How To Tell If A Home Is Still Available

Buying a home can feel like a huge undertaking. Especially, if you have never gone through the process before, or if it's been a while since your last real estate transaction. You will need some solid guidance during your home buying journey. You will also need a solid understanding of the home buying process to ensure your success in buying a home.

As my favorite instructor from real estate school always says,
"Knowledge trumps everything."

One of the more common questions that home buyers ask is "What do all these different listing statuses mean?" In this article, I've outlined the more common listing statuses, as well as the less common ones, and we'll go over their respective definitions.

Note: This article is relevant and targeted to educate home buyers in North Carolina. Other states may or may not be similar, so if you're in another state, your mileage may vary!

Some Of The Most Common Listing Statuses Include:

Active

A home that is listed as "Active" is officially for sale on the open market. Schedule your showing today!

Due Diligence Period (sometimes called active with contingency, or contingent)

A property that is listed as "Due Diligence Period" means that a buyer's offer has been accepted by the seller and this home is officially under contract. The buyer is using this time to perform inspections, and the exact amount of time that the due diligence period lasts will vary with every contract.

Pending (sometimes called contingent)

A home that is listed as "Pending" means that the transaction is in the period of time between the due diligence period, and closing. At this point, the buyer has typically performed all inspections, and any repair negotiations between the buyer and seller have already occurred. In this stage, the lender and closing attorney are likely to be working out their final balancing of taxes, homeowner's association dues, and any other financials that need to be lined up before closing.

Pending AB (sometimes called contingent)

A home in the "Pending AB" stage is in the exact same as Pending, except the seller is accepting backup offers, in case the contract does not go all the way to closing. Pro tip: While this status may be the listing firm's policy, it can also indicate that the seller is not very confident that the buyer will actually close, so you may want to submit a backup offer just in case!

Closed

This means the title of the property has transferred to a new owner, and the real estate transaction is complete.

Rented

Just like "Closed" but specifically for properties that were offered for rent.

Some Of The Less Common Listing Statuses Include:

Coming Soon

A home in the "Coming Soon" status is on the market, and available to purchase, but absolutely CANNOT be shown. That's right. A buyer can make an offer, and a seller can accept an offer, but potential buyers are NOT allowed to schedule a showing. Even the seller is unable to show the home, and if they do, their agent's real estate license is on the line. The rules are confusing, but the reason for all is simple. The governing agencies that regulate real estate transactions want there to be equal opportunities for all buyers, and homes in the coming soon status are not yet "Active," so they strictly forbid allowing showings. Pro tip: Agents sometimes use this status to create a buzz around their newest listing. (People want what they can't have!) Keep your emotions between the lines, and only pursue homes during the coming soon status if you have the capital, and financial risk tolerance.

Expired

A home in the "Expired" status did not sell during the agreed upon time between the listing agent and the seller.

Withdrawn

A home in the "Withdrawn" status was removed from the market. One example would be that the seller changed their mind about selling.

Temporarily Off Market

This status is just like it sounds. A home in the "Temporarily Off Market" status is often under a repair or improvement project.

Hopefully, this article clears up some of the confusion that comes with the home buying process. If you have any further questions, please get in touch!

We're here to help.