The Multiple Listing Service, or MLS, is a powerful tool for real estate agents and home buyers alike. It is a database that allows real estate professionals to share information about properties that are for sale, providing a centralized location for homebuyers to find their dream homes. In this article, we’ll explore what the MLS is and the statuses of homes listed on the MLS.
What is the MLS?
The MLS is a database that allows real estate agents to share information about properties for sale. It’s a collaborative platform where agents can share details about the homes they represent, including photos, descriptions, and pricing information. By listing a home on the MLS, agents can reach a broad audience of potential buyers, increasing the chances of a sale.
Statuses of Homes on the MLS
When a home is listed on the MLS, it is assigned a status. The status provides information about the current state of the home and whether or not it is available for sale. Here are the most common statuses of homes listed on the MLS:
Active
An active status means that the home is currently available for sale. It’s the most common status and is typically used when a home is first listed on the MLS. Homes with an active status can be shown to potential buyers, and offers can be made.
Pending
A pending status means that the home is under contract, and the sale is in progress. While the sale is not yet final, the home is no longer available for showings or offers. The pending status can last anywhere from a few days to several weeks, depending on the terms of the contract.
Sold
A sold status means that the sale of the home is complete, and ownership has been transferred to the buyer. The home is no longer available for sale, and it will not appear in search results on the MLS.
Expired
An expired status means that the listing agreement between the seller and the agent has ended, and the home is no longer listed for sale on the MLS. An expired status can occur for several reasons, including the home not selling within the agreed-upon time frame or the seller deciding not to sell.
Withdrawn
A withdrawn status means that the seller has decided to take the home off the market, but the listing agreement between the seller and the agent has not yet expired. The home will no longer appear in search results on the MLS.
Cancelled
A cancelled status means that the listing agreement between the seller and the agent has been terminated before the home has sold. The home will no longer appear in search results on the MLS.
The MLS is a powerful tool for real estate professionals and homebuyers. It provides a centralized location for listing and finding homes for sale. When a home is listed on the MLS, it is assigned a status, which provides information about the current state of the home. By understanding the different statuses of homes listed on the MLS, homebuyers can better navigate the home-buying process and make informed decisions about which homes to pursue.