Have you ever looked at real estate listings online on your favorite sites and had no idea what a listing status meant? If so, you’re not alone. Many listing status abbreviations are confusing to buyers and sellers.
Understanding the various multiple listing service (MLS) statuses in real estate is crucial for buyers, sellers, and new real estate agents.
These statuses provide essential information about a property listing’s current state, indicating whether it is available for sale, under contract, or off the market. They enable you to understand the current situation with the property.
Knowing the MLS status allows real estate professionals and individuals to make informed decisions and avoid wasting time on properties that are no longer accessible.
We will explore the different MLS statuses and why they are essential in the real estate industry.
You can navigate the market more effectively by familiarizing yourself with these standings and abbreviations. You’ll increase your chances of finding the perfect property or closing a successful sale.
From my many years of experience as a Realtor, I know that consumers are less likely to miss out on their dream home when they understand the listing situation well.
A real estate agent must adhere to local MLS rules for a status change, including the speed at which they complete it. This helps consumers by not wasting their time on properties that are not available to purchase.
Let’s examine everything you need to know.
What is The Multiple Listing Service?
The Multiple Listing Service (MLS) is a powerful tool used in the real estate industry to facilitate the buying and selling of properties. It is a database system that allows real estate agents and brokers to share information about available properties with one another.
Real estate professionals actively contribute and access information in the MLS to assist their clients in finding suitable homes.
Real estate agents input data into the MLS, including property size, location, features, and price. This information is then readily available to other agents searching for properties on behalf of their clients.
Each property is assigned an MLS number to be used as a reference. The MLS number is typically accessible for people to see on popular websites.
Agents can quickly and efficiently identify potential matches for their clients’ criteria by actively participating in the MLS. Additionally, the MLS allows agents to collaborate, sharing knowledge and expertise to ensure the smoothest transaction possible.
The MLS is vital in streamlining the real estate process, connecting buyers and sellers through a centralized platform. It is important to note that Multiple Listing Services nationwide can have slightly different MLS abbreviations and codes.
Definitions of The Most Common Listing Statuses
We will carefully examine the standard definition of each property status in most MLS systems across the U.S. The meaning of each will dictate whether the home is available to purchase.
PRO TIP: It is important to note that Multiple Listing Services nationwide can have slightly different MLS abbreviations and codes. Moreover, MLS status codes can differ from site to site when looking at listings online.
Ask a local real estate agent for assistance if you are unsure about a specific abbreviation. The bottom line is that listing statuses can vary from MLS to MLS in different locations.
We will start with the two easiest statuses to understand – for sale and sold.
Current or Active (ACT) (CRNT)
An active listing for sale refers to a property currently on the market and available for purchase. It indicates that the property owner or their designated real estate agent has listed the property. Owners and brokers are actively seeking potential buyers.
An active listing for sale is an essential step in the selling process as it helps generate interest and attract potential buyers.
When a property is active, real estate agents market it through various channels such as online listings, print advertisements, open houses, and their networks. The listing typically includes essential details about the property. For example, its location, size, features, and price are prominently displayed.
It may include additional information, such as photos, virtual tours, and a detailed description. This comprehensive understanding of the property will help potential buyers decide.
The owner or Realtor should complete all necessary paperwork and legal requirements, such as obtaining a clear title and any required permits or certificates, for a property to be listed as active.
Additionally, the property should be ready for showings and inspections, ensuring it is presentable and marketable.
An active home for sale allows potential buyers to discover and consider the property a potential investment or place to call home. Interested parties can schedule viewings, ask questions, and potentially make offers on the property.
Real estate agents are vital in managing active listings, coordinating showings, negotiating offers, and guiding buyers and sellers through transactions.
Sold or Closed (SLD) (CLSD)
The terms “sold” and “closed” are often used interchangeably in real estate, but they can mean different things in the home-buying process.
When a property is listed for sale, it is considered “sold” when a buyer and seller agree on the purchase terms. Real estate agents often refer to the sale as “under contract.” This typically involves negotiations on the price, contingencies, and other terms outlined in the purchase agreement.
Once these terms are agreed upon, the property is considered “sold,” the buyer typically enters into escrow or a contract with the seller.
On the other hand, “closing” refers to the final stage of the transaction. All necessary paperwork is completed at this stage, and property ownership is officially transferred from the seller to the buyer.
The closing process involves various tasks, such as conducting a title search, obtaining financing (if applicable), completing inspections, and signing all necessary legal documents.
