You may have heard rumblings of a new feature coming to the MLS at the end of summer, “coming soon” listings. With such a low inventory, homes are being more heavily networked before they even hit the market and agents are adding more “coming soon” signs on their listings.
The “coming soon” feature is helpful for a lot of sellers and buyers because you can plan and see when a property is going to be coming on the market. Edina Realty also has a similar feature, called Network One. This is causing a lot of chatter in the market and it’s important to understand both the pros and cons of this new MLS feature.
Pros: You can get your home in front of potential buyers even before it hits the market. Additionally, this can lead to multiple offers and hopefully net you more on your home in the end.
Cons: When you’re getting your home ready to list, if you’re using the new “coming soon” feature, you can’t show your home. If you’re using Edina Realty’s Network One, you can show your home, but the buyers know you may be painting or installing new carpet, etc.
Pros: Buyers looking at “coming soon” listings will be able to see in much more detail what’s coming on the market and when. So, if you had something planned the day that a home hits the market, but you really want to see that home, you may change your plans ahead of time. As a buyer, you may also rule out a house because you’re able to find out more about it before it hits the market.
Cons: Similary to the regular market, you and a million others may want to see the house the day it hits the market and make an offer that day. If you know it’s a home you’re interested in, you may even want to bring your inspector with you to the showing.