If you are a home buyer interested in knowing about a hidden universe of properties that you are never gonna know about on apps like Zillow and Redfin, then this is for you.
Currently, in Montgomery County, Maryland home inventory is 45% less than it was at this time. Last year. And last year, it was 35% less than the year before. Do you spot a pattern here? Home inventory is shrinking today’s video deals with the hidden universe of coming soon listings that you’re simply not gonna find on your consumer apps. Let’s talk about some of the ends, the outs, and possibly even a hack to the coming soon listing the way to think about a proper that’s in a coming soon status is a little bit like you would a movie trailer for a blockbuster movie, blockbuster movies like star wars. Don’t just show up in the theatre unannounced. Many of today’s properties are doing the same.
They’re actually being pre-marketed in the coming soon status, like a movie trailer for something that’s about to at the market. During this period of coming soon status, it’s not gonna show up on Zillow and Redfin. It will only show up on these consumer apps. Once the property goes active and lives on the market. If I were a buyer in today’s market, I’d really like to know about the inventory. That’s gonna be hitting the market before it actually does. Let’s discuss three facts that you need to know about homes while they’re coming soon.
- Coming soon Inventory can only be viewed by those buyers who are actively working with a licensed realtor.
- In the DMV area, a property can only be listed in the coming soon status for a period, no longer than 21 days.
- During the period the coming soon status showings are absolutely 100% prohibited.
The idea behind the coming soon status for the seller is to give them the opportunity to start pre-marketing the home. While they’re coming down the home stretch of getting their home market-ready. And for the buyers who are working with realtors, it gives them the opportunity to give a heads up on the new inventory. That’s about to hit the market.
One of the trends that we are starting to see in today’s market is some of these homes are actually selling in common soon status. They’re never hitting the market.
Wait, what, Kevin? I thought you said that the home couldn’t be shown during the coming soon status. Yes, that’s definitely true. However, times have gotten so desperate for some buyers they’re literally writing above asking offers on homes, completely site unseen. Basically what they’re doing is they’re paying the seller to not go on the market. I prepare my buyers that waiting in line for the home to go on the market. Don’t be surprised if never goes on the market. I also make them aware that it could be them who cuts the line and makes what I like to call the godfather offer.
Many home buyers are not willing to take the risk to purchase a property sight unseen. And I completely get that, but, but it’s also important to understand that some buyers will sometimes desperate times call for desperate measures. Ultimately there is no right or wrong. It’s completely personal to each individual, but I always think it’s important for every home buyer to know their options and how things work right up front in the end. Most coming soon properties will hit the market, but we definitely are seeing more and more being snapped up prior to going active. Thus, they will never be found on Zillow or Redfin. It’s definitely important to know that in a market with extremely low inventory, you are definitely not seeing everything on these consumer apps.
If you consider purchasing a home in Montgomery County or the surrounding DMV, reach out to me via the link below.
https://calendly.com/kevin-grolig/consultation-with-real-kevin
