How Should Buyers React To "Coming Soon" Home Listings?

By
Real Estate Broker/Owner with Watters International Realty #0567369

 

Friends and Clients --

It's certainly smart marketing.

I'm talking about those "coming soon" signs you've probably seen in at least a few front yards around Austin.

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.

And 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 in case you spot a dream home which is "coming soon" but is not on the market yet?

Well, here's the three-step process I recommend to my clients:

1. Beware your excitement. Lots of folks, myself included, tend to want something more because it's currently off-limits. Keep this in mind while evaluating a "coming soon" home, and separate what you think about this 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.

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.

If you do decide to submit an early offer, don't be surprised if it's not accepted right away. Even with a fair offer, the sellers are likely to want to see what kind of interest their home will get after it’s fully listed.

If you are in buying mode, and you want to see some of the great homes that are on the market right now and available for viewing (and not just coming soon), check out this full listing of Austin homes for sale:

Click here for all available Austin homes for sale

And if you do come across a "coming soon" listing and you want to research more about it, give me a call at 512-829-8000. I have my finger on the pulse of the Austin market, and I can help you dig up all sorts of relevant info if you are considering such a home.

 

Have a great day,

Christopher Watters

Watters International


 

          

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Christopher Watters

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