Have you ever spun through Zillow and saw "Coming Soon" next to a property? What seemed harmless actually turned the real estate world on it's head. The issue was creating unfair marketing advantage to an agent or team who had a house listed, but that couldn't be shown. So with that, each MLS had until May to create their own rules to govern, or abolish, coming soon.
As for our local MLS, Monmouth Ocean Regional Realtors, they released a statement on July 6. "Effective July 6, 2020, Monmouth Ocean Regional Multiple Listing Service (MORMLS) is adding a Coming Soon status to its MLS. This is an exciting change for our MLS and its members, but we must ensure that the status and its rules are equitable to all MLS Participants and Subscribers."
Essentially, this new rule will give homeowners up to 30 days to generate interest by having their home advertised as "Coming Soon", but during that time there will be no showings allowed, including showings with listing agent or agency.
"Up to 30 days before the property is ready for showings, the listing can be entered into MORMLS in the Coming Soon status within 1 (one) business day of the list date. MLS Coming Soon Addendum must be executed by the Seller, the Listing Agent and the Broker. This addendum can be found in FlexMLS Menu under Daily Functions on the MLS Intranet. The Coming Soon listings will be available in FlexMLS to be viewed by MLS members only. NO SHOWING ARE ALLOWED DURING THIS COMING SOON PERIOD BY THE LISTING BROKERAGE OR ANY OTHER BROKERAGE! Days on Market will not accrue while the listing is in Coming Soon status."
So who does this help? If you have been following along, you know that there is probably no better time to get top dollar for your home than right now...but maybe you're just not quite ready to show. This could be your answer. A couple beautiful exterior shots, and let the internet generate traffic before you hit the market.
If you have any questions about Coming Soon, or how now might be the best time in history to sell your home...give us a shout!
Your favorite real estate team...Chris & Nikki