Coming soon listings are changing the rules of the home search
Agents cite shifting syndication rules by brokerage and MLS, with NWMLS First Look allowing up to 21 days pre market
The way people search for homes is undergoing a significant shift, and it's largely driven by changes in how listings are syndicated and shared. Coming soon listings, which allow agents to promote properties before they're officially on the market, are becoming increasingly popular. This trend is largely driven by changes in syndication rules by brokerages and Multiple Listing Services (MLSs).
In the case of NWMLS First Look, agents can now list properties up to 21 days before they hit the market. This gives buyers a heads up on new listings, but also raises questions about fairness and transparency in the home buying process. For homebuyers, coming soon listings can be a blessing and a curse - they get early access to new listings, but may also feel pressure to make a decision quickly before the property hits the open market.
As the rules around coming soon listings continue to evolve, it's essential for homebuyers and agents to stay informed. What's key to watch next is how these changes impact the local real estate market, particularly in terms of pricing and competition. Will coming soon listings lead to more frenzied bidding wars, or will they give buyers a much-needed advantage in a competitive market? Only time will tell, but one thing is certain - the home search process is getting a significant makeover.
Originally reported by housingwire.com. PaintNews adds analysis for real estate & property readers.