Ryan Haley, owner and broker of Atlantic Shores Sotheby’s International Realty, offers his buyer tips for October 2020.
One of the most common questions buyers ask is what does the status of the listing mean? In today’s market where properties get snapped up almost instantly, it is good to know the different classifications and statuses of properties in our multiple listing system (MLS).
Here are the listing statuses you need to be familiar with:
Active – This is the status once the property is listed. It means that there are showings and the property is marketed and syndicated to third-party sites such as Zillow, Realtor.com, and Trulia. When it is ‘Active’ it is labeled ‘For Sale.’
Coming Soon – Before the Active status, is the Coming Soon status which is used by a number of real estate companies including Atlantic Shores. We use this to build up excitement before going live. This status means that the property is not yet available for a showing.
Active Under Contract – Is the status if an offer has been accepted but there may be contingencies in that contract, specifically if there is a home sale contingency. However, this status is not usually being used this way. Instead, it is being used for any contingencies which can be financing, home inspection, or review of the home owner’s document.
In this Active Under Contract status, the seller can continue accepting backup offers. Should something happen on the first one, the next offer can be accepted.
On the MLS, this status shows ‘Contingent’ next to the listing.
Pending – This means that the seller has accepted an offer that is not contingent on a home sale. Once the status is Pending, it would stop all showings and will not have backup offers.
On the third-party site, this will show up as ‘Off Market.’
The listing status can be confusing, so it is best to be familiar with these terms. It will also be a tremendous help to work with a great agent who can do some investigation as to the real status of the listing. There could be discrepancies in the listing status in different listing sites and the status may not be changed until later. Work with a reliable agent who would help find out the real status of the property you are eyeing.
If you’re in the market for a new home, give us a call at 410.524.0919!