Are You Seeing the Whole Picture?
When you are surfing the internet for listings most sites will show you only new listings. While this is great information, it is really only a small part of the information which flows from the MLS.
It’s all about the status. In our local MLS system we have eight different statuses for properties ranging from a new listing to a withdrawn listing. When you receive daily email summaries directly from the MLS, they will tell you what the status is for each property. Each listing will also contain a map and links to more info. In addition to these extra statuses, listing emails directly from the MLS also contain extra information such as: REO, Short Sale, Price Reduced, Price Increased.
When you receive this additional information you are able to follow a listing through its full lifecycle including any price changes as well as the final sale price. Also, seeing which listings expire unsold or get withdrawn from the market provides valuable insight into your particular market.
It is possible to refine the email results by school, school district, street, county and many other criteria. You choose what you see and don’t see. Additionally, search results can be configured to come to your inbox daily, weekly or monthly which is much more convenient than receiving one email for every new listing or listing change.
Below is a list of all MLS statuses and a short description:
- “Active” = Active Listing. This can indicate three possible scenarios 1) A brand new listing. 2) The list price was changed. 3) There is a prior listing agreement in place but the property was withdrawn from the MLS for a period of time and just now brought back to an active status.
- “Pending Show” = Pending Sale Continue to Show. This property is in escrow but the contingencies have not been removed so agents should continue to show the property to their clients.
- “Pending Release” = Pending Sale, Contingencies Released. This property is in escrow and the buyer has released all contingencies. The agent is not stating whether or not other agents should show the property.
- “Pending Sale No Show” = Pending sale do not show. This property is in escrow, contingencies may or may not be released but the listing agent is requesting that buyer’s agents discontinue showing the property to their clients. This status is typically used once all contingencies have been removed.
- “Sold” = Sold Listing. This home just closed escrow.
- “Expired” = Expired listing. The contractual agreement between the seller and the listing agent has expired.
- “Cancelled” = Cancelled Listing. The contractual agreement between the seller and the listing agent has been terminated. Unfortunately this status is also often incorrectly used to temporarily withdraw listings from the market.
- “Withdrawn” = Withdrawn Listing. This means there is a valid listing agreement in place but for some reason the seller has decided to withdraw the property from the market either temporarily or permanently.
If you would like to have me set up a free MLS search so you can receive all of the various statuses simply send me an email with the city(s) and price range you would like to receive and I will take it from there.