Understanding the different real estate listing statuses is essential for both buyers and sellers in the market. The Multiple Listing Service (MLS) is the primary database that real estate agents use to list properties and share information with one another. Within the MLS, there are several real estate listing statuses that a property can have. Each indicates a different stage in the buying or selling process.
Real Estate Listing Statuses
One of the most useful listing statuses for sellers is “Coming Soon.” This status allows your Deep Creek Lake real estate agent to advertise your property before it officially hits the market. The Coming Soon status is advantageous for sellers because it gives them the opportunity to prepare their home for showings, make necessary repairs or renovations, and build up excitement before the home is listed for sale. Buyers benefit from the Coming Soon status because they can plan ahead and schedule showings before the property is available to the general public. However, it’s important to note that properties can only be listed as Coming Soon for a maximum of 21 days, according to MLS rules.
Active listings are properties that are currently available for purchase. These listings have no contingencies and are ready for buyers to make offers. Pending listings, on the other hand, are properties that have an accepted offer and are currently in the process of closing. Pending listings cannot be shown or viewed by potential buyers. Active Contingent listings are properties that have an accepted offer but still have contingencies, such as a home inspection or financing. These contingencies must be resolved before the property can move to the Pending status.
Expired listings are properties that were listed for sale but did not sell within the agreed-upon timeframe. A withdrawn contract occurs when a seller decides to take their property off the market but still has a listing agreement with their real estate agent. Cancelled listings occur when the seller and their agent terminate the listing agreement, and the property is no longer on the market.
Finally, a temporarily off-market status is when a seller takes their property off the market temporarily for maintenance or improvements. This status allows the seller to make necessary repairs or renovations while still retaining their listing agreement with their agent. Once the work is complete, the property can be listed for sale again.
Understanding real estate listing statuses is essential for buyers and sellers alike. For sellers, knowing the various listing statuses can help them understand how their agent will market their property and they can plan ahead for showings. For buyers, understanding the different listing statuses can help them determine which properties are available for purchase and which ones are off the market. Whether you’re buying or selling, working with a knowledgeable Taylor-Made real estate agent can help you navigate the complexities of the real estate market and ensure a successful transaction.