During the closing, the buyer, seller, and their respective agents or representatives will meet to finalize the transaction. The buyer will typically provide the funds for the purchase, either through a mortgage loan or by paying in cash.
Once all documents are signed, and the funds are transferred, the property is officially considered “closed.” The buyer will now take possession. Once a property is sold, additional information, like the sale price, becomes public.
Contingent (CTG)
Here is where multiple listing service statuses can confuse those outside the industry.
The term “contingent” refers to a specific condition or requirement that must be met for a sale or purchase agreement to be fully executed. Understanding what contingent means in real estate is vital for buyers and sellers alike.
These contingencies are typically outlined in the contract and protect the interests of both the buyer and the seller. They allow either party to withdraw from the deal if certain conditions are not met without facing legal consequences. Contingent offers often fall through due to various circumstances.
Common contingencies in real estate transactions include financing, inspection, and appraisal contingencies.
A financing contingency allows the buyer to back out of the agreement if they cannot secure a loan or mortgage within a specified timeframe. This contingency ensures that the buyer is not obligated to purchase the property if they cannot obtain the necessary financing.
An inspection contingency gives the buyer the right to inspect the property professionally. If significant issues or defects are discovered during the examination, the buyer can negotiate repairs with the seller or terminate the contract.
The contingency allows the buyer to ensure the property is in satisfactory condition before purchasing.
Finally, an appraisal contingency allows the buyer to withdraw from the sale if the property’s appraised value is lower than the agreed-upon purchase price. It is referred to as an appraisal gap.
This contingency protects the buyer from overpaying for a property. It also allows them to renegotiate the price or terminate the contract altogether.
Overall, contingencies are essential to real estate transactions as they help mitigate risks and uncertainties for buyers and sellers.
We must note that contingent differs from pending, which we will cover shortly.
Active Contingent (AC)
The term “active contingent” refers to a status given to a property listing on the market. When a property is labeled as active contingent, the seller has accepted an offer from a buyer. However, certain conditions or contingencies still need to be met before the sale can be finalized.
These contingencies typically include inspections, financing, or other agreed-upon terms between the buyer and seller.
The active contingent status indicates that the property is still technically available for sale. It is under contract and in the process of meeting the agreed-upon conditions.
During this time, the seller may continue to show the property to potential buyers. However, any new offers would be considered backups if the current deal falls through. Some sellers choose to accept backup offers, and others don’t.
The specific contingencies in an active contingent status can vary depending on the terms negotiated between the parties involved. One contingency is the home inspection. The contingency clause allows the buyer to thoroughly inspect the property to identify potential issues.
If the inspection reveals significant problems, the buyer may request repairs or negotiate a lower purchase price.
Similarly, a financing contingency gives the buyer a specified period to secure a mortgage loan. If the buyer fails to obtain financing within that timeframe, they may terminate the contract.
Other common contingencies include an appraisal contingency and a clear title. The property must appraise for the agreed-upon purchase price and have a clear title.
Overall, the active contingent status in real estate indicates that a property is under contract but still subject to certain conditions. It is crucial for both buyers and sellers to carefully navigate these contingencies to ensure a successful and smooth transaction.
Pending or Under Agreement (P) (UAG)
Understanding what pending means is crucial in home sales. The term “pending” refers to a stage in buying or selling a property. When a property is marked as pending, the seller accepts an offer and progresses with the transaction. However, the sale has not been finalized yet, and certain conditions and contingencies still require fulfillment before considering the property as sold or closed.
Generally, a property must satisfy all the contingencies in a real estate contract to become pending. However, the listing agent and seller have discretion over placing a property pending.
Some agents may feel confident enough to make a house pending when there are still open-ended contingencies to be satisfied.
Once all necessary conditions are met, and any contingencies are satisfied, the pending status will transition to “sold” or “closed.” At this point, the property officially changes ownership.
Please note that the property may remain available for backup offers until the pending status is finalized. In some cases, it may even return to the market if the awaiting sale falls through. There are some minor differences between under contract and pending.
Coming Soon (CS)
A coming soon real estate listing status refers to a property not yet officially on the market but will be available for sale shortly. The property is prepared and marketed during the pre-listing phase to generate interest before officially listing it.
A real estate agent or seller may advertise the property through various channels to attract potential buyers during this period. For example, social media, email marketing, or their website are typical avenues.
This strategy aims to create anticipation and generate buzz around the property. Once the property is officially listed, it can lead to a quicker sale or multiple offers.
The coming soon status allows interested buyers to get a sneak peek of the property and express their interest to the agent or seller. However, local real estate boards may limit or disallow showings during this phase.
