for no more than 21 days
Part of the Coming Soon listing is the date the property is expected to become active. The property will automatically convert to Active status on the Availability Date… or in 21 days, whichever is sooner.
This CSN status is new and not yet highly used, but expect that to change
Only 37 new Coming Soon listings came on the market this week compared to 981 new Active listings. But this status just became available a month ago.
As the market picks up again in the new year, expect Coming Soon listings to become more common. Planning to sell your home? Discuss with your Realtor whether this is a good option for marketing your home while you are still getting it ready for showings.
Are you a buyer getting automatic listing updates from your Realtor? Ask about adding Coming Soon listings if you are not already receiving them.
Questions? Want to talk? Give me a call… I love to help.
Sharlene Hensrud, RE/MAX Results – shensrud@homesmsp.com – 612-419-0560
