Are Some Newly Listed Properties Already Under Contract When Listed For Sale?


Are Some Newly Listed Properties Already Under Contract When Listed For Sale?
By Scott Rogers • June 2, 2020
A question from a reader... "I have noticed several properties that sold within 3 to 10 days. The quick selling properties appeared attractive in the photos on their websites and the asking prices seemed realistic. I heard a rumor that some of these properties were already sold before they were even listed...that the listing/offering was a formality." I have only very occasionally found that to be true. From time to time, a property will be entered into the MLS as a new listing and then will be immediately marked under contract. This will often be accompanied by language in the remarks (public remarks or internal agent remarks) to indicate that the listing was "entered for comp purposes" or "sold on a one time showing." This language would, indeed, indicate that the property in question was already under contract when it was listed for sale -- but I'm not seeing that very often in our local market. More often than this, I am seeing a new listing that goes under contract quickly that often... has been prepared quite well for the market has excellent photography that shows the house well has a realist asking price These new listings that go under contract within just a few days are almost always NOT already under contract when they hit the market -- but because they are prepared well, priced well and marketed well -- they go under contract very quickly in this current market with very few homes for sale. So, no, I don't think very many homes are already under contract (or sold) before they come on the market - though it might feel that way sometimes with how quickly homes are going under contract! Receive Updates by Email Recent Articles: An Early Look At June 2022 Home Sales Price Reductions In A Fast Moving Housing Market Harrisonburg to Purchase Shenandoah Presbytery Property For Use As Homeless Shelter Increased Mortgage Interest Rates Can Significantly Decrease Your Home Purchasing Power Homes Not In Property Owners Associations Might Still Have Restrictive Covenants Is The Local Real Estate Market Softening? It Can Be Particularly Challenging For Relocating Home Buyers To Buy Right Now The Summer Housing Market Often Provides An Irregular Flow Of New Listings Will Mortgage Interest Rates Decrease Again, Somewhat, In The Next Few Years, Allowing 2022 Home Buyers To Refinance? Harrisonburg Area Housing Market Reaches New Heights
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Jul 06, 2022 (unless otherwise noted).
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