Sometimes, a property may still be undergoing preparations or repairs before it is ready for public viewing.
Overall, the coming soon status provides an opportunity for both sellers and buyers. Sellers can gauge the level of interest and market demand for their property before listing it. At the same time, buyers can get a head start on finding their dream home, potentially securing it before it hits the market.
It is a MLS status that may or may not be used in some areas.
Expired (EXP)
An expired listing status refers to a property listed for sale but not within the timeframe stated in the listing agreement between the seller and their real estate agent.
When a listing expires, a real estate agent no longer actively markets the property for sale. This can be a frustrating outcome for both the seller and the agent. It often indicates that the property did not generate enough interest or receive a suitable offer during its time on the market.
Expired listings can occur for a variety of reasons. It could be due to overpricing, inadequate marketing efforts, or unfavorable market conditions.
Additionally, the property may have had issues or features that made it less appealing to potential buyers. When a listing expires, the seller and agent must reassess their strategy. They typically make any necessary adjustments to relist the property and increase the chances of a successful sale.
Many Realtors actively seek expired listings daily to generate new business. From a business standpoint, it is one of agents’ most vital MLS statuses.
Withdrawn or Temporarily Off The Market (WDN)
The listing status becomes withdrawn when the property owner or agent removes it from the market, whether temporarily or permanently. This status indicates that the listing agreement between the sellers is still active. However, the seller does not want their home to remain listed for sale in MLS.
A property may be withdrawn from the market for various reasons. One common reason is that the seller has decided to reconsider selling their property and temporarily remove it from the market. This could be due to personal circumstances.
A change in job, family situation, or deciding to renovate or repair before relisting are common reasons.
In such cases, the seller may relist the property later. Relisting could be with the same agent or a different one. An owner can only relist with another agent when the current listing contract expires.
Another reason for a temporarily off-the-market listing status could be that the property did not attract any offers. In such cases, the seller may take the property off the market to reassess the listing price, make improvements, or wait for market conditions to improve before relisting.
It is important to note that a withdrawn listing status does not necessarily mean something is wrong with the property. Instead, the seller has decided to pause or terminate the selling process temporarily or permanently.
Canceled (CLD)
A canceled listing status refers to a situation where a property listing that was previously active on the market is no longer available for sale. This can happen for various reasons. The seller may wish to withdraw the property from the market or terminate their contract with the listing agent.
When someone cancels a listing, they no longer actively market or promote it to potential buyers. This MLS status allows real estate agents to approach the owner to do business.
Cancelled listings can occur for a variety of reasons. Sometimes, sellers change their minds about selling their property. They decide to take it off the market temporarily or permanently.
Other times, sellers become dissatisfied with their listing agent’s performance and choose to terminate their agreement. External factors like market conditions or personal circumstances can also contribute to a terminated listing.
For buyers, a canceled MLS listing status can indicate a missed opportunity if they had their eye on a particular property. However, it may also present an opportunity. Canceled homes sometimes reappear on the market after some time.
Buyers must stay in touch with their real estate agent and watch the market to ensure they don’t miss any potential opportunities.
MLS Listing Codes and Abbreviations
Besides the status changes mentioned above, a few other codes and abbreviations are worth explaining. Here are a few of them:
New (NEW)
A new listing is labeled as such in many real estate markets.
Price Reduced (PCG)
The status code for a price change is PCG. When a home seller lowers their price, it is reflected in the MLS, which also shows the amount of the reduction. In rare circumstances, home sellers increase the asking price. These price changes are also noted.
Back on Market (BOM)
When homes come back on the market, the code is BOM. It signifies that the contract between the homeowner and buyer has fallen through. It is not uncommon for an off-market home to be relisted.
Reactivated (RAC)
In some real estate markets, the reactivated status may be used. Occasionally, a home seller may take a property off the market abruptly. They then change their mind on putting the home back on the market. The reactivated code is used in this circumstance.
Extended (EXT)
An extension means a homeowner has given a broker more time to sell the home. The time frame for the extension can vary.
Days on Market (DOM)
DOM is the abbreviation for days on the market.
Miscellaneous
You will also find labels for specific circumstances, such as a foreclosure, short sale, or auction. Each of these situations is often labeled as such in the MLS. Real estate agents may explain whether the properties are vacant or occupied for more specialized occasions.
Another occurrence flagged in the MLS is when a broker has an open house. This alerts other agents so they can bring their clients.
Interesting Facts
1. Multiple Listing Service (MLS) statuses refer to the different categories or designations a property can have within a real estate MLS system.
