We’re short of inventory in the greater Columbus real estate market, so it’s already a seller’s market. It isn’t hard to find multiple anxious potential buyers for virtually any property that is priced at or below the average price for any neighborhood.
“Coming Soon” signs are cropping up everywhere and while they can certainly generate interest, they also have the potential to create confusion and problems – like upset potential buyers and unhappy sellers.
- Exactly HOW soon is it coming?
- Is there a firm asking price and has all the paperwork been done to get it listed?
- When will the property actually be ready to be shown to potential buyers?
The signs can do more than just cause frustration. If there isn’t complete information about the property and some fixed date when it’s available for showing, the problem gets much bigger than one home. Buyers can get turned off to being involving with any properties – and any agents.
Consider this – a couple sees the sign and wants to view the property BUT there is a lack of information for them and then the property appears in the MLS as “sold before listed.” One or two experiences like that and buyers end up remaining or becoming renters “until the market calms down.”
PLUS the creates suspicion for sellers – how can a seller really know they received the “highest and best offer” if all the interested parties can’t get a chance to compete for the property?
“Coming Soon” may NOT be as good an idea as it originally seemed, and the issues it creates may outweigh any benefits.