“Coming soon” listings have been used for many years to build interest before a home is actually available to show or sell. The hot new trend is for buyers to actually purchase homes in Coming Soon status sight unseen. It may seem like a hot new trend, and it is really just a product of our fast-paced, low-inventory market. Since buyers are not allowed to be shown homes marked as “coming soon,” it is essentially the same old trick of buying a house sight unseen. Is that a good idea? Well, as with most things in real estate, it depends.
It is certainly high risk for both buyers and sellers, and there are a few important factors to take into account. First of all, as a homebuyer, there is everlasting truth in the saying, “You never know until you go.” However, there are ways to greatly reduce the risk of finding unpleasant surprises post-purchase. Through carefully reviewing photographs, gathering knowledge of the neighborhood via online searches, and some good ol’ social media snooping, you may be able to learn something important that was not disclosed on the listing. Ultimately, you just want to know whether the seller took good care of the home or if they let a lot of the maintenance slip. Whatever information you use to make that determination, just be aware of the inherent risks.
I do recommend working with a highly experienced agent who has your best interests in mind. You need the emotional fortitude to be able to withstand the high level of risk at play in buying sight unseen, and a great agent will be the voice of reason you need.
For sellers, sight-unseen buyers present their own type of risk, as they are more likely to back out of the contract before it closes. Remember that your sole objective as a seller is to successfully close your sale—not get a buyer under contract and pocket due diligence money. Be aware that selling via a coming soon listing may also result in you leaving dollars on the table. By making your home available to the largest possible buyer pool you should be able to net more money.
Here is another thing for sellers to consider: If your home sells while it is in the coming soon status, there is a good chance you would have received multiple offers on it and not had much hassle at all. Generally, these homes will sell within the first day or two on the market; you will reap the rewards of a more solid deal and a higher net return. Again, having access to a skilled agent who can further communicate the risks and rewards of selling in the coming soon status is invaluable.
I hope you learned something new from this video. As always, if you have more questions about this or any other real estate topic, please feel free to reach out via phone or email. I would love to hear from you and find out how I can be of service to you!
