Author Topic: ‘Coming soon’ allows buyers to browse listings before they hit the market  (Read 500 times)

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Offline WTTCHMN

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Offline Soylent Green Is People

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My neighbor's home had a Coming Soon "bait price" posted 10 days before list that was well below what was eventually accepted. Day 1 of "coming soon" we had cars circling the cul-de-sac just to get an idea what the home looked like IRL. Even after the home was put under contract for a week or so there were still (small r) realtors bringing clients to the home to tour the property.

Based on what I've been seeing, by the time we see the home actually on the MLS there are already 5+ offers ready to submit, with 20+ tours booked. Unfortunately this "Coming Soon" is more of final price discovery tool for the listing Agent than it is a benefit to a buyer.

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Offline nosuchreality

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That works both ways.  New buyers should probably tour 4-5 homes they would want to bid on that are already in escrow to learn the list price/bought price dynamic.

It is a mighty funky market when you need to looking at homes 10-20% below your target price to be able to bid into your price.

Offline aquabliss

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I've been noticing a lot of "Price Increased" alerts from Redfin lately.  Maybe this is when they transition from Coming Soon bait price into being on market?

Offline Nguyen80

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Hasnt this feature been around for a long while now? Not exactly news at all

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Offline zovall

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It is a mighty funky market when you need to looking at homes 10-20% below your target price to be able to bid into your price.

So sad, but true... some recent examples:
Sold for $50k over: https://www.redfin.com/CA/Irvine/32-Miners-Trl-92620/home/4780261
Sold for $80k over: https://www.redfin.com/CA/Irvine/31-Ohio-92606/home/4679995
Sold for $70k over: https://www.redfin.com/CA/Irvine/66-Wildvine-92618/home/112728645
Sold for $140k over: https://www.redfin.com/CA/Irvine/6-Whitewater-92603/unit-8/home/5462478
Sold for $120k over: https://www.redfin.com/CA/Irvine/7-Fierro-92614/home/4658978
Sold for $140k over: https://www.redfin.com/CA/Irvine/17-Ivy-Gln-92620/home/5770023
Sold for $130k over: https://www.redfin.com/CA/Irvine/49-Bower-Tree-92603/home/5916161

Is it happening more in certain villages/tracts than others?

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Offline Soylent Green Is People

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Great info.

It's pretty clear just from those closings that you've got to automatically bid 5-10% over the list price, and for the most part close in 30 days, just to be considered as a viable buyer.

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SGIP

Offline zovall

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