During the lifecycle of a sale, a home changes its listing status numerous times. Whether you are purchasing a new home or placing your house on the market, it is important to understand what the various terms mean in order to take the appropriate actions.
An active listing is a home available for purchase, with the seller accepting offers. This is the most common type of listing status that you will see.
A cancelled listing is one that has been taken off the market by the seller and the contract has been terminated. There are several reasons why a listing would be cancelled, including the decision not to sell at all, use a different sales associate, and/or re-list the home as a new listing to increase traffic and interest.
A closed home has been purchased by another buyer and is no longer for sale.
A contingent listing means that the sellers have accepted an offer on the property, but this is not a done deal. Success of this sale still relies on a couple of factors, including the home inspection and financing. You may still have a chance of purchasing this property, so if you are interested in the home, try to submit a backup offer in case the current one falls through.
An expired listing is one that has reached its duration on the market under the current seller- broker agreement. When a homeowner utilizes the services of a sales associate, that relationship usually has a pre-determined expiration date. The seller can then re-list the home with the same sales associate, try a new one, try finding a buyer on their own, or just give up on selling entirely. An expired listing is not necessarily gone from the market forever.
A home is usually listed as new when it first enters the market. After a period of time, the listing status will change from new to active.
A pending listing is one that is under contract and pending closing. Once a home is pending, the lender, escrow agent, or attorney will process the mortgage loan and title documents to ensure the deal closes in a timely fashion. A seller may still accept backup offers when their home is pending, but it is best to check with your sales associate on this matter.
A home classified in this manner has indeed gone through a recent price change, either an increase in price or a decrease. A decrease is most often exemplified as reduced.
A withdrawn listing is a home that has been taken, generally temporarily, off the market by the seller but whose contract remains in effect. Reasons for withdrawing a property include repairs, home improvements, new selling strategy, vacation, illness, etc.
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