2. MLS statuses indicate the current availability, condition, and contractual status of a property listed for sale or rent.
3. Common MLS statuses include active, contingent, pending, sold, experienced, withdrawn, and off-market.
4. Active signifies that a property is currently available for sale or rent and actively being marketed.
5. Pending indicates that a property has an accepted offer but is still finalizing the sale or lease.
6. Sold suggests that a property has been successfully sold or leased and is no longer on the market.
7. The expired status means a listing has reached its expiration date without being sold or rented, typically due to not meeting certain conditions or terms.
8. Withdrawn implies that a listing has been taken off the market temporarily but may be relisted.
9. The off-market status denotes that a property is no longer actively marketed but may still be owned by the current owner.
10. MLS footing is crucial in providing up-to-date information to real estate professionals and prospective buyers/renters about the availability and status of properties listed on the market.
FAQs
Is there a difference between temporarily off-market and expired listing status in the MLS?
Yes, a difference exists between a “temporarily off-market” and “expired” status in an MLS. When a property is marked as “temporarily off-market,” the listing is temporarily withdrawn from active marketing but still under contract with the current buyer.
This MLS status is typically used when certain circumstances, such as repairs or renovations, need to be completed before the property can be actively marketed again.
On the other hand, when a listing is marked as “expired,” it means that the listing agreement between the seller and their real estate agent has reached its expiration date without resulting in a sale.
In this case, the property is no longer actively listed for sale on the MLS.
What is the most significant difference between pending and contingent?
Extra emphasis is being put on these two situations because they confuse buyers and sellers. Providing additional expertise is necessary for full comprehension.
While both terms indicate that a property has an offer, there is a significant difference between contingent and pending.
Contingent refers to a property with an accepted offer, but certain conditions still need to be met before the sale can be finalized. These conditions typically include contingencies such as inspections, appraisals, financing, or selling another property. A home sale contingency is the least common.
The property remains contingent until these contingencies are satisfied or waived.
During this time, the seller may still be open to receiving and accepting backup offers from other potential buyers.
On the other hand, a property is considered pending when all the contingencies have been satisfied or waived. The sale is now considered binding.
At this stage, the buyer and seller have fulfilled all the requirements, and the transaction is in the final stages of completion. The property is no longer actively marketed, and the seller no longer entertains offers or accepts backup offers.
In summary, the critical distinction between contingent and pending in real estate lies in the transaction stage. Contingent means there are still conditions to be met before the sale is final. Pending indicates that all contingencies have been satisfied and the sale is nearing completion.
How can I search for homes with specific statuses in the MLS?
In a Multiple Listing Service (MLS), you can utilize most platforms’ advanced search filters. Start by selecting the “Status” filter and choose the desired status options such as “Active,” “Pending,” or “Sold.”
Additionally, some MLS platforms offer more specific status categories like “Under Contract,” “Contingent,” or “Withdrawn.” Combining these status filters with other search criteria such as location, price range, or property type allows you to narrow your search to find homes that meet your specific requirements.
Remember to consult the MLS platform’s user guide or contact their customer support for detailed instructions on utilizing the status search feature effectively.
How often are statuses updated in the Multiple Listing Service?
The statuses are typically updated daily in a multiple listing service (MLS). MLS platforms have advanced automation systems that regularly sync with the databases of real estate agents and brokers.
It ensures that any changes to property listings are promptly reflected on prominent home-buying websites.
The same would apply to the best sites for rentals.
This frequent updating allows for accurate and up-to-date information for potential buyers and sellers. It facilitates efficient transactions in the real estate market.
MLS providers often employ rigorous quality control measures to ensure the accuracy and reliability of their data, further enhancing the timeliness of status updates. It makes sense, as nobody wants to see outdated information.
Final Thoughts
Several MLS status definitions, codes, and abbreviations exist. Understanding these statuses is crucial whether buying or selling a house. If I can answer any questions, feel free to contact me. I would be happy to explain any of them.
About the Author: Bill Gassett, a nationally recognized leader in his field, provided the above real estate information on the definition and meaning of listing statuses in the Multiple Listing Service. Bill has expertise in mortgages, financing, moving, home improvement, and general real estate.
Learn more about Bill Gassett and the publications he has been featured in. Bill can be reached via email at billgassett@remaxexec.com or by phone at 508-625-0191. Bill has helped people move in and out of Metrowest towns for the last 37+ years.
Are you thinking of selling your home? I am passionate about real estate and love sharing my marketing expertise!
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