Do you use MLS searches? If not, you should. But even if you do, nothing is perfect, and with this crazy market we have seen the past year, up to the minute information is crucial. This week our MLS announced some exciting new changes coming, and being you probably use our Search The MLS feature, I wanted to tell you all about it! The issue a lot of agents (and buyers) are having...and stop me if this sounds familiar...is that when a home is listed for a few days, you don't truly know if its available, or has an accepted offer in attorney review...or if you can even see the home if showings are still happening. In the past, we just had "Active, Under Contract, and Closed" as the main categories to choose from. Signed, accepted offer in attorney review would be one of those gray areas, and here is how its going to look going forward!
Active. This is a house that's currently available, and although there may be offers in, none have been signed by the seller, so you can still compete. (Yes, you can still compete while in review, but I am keeping it simple here.)
Active-Under Contract. This is a new category, which denotes that the seller has in fact accepted an offer, and it's currently in attorney review.
Pending. The home is now no longer able to be shown, and out of review (or the seller, in writing, has decided to no longer show). This means, for now, it just wasn't meant to be.
So, with interest rates supposed to lower heading toward fall, it will be easier than ever to truly differentiate which homes are available, and which, for now, just were not meant to be.
Until next week folks!