Definitions

Here are some definitions that will help you understand what I am talking about. I will try to keep the blog jargon free, but it is not always possible.

  • Listing Status: 
    • Active (A): Used for all currently active listings. Agents should have a valid fully executed listing agreement.
    • Option Pending (OP): The listing is under contract and paragraph 23 of the sales agreement is in force. This gives the buyer the  unrestricted (any reason!) right to terminate the contract for a specific period of time (often ten days) AND have the earnest money refunded to him/her.
    • Pending Continue to Show (PS): Used for listings that are under contract, but are still available to show. Note that the listing should not be subject to the papragraph 23 option to terminate the contract at this point. 
    • Pending (P): Used for listings that are under contract, but that not available to show.
    • Sold (S): Used when the sale of a property has closed and funded.
    • Withdrawn (W): The listing has temporarily been taken off the market, but the listing agreement is still in full force. This is often used when repairs or updates are going on or perhaps the owner is ill. There can a million reasons making it is dangerous to assume what is really going.
    • