It’s certainly smart marketing.
I’m talking about those “coming soon” sign riders you’ve probably seen perched atop or hanging off larger real estate signs in at least a few front yards. I frequently have homebuyers who are curious and interested in these listings, so I decided to answer a few questions about them and give you my perspective.
First off, a “coming soon” home may or may not be listed on the MLS. Either way, it will not yet be available for viewing. This might be because the home itself is not yet ready, or because the owners are in the process of moving out.
When I say it’s not available for viewing, that’s a hard NO. As long as this is a legitimate “coming soon” listing that complies with regulations, the home is off-limits to you or any other buyers.
So what should you do if you spot a dream home which is “coming soon” but is not on the market yet? Well, here are three steps I strongly advise my clients to take:
1. Beware your excitement. Lots of folks, myself included, tend to want something more because it’s currently off-limits. Try to curb your enthusiasm a bit while evaluating a “coming soon” home, and separate your view of the home from the alluring fact that it’s currently unavailable.
2. Do your research. Even while a home is unavailable for viewing, you can gather a lot of information about it, including the sales history of the property, old pictures if the home was previously listed on the MLS, and of course, the date on which the listing will go live. The point is there’s plenty we can do without even seeing the home.
3. If you conclude it makes sense, make an early offer. Even though a home is not yet available for viewing, you can still make an offer during this period. When submitting an offer on a home, sight unseen, make sure you carefully craft the contract terms, including deadlines and contingencies, to minimize the risk you’re exposed to. And don’t be surprised or disheartened if the seller doesn’t accept. Chances are they want to get a feel for the market first.
And if you do come across a “coming soon” listing and you feel like it’s your dream home, please reach out to me. We at Riddle Realty Group market homes this way frequently, so let us put that experience and expertise to work for you on the buyer side. We’d be happy to do some research with you.
If you have any other real estate-related questions, don’t hesitate to let us know as well. We look forward to hearing from you soon!