Usually when a house is being sold, you see a “For Sale” sign in the yard. But you’ve probably also seen homes marked as “Coming Soon.” It may seem peculiar that sellers want you to know that a house is about to go on the market when it isn’t available yet, but there is a good reason they use this approach.
Coming Soon listings are a way for sellers to let potential buyers know that they should keep an eye out for the house when it goes on sale. According to one study, homes sell faster when sellers take this additional step. It’s a pre-marketing strategy that can also benefit buyers if they use the right strategy to make an offer on such a house.
What is a Coming Soon Listing?
A home marked as Coming Soon is not on actually on the market yet. The seller expects it to be on the market soon, so they drum up interest for the property by putting up a “Coming Soon” sign or pre-marketing it using other avenues.
There are certain real estate websites which have a dedicated category for Coming Soon listings. Zillow, for example, lets its Premier Agents post these listings on the website and app for free along with videos and photos of the property.
Coming Soon homes may or may not be listed on the local MLS. That depends on whether the MLS system in a particular part of the country allows such listings.
Some MLS systems allow them because they believe the strategy gives the listing agent an unfair competitive advantage. With Coming Soon homes, buyers have to reach out to listing agents for queries since buyer’s agents can’t get any information about the property yet. This increases the chances of the listing agent acting as a dual agent, which is seen as unethical in many states.
Why Some Sellers Prefer the Coming Soon Approach
To know how to buy a home that’s pre-marketed, it’s important to first understand why sellers use this approach.
The most obvious reason is that it gets buyers interested in a house early, which can mean a quicker sale. As the aforementioned study found, homes listed as Coming Soon seem to sell faster in many parts of the country.
Some sellers prefer this method because it helps them sell their home with more privacy. Since the property doesn’t get listed on the MLS, it reduces the amount of publicly available information about it.
Another reason that sellers list their home as Coming Soon is to save on agent commissions. Along with selling faster, these homes also attract a smaller pool of buyers since it’s not available on the MLS. All interested buyers have to contact the listing agent rather than a buyer’s agent. All of this makes the listing agent’s job easier, the benefits of which they pass on to the seller in the form of a reduced commission.
How to Increase Your Chances of Buying a Home Listed as Coming Soon
Make a Strong Offer
The easiest way to stand out from the crowd is by making a strong offer for the house. This doesn’t mean that you have to go way over the asking price of the property. You need to know what price is likely to seem compelling to the seller. The number could even be lower than the listing price if you’re not in a very competitive market.
The best way to know what would count as a strong quote is by working with a local real estate agent. Agents are familiar with market dynamics and will know how to make a good pitch to the seller.
Keep Important Documents Ready
One of the main reasons sellers use the Coming Soon strategy is to sell their home quickly. So they will prefer a buyer who can make the sale happen quickly.
Waiting for the buyer’s mortgage approval to come through is one of the most common time-wasters in real estate transactions. You can assure the seller this won’t happen by getting a mortgage pre-approval letter from a lender. Also, keep other important documents like proof of funds and tax returns handy.
Time the Offer Correctly
When trying to buy a house that’s listed as Coming Soon, it’s important to know when it’s actually about to go on sale. Listing agents usually may not show a home before it goes on the market since that may be considered as a back-door deal.
So if you are interested in a Coming Soon listing, call the listing agent to find out when it is expected to go on sale. Then have your offer ready to send in as soon as the house shows up on the MLS or right after the first open house.
Most houses listed as Coming Soon in a seller’s market will usually get a lot of offers as soon as it’s on the market. Working with a real estate agent can help buyers determine whether a particular house is right for them and make a strong offer so they can get ahead of the rest of the market.
Clever sources the best agents from across the country so that buyers can quickly connect with one in their city when it’s time to buy a house. Clever Partner Agents are experienced real estate agents and help buyers with everything from writing up offers to negotiating prices.
Enter your details on this page to set up a no-obligation consultation call with a Partner Agent who can help you buy a Coming Soon home you’re interested in.