“Coming soon” listings banned in Ohio market
Backlash spurs change to take effect in northeast region Aug. 1
A big change is coming to the real estate market in Northeast Ohio, with “coming soon” listings set to disappear.
Sellers won’t be able to post advance notice of listings in the region beginning Aug. 1, according to News5Cleveland. Previously, these “sneak preview” listings could be posted up to 14 days before a property hit the market.
The problem: Homes were being sold before the listings even became active, sparking a backlash.
“Coming soon” listings were implemented in the region approximately five years ago. MLS Now, the realty listing service in the area, had homes listed on Zillow and Trulia. The former had more than 700 “coming soon” Ohio listings as recently as Monday.
The advantage of the advance listings was that shoppers and agents could book showings ahead of time, ameliorating the mad rush sparked by new listings in a hot market such as this one.
Critics of the pre-listings, however, claim they disappoint potential buyers who see the property snatched up before it even reaches the market. Many of those early buyers are signing deals without setting foot inside the home, which can lead to problems later.
MLS Now member agents and brokers voted to remove the “coming soon” listings after an increase in homes being purchased sight unseen.
The change is expected to increase equity in the bidding and buying process. It may, however, lead to more scrambling on the first day a home is listed, as buyers look to move quickly with bidding wars https://therealdeal.com/issues_articles/a-housing-cattle-call/ so rampant.
[News5Cleveland] — Holden Walter-Warner