What Does Listing Status Mean?
In real estate, listing status (or property status) refers to the situation of a property that was for sale, or is currently for sale.
Real Estate Agent Explains Listing Status
The status of a property listing can be historical or current. In Edmonton, the MLS® system considers anything over 5 years old to be historical data (the previous limit was 10 years).
The status of a property listing lets you know what’s going on with the property. It will let you know if it’s still available (active) – almost sold, but not quite (pending) or has it been taken off the market for one reason or another (sold, rented, terminated, withdrawn or expired).
|Current Listing Status||Abbreviation||Historical Listing Status||Abbreviation|
Note: Abbreviations may differ depending on jurisdiction. MLS® listings in Edmonton just happen to use these abbreviations.
Why Does It Matter?
There isn’t much point calling on a house if it is already sold – but if it is just pending, you may want to keep an eye on it in case the deal collapses. That is an important distinction. Basically the listing status give you more detail when something is off the market. It offers more detail than just “for sale” or “not for sale”. This can be helpful to buyers and sellers when researching properties or areas. And example: Information about the property’s past can sometimes be useful in negotiations. Perhaps a house was pending and then the deal fell through. In that case, a buyer may have the opportunity to negotiate a better price.
by +Alan F Macdonald REALTOR® | Copyright © – gimme-shelter.com