Coming Soon Project to Book New Home
The coming soon project is an increasingly popular home marketing technique that gives sellers extra time to complete repairs, spruce up their home, and get it ready to be listed. This strategy has created controversy among buyers and agents, but is also a legitimate marketing tool for many property owners who want to create buzz before they put their house on the market.
A New Homes Coming Soon listing can be a good way to boost the visibility of your home before it hits the market, according to Rome Celli, a real estate agent with ReMax Realty Group in Rochester. The idea is to create a sense of urgency about your home while it’s not on the market, and then spark a bidding frenzy when you do come on the market.
However, the coming soon method of marketing has been criticized by some in the industry, especially those who have to deal with multiple offers on their listings. It can lead to a situation where buyers are making offers on properties that are not yet available in the MLS, and it could potentially give the seller an unfair advantage over other prospective buyers who don’t have advanced access to the home, said Steve Vaisey, broker and owner at ReMax Plus in Rochester.
Using the Coming Soon Project to Book New Home on the Market
It is important to note that the coming soon listing option is not available through a data feed from Zillow or other synched-up websites like Trulia. It’s a feature in the Northstar MLS that allows sellers to list their homes as coming soon while they are being prepared for sale.
While the coming soon listing is a great way to generate interest, you can’t rely on it to generate offers. It’s important to be prepared to make a strong offer up front so you can secure your new home, while leaving enough room to negotiate with the other buyer and seller.
A buyer should always work with a Realtor who is familiar with the coming soon market and understands the benefits and risks of a coming soon listing. They should also be able to advise you on how to negotiate effectively with a seller in this scenario, and what type of offers should be considered.
The coming soon option is also a great way to build excitement about your home, so you’re sure to have many showings and offers before it goes active on the market. If you do have an offer, be sure to get the terms and price that you’re looking for in writing so it’s legally binding.
In a tight-market like the one we’re in, it’s not a bad idea to pre-show your home as a coming soon listing. It can give you some breathing room to decide whether you’re ready to make an offer and give you some wiggle room to schedule your next showing or connect with your lender for an updated pre-approval.