Coming Soon Real Estate Listings, Explained
Sarah Sharkey5-minute read
March 10, 2023
Whether you’re buying or selling a home, you might run into the term “coming soon.” The coming soon real estate practice is hotly debated among REALTORS®. Some claim it’s the right move for select clients, but others claim the practice puts sellers at a disadvantage.
What Are ‘Coming Soon’ Real Estate Listings?
A “coming soon” real estate listing means that the house isn’t officially on the market yet. Instead, it means the house is going to be available for sale within the next 30 days.
You might see “coming soon” listings on sites that allow certain agents to create this kind of listing. Additionally, you might see a “coming soon” real estate sign when driving around your target neighborhood.
Coming Soon Vs. Pocket Listings
At first glance, a coming soon listing might seem very similar to pocket listings. However, a pocket listing is never listed on the MLS. Instead, pocket listings are only shown through the seller’s private network.
In contrast, coming soon listings can be found on an MLS at some point in the sale process.
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The Home Buyer’s Guide To ‘Coming Soon’ Listings
As a home buyer, a “coming soon” listing comes with advantages and disadvantages. Below, we explore both sides for buyers. Plus, we will cover tips on how to buy a coming soon listing.
Advantages Of Buying A Coming Soon Home
- Less competition: When a “coming soon” sign is placed in the yard, the limited reach can lead to less competition. As a buyer, this may give you a chance to make an offer before anyone else.
- More time to put together a strong offer: Before the home hits the market, you have time to plan your offer and pull together the funds needed.
Drawbacks Of Buying A Coming Soon Home
- Potential of dual agency: Dual agency happens when a single real estate agent represents the buyer and the seller. As the buyer, dual agency makes it challenging for the agent to act in your best interests.
- You could feel pressure to make an offer: If few people know about the home, you might feel pressure from the seller to make an offer with limited room for negotiation.
- Limited buying pool: A seller choosing this option might not be willing to make significant negotiations.
Tips For Buying A Coming Soon Home
- Enlist the help of a buyer’s agent: If you find an interesting coming soon listing, consider getting your own buyer’s agent involved. They can help you navigate the process with your best interests in mind.
- Make a good offer: With limited competition, a strong offer might create a smooth process. If you have a buyer’s agent, they can help you find the right offer.
- Get your finances in order: Buying a home is a significant expense. If you want to buy a “coming soon” home, you have more time to get your finances ready. Consider getting preapproved for a mortgage before making your offer.
The Home Seller’s Guide To ‘Coming Soon’ Listings
As the seller, there are pros and cons to selling a “coming soon” home. While real estate agents debate the issue, you’ll have to determine if this option feels right for you.
Advantages Of Selling A Coming Soon Home
- More time to prepare: Before the home officially hits the market, you can prepare your home for sale through staging or completing home improvements.
- More privacy: If you want to avoid a public listing, a coming soon home allows you to show the home within a limited network. With that, the general public might not learn about your intentions to sell the home.
- Fewer walkthroughs: If you don’t want too many people traipsing through your home, a coming soon listing can help. Fewer people will know about the house, and fewer potential buyers will ask for a walkthrough.
- Gives you a feel for the market: If you get a lot of interest in your home, you might opt for a higher asking price.
- Grabs buyers’ interest: When a buyer first sees the listing, they can start to consider the possibility of buying your house before it hits the market. By the time the listing is official, some buyers might be knocking on your door.
- Leaves room for strong offers: Buyers considering your home have more time to pull together the funds for a strong offer. As the seller, this could help you get the sale price you were hoping for.
- Potential discount on sale: Some real estate agents offer a discount if the home sells before going on the market. The reasoning is that the agent didn’t have to shell out for the regular marketing costs. If you want a discount, get the details in writing before allowing a real estate agent to create a “coming soon” listing.
Drawbacks Of Selling A ‘Coming Soon’ Home
- Less exposure: A “coming soon” home will not get as much exposure as regular listings put on the MLS. With less exposure, you may see fewer offers.
- Not listed at market value: In many cases, coming soon homes aren’t listed at market value. With limited market exposure, it is often difficult to determine the true value of the home.
- Potential of dual agency: A coming soon listing gives your real estate agent a better chance of securing dual agency. When your agent works with a buyer, they cannot put your needs first.
Tips For Selling A ‘Coming Soon’ Home
- Find a real estate agent you can trust: Agents are held to a specific code of ethics. Find one who you’re comfortable working with and who will keep your best interests at heart.
- Understand local guidelines: Many areas have specific guidance about “coming soon” properties. Take a few minutes to determine the guidelines for your area. Throughout the process, confirm that your real estate agent is following the local regulations.
- Assess feedback from potential buyers: As potential buyers start to inquire about your property, pay attention to their feedback on the home. If several buyers mention a particular flaw, it might be best to fix it before the listing is official. Making the fixes before an official listing might help you snag a better sale price.
- Understand that a “coming soon” listing isn’t right for everyone: The benefits of a “coming soon” listing are debated among real estate agents. One reason for the debate is that a “coming soon” listing isn’t the right fit for every seller. Evaluate the options to determine if a “coming soon” listing is the right choice for your situation.
‘Coming Soon’ Real Estate FAQs
You have questions about coming soon real estate. We have answers.
Where can I find real estate with “coming soon” listings?
You can find coming soon listings by driving around your target neighborhood. While many agents put out physical signs for “coming soon” listings, others also post the listing online. If working with a buyer’s agent, they might be able to find “coming soon” listings through their network.
Can I make an offer on a new listing ‘coming soon’ home?
A home buyer can make an offer on a “coming soon” listing despite the property not being available for showings until it officially hits the market. The interested buyer would submit their offer via the buyer’s agent, and the seller would receive the offer from their listing agent.
Why do real estate agents use ‘coming soon’ listings?
Real estate agents use “coming soon” listings for a variety of reasons, including giving the seller more time to complete any home repairs, prepare the home for showing or pack to move. “Coming soon” is an advertising strategy that generates potential buyers’ interest in a property before it officially hits the market.
The Bottom Line
A coming soon real estate listing has some advantages and disadvantages for both buyers and sellers. As a seller, it’s smart to understand the details of a coming soon listing before moving forward. And buyers considering a coming soon listing might prefer to work with a buyer’s agent to ensure their best interests are taken care of.
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