Pocket Listings Vs Coming Soon Homes for Sale

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Updated 06/2024.

When buying or selling a home, you will learn that Realtors often use behind-the-scenes strategies to ensure a quick sale. For anyone wanting to purchase property in Portland before 2019, pocket listings were a common practice here and across the country until the National Association of Realtors effectively banned them. These secretive listings were replaced with “Coming Soon” listings.

What is the difference between the two types of listings, and how are Common Soon listings better for sellers and buyers? This article lays out everything you should know.

The Difference Between Pocket Listings and Coming Soon Listings

A pocket listing is a privately owned home on the market that agents keep on “secret” lists shared with small pools of potential buyers, including their own clients.

Coming Soon listings replaced pocket listings, allowing a seller’s agent to list the home in the MLS before it goes public so buyer’s agents can give their buyers a heads up about a new property. No showings can happen until the home is officially listed for the public to see, but by having the information ahead of time, buyers’ agents can set a date on their calendar with their buyers, scheduling in advance for a viewing as soon as the public listing goes live. These types of listings can only be viewed through a member-only MLS portal.

Learn more about the RMLS “coming soon” rules.

Why are Coming Soon Real Estate Listings Good for Sellers?

Since a Coming Soon listing is viewable online only to member-only Realtors, the main advantage for the seller is that it can build interest with potential home buyers who aren’t finding what they want currently active on the market and gets a kind of momentum going around the property before the home is publicly listed. This increases the likelihood of a line of interested buyers ready and waiting to get a first look at the property. It also increases the chances of a bidding war on the property, which is what the seller wants.

Coming Soon Listings are Better than Pocket Listings for Sellers

A Coming Soon listing is a massive improvement over the old pocket listing model in which the seller took on an enormous risk of not selling at market value. Only a true market (a large pool of potential buyers, and the bigger, the better) can reassure a seller that the home’s price represents the current value.

How are Coming Soon Real Estate Listings Good for Buyers?

In Portland’s real estate market, buyers outnumber available inventory, so a potential home buyer needs all the help they can get. When a buyer works with a top buyer’s agent who utilizes Coming Soon listings, they can rest assured they won’t miss out on a potential new home that might fit their needs. They will have advance warning on nearly everything about to hit the market. They’ll also have something to look forward to when they get frustrated and can’t find anything on the market they like.

Coming Soon Listings are Better than Pocket Listings for Buyers

Sure, the occasional pocket listing might have snagged a buyer an incredible deal. However, the whole process was inequitable, and we were constantly in danger of violating equal-opportunity housing laws. Buyers likely missed out on tens of thousands, maybe hundreds of thousands, of home opportunities they never had access to because some Realtor or another was holding them back from public view and only sharing them with a select few.

Coming Soon Regulations are Different from Place to Place

The local MLS sets some Coming Soon rules, though they must comply with the general NAR ban on pocket listings. Here are the rules required in Portland, which is served by RMLS.

●       Coming Soon listings may only be publicly advertised online in the member-only portal (no other websites).

●       They can’t be physically advertised either, other than a yard sign that must include a Coming Soon notice on it.

●       The Coming Soon rules here allow for a 21-day period of posting in the private MLS (and not longer) before the home goes on the public market.

●       No showings are allowed while the home is in Coming Soon status, only when it becomes publicly available so everyone has a chance to view the property.

The transition from pocket listings to Coming Soon listings was done to maintain legal and ethical standards in the real estate industry. The National Association of Realtors (NAR) responded to concerns about fair housing and equal opportunity. Since pocket listings limit access, potential buyers would be excluded because they wouldn’t know about the properties, potentially violating fair housing laws that ensure equal opportunity for buyers.

Coming Soon listings ensure that all Realtors in the MLS network have access to upcoming listings, allowing more buyers to see and consider homes. This creates a more transparent and fair market by preventing discriminatory practices and ensuring sellers reach the widest audience.

Only member Realtors can view “coming soon” listings, but membership is widespread, ensuring a broad spectrum of buyers. Keeping the listings published on the MLS network reduces the risk of insider deals. No Coming Soon showings occur until the property is officially listed for the public, so all potential buyers have the same opportunity to view and bid on the home at the same time. All of these factors help ensure a healthier, more competitive market.

Common Misconceptions About Coming Soon Listings

Some sellers worry that a Coming Soon listings limit a home’s market exposure, but it actually does the opposite. An early listing can create buzz and anticipation that draws in a larger pool of serious buyers, resulting in a faster sale and a potentially higher price.

Another misconception is that Coming Soon listings are difficult for buyers to navigate. Access comes from a real estate agent, so the buyer’s agent can provide immediate information, timely updates, and strategic advice on preparing for landing the home when it goes public. This means buyers are better positioned when the time is right.

Work with a Top Real Estate Agent

If you’re searching for that perfect home without a Realtor, you’ll miss getting this valuable heads up about Coming Soon listings. If you’re attempting a For Sale by Owner outside the MLS, you will also miss the opportunity to pique the interest of potential buyers before your listing goes live. But when you work with our top 1% buyer’s agents or our top 1% seller’s agents, you’ll get the running start you need to find your next home or sell your current home. Call us today or chat with the bot on our site, and we’ll be happy to share any homes in the Portland metro area that fit your needs.

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