{Spring 2021 Update: At the time of initial publication regional Northstar MLS “Coming Soon” properties were not synched to IDX (Internet Data Exchange) sites like Zillow. Agreements between Northstar and those sites have since changed — all Coming Soons are now shared and visible.}
Spring 2019 marked the first home-selling season with the regional Northstar MLS’s “Coming Soon” status in play. The parameters for listing a property as “Coming Soon” are well defined by our MLS and many agents have started strategic use of this option. There may be some confusion for consumers, however. Here’s what home buyers and sellers need to know when they see a home listed as “Coming Soon”.
It’s not Zillow
It’s not the same as Zillow’s “Coming Soon”. In fact, unlike Active, Pending and Sold MLS listings, “Comings Soon” properties are not even visible on Zillow. Northstar MLS has not (yet) contracted with Zillow or similar synched-up sites like Trulia to allow access. Zillow has rights to display homes with other listing categories, but not this one.
This MLS option should not be confused with a similar feature on Zillow that allows home owners and “Premier Agents” (Realtors paying to advertise) to create separate Zillow Coming Soon listings. The two are not the same. Our MLS “Coming Soon” properties can only be viewed by MLS subscribers (agents, brokers and real estate professionals) and are typically emailed directly to clients via the MLS database.
Coming soon…how soon?
A property can be “Coming Soon” in the MLS for a maximum of 21 days. With home seller approval, the agent/broker manually sets an activation date when creating the listing. When that date hits, the status automatically switches to “Active” and goes live on major search sites. If the sellers aren’t ready to show by that date they have a couple of options: cancel altogether or switch it to TNAS (Temporarily Not Available for Showing) — a common short-term delay maneuver used for a variety of reasons (unexpected repairs, houses guests, etc).
Can I tour a “Coming Soon” listing?
Strict rules set up to create fair play prevent listing agents from showing a home when its status is “Coming Soon”. In fact, an agent could be fined $1000 for doing so. Once a home is “Active” in the MLS sellers should be ready to allow showings, but not before.
Buyers’ agents can, however, request showings for anytime after the “Active” date, even if it’s 3 weeks out. So if you want to be the first one in a property once it’s live/active, get a showing appointment request in asap. Planning ahead to be the first one to view a home is a smart move in a tight seller’s market.
Why no photos?
“Coming Soons” require a minimum of one photo to be listed. Some agents are adding more now but I still see many with just one or two exterior shots. This can be a source of frustration for buyers whose interests are piqued by location, price and curb appeal but still want to see the inside. If you’re not seeing the full set of photos right away do check back. The listing agent will likely add the rest on or near the “Active” date.
Buyer advantage
In this fast-paced seller’s market the “Coming Soon” option may give buyers some room to breathe as well as the luxury of lead time for making a sound decision. If enough information is revealed in a “Coming Soon” listing (full set of photos for example) buyers may be able to decide yea or nay before it goes active. If the home is of interest, shoppers can use the interim to mentally prepare their offer price and terms, jockey schedules for a fast future showing and connect with their lender for an updated pre-approval. It may enable them to act swiftly with a competitive offer when the time comes.
Seller strategy
If you’re contemplating selling your home, you should seriously consider your options for a successful entrance into the market. Creating an effective “Coming Soon” listing is one strategy but it might not be right for your situation. A poorly planned entrance can easily backfire, even in a hot seller’s market.
Create a course of action that makes sense with current buyer activity and your target market — of course I recommend working with a real estate professional when doing so. A good agent who stays on top of local trends (what’s working and what’s not) will be an invaluable resource in helping you take advantage of the seller’s market now in full swing around the Twin Cities.
If you want to know more or need some advice I’m happy to talk through selling (or buying) strategies. If you want to keep watch for “Coming Soon” listings in particular neighborhoods or cities, I can set those up as well.
Heidi Swanson is a Realtor® based in St. Paul, Minnesota. She writes a blog to share information on variety of topics including buying and selling, market conditions, homeownership trends, local events and more. Reach her at heidi@lyndenrealty.com or 651-503-1540.