Coming Soon Status Study Shows Properties Consistently Sell for 2% Higher, But Not More Likely to be Double Ended
April 8, 2022 Industry News, MLS Updates
A comprehensive review of the ‘Coming Soon’ status has been assembled as the CCIMLS Board of Directors and the MLS Advisory Group look into any needed modifications to the status now that it has been in place for almost two years. The MLS Advisory Group looked at the results of this study at their March meeting and the CCIMLS Board at their April meeting.
Based on the Average Selling Price/Original List Price, the data shows that listing agents that use the ‘Coming Soon’ status are consistently selling properties 2% higher than the listings that go straight to ‘Active.’ This 2% differential was consistent in 2020, 2021, and 2022.
While some may think that ‘Coming Soon’ allows a listing agent to ‘double end’ the deal more regularly, the data does not bore that out. In fact, consistently, the number of listings with either an unrepresented buyer or the listing agent representing the buyer as well was the same percentage consistently regardless of what status the property was first listed in - and if anything, skewed toward going ‘Active’ first as more likely to represent both sides.
You can view the entire presentation, here.
The areas of future policy discussion have centered around whether to continue to allow showings for ‘Temp Off Market’ properties (homes that are not actively being marketed but are under a listing agreement) and reminding members that ‘Coming Soon' listings cannot be shown, even to agents in your own office or your clients.