With such a shortage of homes for sale, coming soon listings first became popular on sites such as Zillow. Almost two years ago 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.
Showings can be scheduled while in Coming Soon status for when a listing becomes Active
The property in the photo above entered the MLS in Coming Soon status today. We already have several showings booked for Friday, when it becomes ACTIVE. This is nice for buyers, who can plan their showings ahead of time without worrying it will be sold by the time they are scheduled to see it.
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 (CSN) 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 used in about 20% of listings
There have been 580 Coming Soon listings in the past week, and 2812 New listings during the same time frame. Don’t expect to always have the luxury of time when scheduling showings for new listings.
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? Be sure to ask them to include Coming Soon listings!
Questions? Want to talk? Give me a call… I love to help.
Sharlene Hensrud, RE/MAX Results – shensrud@homesmsp.com – 612-419-0560
