The Charlotte real estate market has remained at historic low-levels of available housing inventories for a little more than three years. Even average houses, in the right location and price, can fetch multiple offers the first day a home is listed for sale. Recently, a new listing of mine in north Charlotte was shown 21 times on the first day, which yielded 9 offers. Once the Seller had decided on an offer, there were numerous calls from buyers and their agents in-case that buyer wasn’t prepared to go through with their offer.
In an effort to try to level the playing field a bit for all home buyers, the Carolina Multiple Listing System (the database for real estate that serves the Charlotte area) will implement “Coming Soon – Do Not Show” status of certain listings. The idea is that a home that is listed with an agent but may need time to order marketing or make improvements can be added to the MLS under this “Coming Soon” status and agents with Buyers can see these listings as well.
According to the CMLS, only real estate agents will have access to coming soon listings (it would not feed out to sites like Realtor.com, Zillow or CharlotteHouseHunter.com) and showings are not permitted during this process. Seller’s Agents will be able to list a property under this Coming Soon status for up to 21 days before it is active in the MLS. The listing will not accrue Days on Market while under the Coming Soon status, which was a concern for some when this was being introduced back in August. Other agents will be able to schedule showings in advance on the listing and would be notified if the listing hits the market earlier than expected.
Sellers Agents will be permitted to place a sign in the yard that says “Coming Soon” however they are not to show the property to any prospective buyers prior to the home being made available for everyone. In other markets where this process is used, the fine for violating the No Showings provision of this coming soon status is rather significant (however it doesn’t stop everyone).
Ultimately, is this a good thing? When used properly, absolutely! As an agent that uses professional pictures and orders promotional material, I can use this status to quietly promote the property to buyer’s agents while items are arriving. Also, this status doesn’t prevent a Seller’s Agent from fielding calls from a buyer’s agent who’s client cares nothing for condition and would like to view the property right away. In this scenario, if the Seller’s agent decides to allow the showing, they must activate the listing for everyone.
According to the CMLS, this new status will be introduced in December 2016.
As a more progressive broker in the Charlotte real estate market, we will fully embrace and use the Coming Soon status on most listings, where appropriate.