A few weeks ago, a “For Sale” posted in front of a house at the entrance to our cul-de-sac. On top of the sign was a statement, COMING SOON! While not considered a momentous occasion in today’s environment, our cluster of twelve homes has had only one home for sale in the fourteen years of the development’s existence.  Sadly, we were losing a long term friend and neighbor. We were also going to become part of today’s statistics. No longer could we insulate ourselves from “the down market”. Gone would be the days of estimating the value at the height of the market, hoping it would hold up, Our neighborhood would soon be faced with having a true comparable sale (hopefully) to lend credibility to the value of the remaining homes. 

As a true, nosy, neighbor, I immediately went to the real estate company’s website, then to Realtor.com, and then to Trulia.com, in my quest to find the dreaded, low list price. To my chagrin, COMING SOON! Really means “we know the price, but we’re not going to tell you”. I could call the listing agent, but then would be required to register my name. Horrors! They would have my name and number from caller ID. Instead, I waited, diligently checking (twice) daily. My search had become an obsession.

It’s been three weeks, and the COMING SOON! Rider glares at me each morning when I leave for work and welcomes me back when I return in the evening. A trick of the trade in real estate is to keep the listing ‘in house’ as long as possible so that the listing company can earn both sides of the transaction. While morally suspect, it is also in violation of many Multiple Listing Service (MLS) requirements.

Could this listing company be purposely delaying the release of the listing, thus sparing me bad news? Is the house built over a nuclear dump site and the EPA is deciding the best course of action to take? Are the sellers reconsidering the decision to move?  Is there confusion over how much to list the property for? 

So, what is the “right practice”? Is this home listed or not? Could someone please tell me the definition of SOON?

Rick Bruce CRP, GMS

Director, Client Development