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On our block a couple of weeks ago, there were notices attached to everyone's mailbox from (supposedly) a Mr. and Mrs. so-and-so, who were interested in purchasing a home in this neighborhood, asking if we were interested in selling, or knew someone who was, to please call them. Yikes!
best,
toodie
In my neighborhood (Trinity Park in Durham) we have received four such letters from realtors in the past three months. And these are personalized letters like you describe noting our home has certain characteristics, etc., that a buyer is looking for.
And things are NOT staying on the market long here in our neighborhood, either. Even on the less-desirable Duke and Gregson (where heavy traffic kept some houses on market for months or a year) things have dried up with lots of Under Contract signs.
We recently compared our house -- with a third of an acre, new three car garage with upscale apartment/in-law unit, and new landscaping -- to other houses coming on the market in the neighborhood and were fairly astonished by what we think we can ask for... OTOH, if we sold we wouldn't want to pay the big $$$ to buy back in. The perpetual paradox!
Ugh...my N. Raleigh neighborhood has consistently done the OPPOSITE of what the rest of Raleigh does in the 11 years I've lived here. I'm in an older townhome community. Stuff isn't selling out here. I really would like to sell and move.
Ugh...my N. Raleigh neighborhood has consistently done the OPPOSITE of what the rest of Raleigh does in the 11 years I've lived here. I'm in an older townhome community. Stuff isn't selling out here. I really would like to sell and move.
I'm starting to think location, location, location isn't as true anymore.
I think it's more like location, location, UPDATED.
It is a "Ninja Market."
No one agent is going to be first to see homes as they hit the market.
Word of mouth and networking are becoming as valuable as MLS advertising.
And it is becoming more common for buyers to be denied showings, as more agents play games and become the MLSs worst enemy.
"Coming Soon" is approaching scandal proportions in Cary and Raleigh, to the extent that the latest NC Real Estate Commission Bulletin had a write up on "Coming Soon."
Quote:
Originally Posted by lovebrentwood
Mike, can you elaborate?
Just curious.
Thanks.
The MLS is a privately-owned cooperative between local Realtor/Members to share listings and expose them to the market. There are rules about how and when listings will be presented in MLS.
Members agree to put all listings into the MLS, unless the seller wishes or agrees to have them Withheld. The rule is that all members will enter all listings into the MLS for other members to see. That provides the MLS with much of its value, making it the "Go To" source for houses on the market and for sales data.
Agents use MLS data and appraisers depend on MLS data.
"Coming Soon" has become a fad of marketing. It can be used to short circuit the MLS, to market a home without posting it on the MLS.
Basically, it exposes a home to the market without starting the MLS's Days On Market clock ticking. "Withheld" listings DO start the clock ticking, and those days on market are included in the sales record, if the property ever goes "Active" to "Closed" on the MLS.
"Coming Soon" enables a few dynamics:
The agent can promote their business and reap buyer and listing sales leads from the sign, before showing the home.
The agent can line up buyers and their agents in a land rush when going Active on MLS, get to contract quickly, maybe with multiple offers.
Then they can aggressively promote in future listing appointments how quickly they sell houses, supported by their corrupted MLS record. We are witnessing many homes going to contract in 0 or 1 days on market. How can it be 0? MLS rules allow 48 hours from a status change for the listing agent to update the status on MLS. They can also set the date of contract, as long as it is within 48 hours of getting all signatures on the contract. Nice advertising position, "I sell houses in 0 Days On Market." 0 DOM also minimizes any average DOM the agent records over multiple listings.
The agent may have a better chance of selling in dual agency, collecting the entire commission without sharing it. (Actually, I have not seen a lot of that in MLS data, but more "ninja" buyers' agents getting to contract before other members can respond to a listing. But it remains as a motivator for the ploy.)
Buyers have asked me if a property will be available to see, and if the situation is "fair." I think buyers have a "fair" opportunity to write an offer on any property at any time, and I'm not sure that sellers and their agents have a duty to buyers to provide a "fair" shot.
MLS Members are reasonably frustrated, however, particularly when we cannot get appointments confirmed and properties go to contract very quickly, and there is obvious traffic at a property prior to going Active on MLS.
This is where "ninja" enters into the scheme. Agents have to keep their eyes and ears open and network to find properties for buyers, particularly in our current very low inventory situation.
Other than the corruption of MLS data, and the devaluation of the system, my bewonderment (and that of many other agents) is whether the listing agent is reasonably fulfilling their fiduciary responsibility to the seller.
One avenue to getting the best offer at the best terms acceptable to the seller is to broadly market a home for as many buyers as possible to know it is available. A "Coming Soon" sign is NOT broad marketing. And an ethical and knowledgeable MLS member knows that they are not allowed by MLS rules to advertise "Coming Soon" in any other public way.
Last edited by MikeJaquish; 05-17-2013 at 06:23 AM..
Very interesting about the "Coming Soon" business. There is a house on Kildaire Farm Road that has been "Coming Soon" for weeks and I was wondering what was up with that. Sounds fishy to me!
Very interesting about the "Coming Soon" business. There is a house on Kildaire Farm Road that has been "Coming Soon" for weeks and I was wondering what was up with that. Sounds fishy to me!
There are certain agents that seem to abuse the "system".
With a "coming soon", there should absolutely be a Withheld Listing form though. The standard listing agreement (and I don't know one that allows otherwise) requires us to NOT market the home until the effective date (date signed) or marekting date (if later than signed) ... and a "Coming Soon" is marketing.
With a "coming soon", there should absolutely be a Withheld Listing form though. The standard listing agreement (and I don't know one that allows otherwise) requires us to NOT market the home until the effective date (date signed) or marekting date (if later than signed) ... and a "Coming Soon" is marketing.
Actually, unless the home is marketed in some manner besides the "Coming Soon" rider, there is no requirement for the Withheld Listing form.
But, when the problem is widespread enough that the NC REC weighs in in the Bulletin, you have to believe that Coming Soon will be getting closer scrutiny.
Anytime agents decide to concoct a way to promote themselves over their clients' interests on a routine basis, you can bet that TPTB will get involved sooner or later.
Very interesting about the "Coming Soon" business. There is a house on Kildaire Farm Road that has been "Coming Soon" for weeks and I was wondering what was up with that. Sounds fishy to me!
Actually, that house has been in MLS since March 1.
It had been in "Temporarily Off The Market" status while the owner was doing some work on it.
Properly so, according to MLS rules.
"Coming Soon" apparently had the desired effect, as there was a contract within 2 days of going Active on May 1. Contract apparently failed and the house is again Active as of May 13.
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I'm in an older townhome community. Stuff isn't selling out here. I really would like to sell and move.
Elaboration!
