When a home is "For Sale", it's just that-for sale. In reality though, there are many terms that are associated with a home for sale that can mean very different things about the status of the home. It's very likely that at some point your Real Estate Agent may mention one of the following terms or you will see them on a real estate website and you will not know what they mean. So, let's take a look at some of the statuses and define them for you.
"Coming Soon"A Coming Soon listing is a home that is not officially on the market but is available for Real Estate Agents to see so as to keep a pulse on any homes that they should put on their radar for potential buyers. It is generally done up to 21 days before the listing becomes active.
"Active"Active is the most common term used when a home is for sale, simply meaning that a home is actively listed for sale and is ready for offers. There may always be the chance that the sellers may have received an offer but nothing has been accepted yet, so feel free to make your own offer!
"Active Under Contract"In this situation the sellers have accepted an offer but for any number of reasons, such as a home inspection contingency or financing and appraisal contingency, are still accepting back up offers in case the current offer falls through.
"Pending"The seller has accepted an offer and all the contingencies have been met at this point. The pending sale is moving towards closing. Many seller's will not continue accepting offers once they have gone pending.
"Temporarily off the market"The seller has taken the home off the market for the time being, without any real indication of when it will be put back on the market. However, it's very likely that it will return to the market. This is usually done when the seller is renovating or making repairs., such as damages caused by a bad storm.
"Closed"Closed means that the sale is final-the property is officially sold and off the market!
As you can see, it's important to pay attention to the status so that you know when it's worth perusing a home or making an offer. If a home listing status is ever unclear don't be afraid to reach out for clarity.
I'm Lisa Longest with Realty Navigator. I am a full time Realtor® in Queen Anne County. I am here for all your real estate needs. If you are looking to buy, sell or question me about the market in your area, feel free to contact me. My email is LisaLongest.RE@Gmail.com and cell is 443-786-4200.