Navigating the real estate market can be complex, especially when it comes to understanding the various statuses a property may hold throughout a transaction. These statuses in Florida – Coming Soon, Active, Contingent, Pending, and Expired – are not just labels; they represent different stages in the life cycle of a real estate deal.
Here, we’ll break down what each status means, their typical durations, and factors that can change these statuses. It’s also important to note that sometimes real estate agents might not update these statuses promptly, so if you’re genuinely interested in a property, a direct inquiry can be a wise move.
1. Coming Soon
What It Means
A property marked as “Coming Soon” is about to hit the market. This status is used for properties that are not yet available for showings or offers but will be soon. It’s a heads-up for potential buyers to keep an eye on something promising.
How Long Does a House Stay in Coming Soon Status?
A property can be in the Coming Soon status for a few days to a couple of weeks. This duration allows the seller to prepare the property for sale, such as making repairs or staging, while letting people know it will be hitting the market shortly.
What Changes This Status?
Once the property is ready for showings and the seller is ready to receive offers, it typically moves to Active status.
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2. Active
What It Means
“Active” is the status where the property is officially on the market and available for purchase. Buyers can view the property and submit offers.
How Long Does a House Stay in Active Status?
The duration of the Active status can vary widely, from a few days in a hot market to several months or more in a slower market. This depends on a variety of factors, but the pricing of the home will really impact how long it’s available for.
What Changes This Status?
This status changes when an offer is accepted, moving the property to Contingent or Pending, or if the property is no longer available for sale, in which case it might become Expired.
3. Contingent
What It Means
When a property is marked as Contingent, it means an offer has been accepted, but the sale is subject to certain conditions or contingencies that need to be met. These contingencies could include things like a satisfactory home inspection or the buyer obtaining financing.
How Long Does a House Stay in Contingent Status?
This stage can last anywhere from a few days to several weeks, depending on the nature and number of contingencies.
What Changes This Status?
If all contingencies are met, the status typically moves to Pending. If contingencies are not met, for example, the buyer wasn’t able to obtain financing, the property will revert to Active status.
Status Changes
Statuses are changed by the listing agent in their local MLS, and that information is then retrieved by Zillow, Trulia, Realtor.com and all the other major home search websites.
4. Pending
What It Means:
A Pending status indicates that an offer has been accepted, and all contingencies have been met or waived. The property is headed towards closing as the sale is in progress but not yet finalized.
How Long Does a House Stay in Pending Status?
This phase can take anywhere from a few weeks to a couple of months, depending on various factors like loan processing and legal paperwork, what closing date the parties have agreed to, etc.
What Changes This Status?
The status changes to Sold once the transaction is completed. If the deal falls through, it may go back to Active.
5. Expired
What It Means
The Expired status is used when a property has not been sold within the time frame specified in the listing agreement between the seller and the real estate agent.
How Long Does a House Stay in Expired Status?
This is not a transitional status but rather the end of a listing period without a sale.
What Changes This Status?
The property may be relisted, which would start the cycle anew with a Coming Soon or Active status, depending on the strategy of the listing agent or seller.
The Importance of Follow-Up
Despite the clarity these statuses aim to provide, there can be delays in updates due to various reasons. Real estate agents might not update the status promptly on their MLS. Therefore, if you’re interested in a property, particularly those in Contingent or Pending status, it’s advisable to contact the listing agent either directly or through your agent. This proactive approach ensures you have the most current information and can act swiftly if the property becomes available again.
Conclusion
In conclusion, understanding these statuses and their typical durations can help buyers and sellers better navigate the real estate market. Remember, staying informed and proactive can make a significant difference in your real estate endeavors.
