"Coming Soon" Status removed by Austin Board of Realtors30 Aug Matt Prewett
The Austin Board of Realtors has removed the “Coming Soon” status from MLS as of August 2018. According to ABOR, too many agents were abusing the privilege by allowing showings and accepting offers before the status was changed to “Active” in MLS, giving some agents and buyers an unfair advantage. The “Coming Soon” status was intended to allow agents up to two weeks to “pre-market” the listing and generate interest and excitement before taking the listing Active in MLS. ABOR’s official statement was that the “decision was made to ensure the data in the MLS is used fairly, is held to the highest data quality standards, and creates an orderly marketplace.”
Austin’s low housing supply levels, combined with incredibly high demand levels, create a competitive marketplace in which Buyers and their agents are constantly waiting for new inventory to come on the market. This leaves Buyers and Agents searching for opportunities and angles to view and offer on houses before the rest of the market is alerted to them. These market conditions result in multiple offer situations and often, escalating prices through the “busy season” of Spring into early Summer.
What does this mean for you, the consumer? It means going back to a less efficient marketplace in terms of the ways listings that are Coming Soon are marketed and discovered. ABOR’s MLS is an incredibly powerful database and by far a Realtor’s most effective marketing tool for listings, so this is a big loss for both our Realtors and prospective homebuyers in Central Texas. We now are forced to go back to more antiquated and less efficient processes of discovering new inventory before it hits MLS in Active status and the feeding frenzy ensues—processes such as driving neighborhoods, scouring individual brokerage websites and Facebook and Instagram for Coming Soon listings. Or, we simply wait for a listing to become Active and try to out-compete the competition in potential multiple-offer situations.
However, there’s no reason to lose hope! At Breakaway, we have proven systems and strategies that enable us to Move Ahead of the competition to help you win the contract and buy your next home. Contact us today to discuss how we can help with your Real Estate needs!