Coming Soon Real Estate Listings, Explained

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.

In this article, we’ll cover what “coming soon” real estate listings are, how they differ from pocket listings, the pros, and the cons of these listings for both buyers and sellers.

What Are ‘Coming Soon’ Real Estate Listings?

A “coming soon” real estate listing means that the house isn’t officially on the market yet, but it’s going to be available for sale within the next 30 days.

You might see “coming soon” listings on sites that allow certain agents or real estate brokerages 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 similar to a pocket listing, which is an off-market listing designed to target a select, smaller group of potential buyers. Pocket listings are shown only through the seller’s private network.

In contrast, “coming soon” listings can be found on a multiple listing service (MLS) at some point in the sale process.

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. Plus, we cover tips on how to buy a “coming soon” listing.

Advantages Of Buying A ‘Coming Soon’ Home

If you plan to buy a “coming soon” property, two advantages include the possibility of facing less competition and some additional time to put a strong offer together.

• Less competition: When a “coming soon” sign is placed in a 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 home offer and pull together the funds needed.

Drawbacks Of Buying A ‘Coming Soon’ Home

You need to consider a few potential drawbacks when buying a “coming soon” home, including the possibility of dual agency and potential pressure to make an offer.

• Potential of dual agency: Dual agency happens when a single real estate agent represents the buyer and the seller. While not all “coming soon” listings will result in dual agency, it is more common with this type of listing. Dual agency makes it challenging for the agent to act in your best interests as the buyer.
• Pressure to make an offer: If few people know about the home, the seller might pressure you to make an offer with limited room for negotiation.

Tips For Buying A ‘Coming Soon’ Home

If you’ve weighed the pros and cons of buying a “coming soon” home and decided this type of listing interests you, consider these tips as you prepare to buy.

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’ll focus on your best interests, and they can help you navigate the process.

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 write a compelling 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 initial approval for a mortgage before making your offer.

The Home Seller’s Guide To ‘Coming Soon’ Listings

As the seller, you’ll likely get advice from your real estate agent, but you have to weigh the pros and cons of selling a “coming soon” home to determine if this option feels right for you.

Advantages Of Selling A ‘Coming Soon’ Home

Let’s first look at the advantages of selling a “coming soon” home.

• Gives you more time to prepare: Before the home officially hits the market, you can prepare your home for sale through staging or completing home improvements.
• Allows for more privacy: If you want to avoid a public listing, a “coming soon” home allows you to show the home within a limited network
• Results in fewer walk-throughs: 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 walk-through.
• 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.
• Allows for a 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

Now, let’s consider the potential drawbacks of selling “coming soon” real estate.

• Less exposure: A “coming soon” home won’t 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’s 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 also represents the buyer, they can’t put your needs first.

Tips For Selling A ‘Coming Soon’ Home

So, you’ve weighed the pros and cons of selling a “coming soon” home, and you’re interested in moving forward. Consider the following tips as you prepare to sell.

Find A Real Estate Agent You Can Trust

Agents are held to a specific code of ethics. Find one you’re comfortable working with who’ll 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 can lead to less exposure, which might not be the best thing 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 ‘coming soon’ real estate 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 post the listing online. If you’re 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 ‘coming soon’ listing?

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 who are considering a “coming soon” listing might prefer to work with a buyer’s agent to ensure their best interests are taken care of.

If you’re ready to purchase a home, start the mortgage approval process today.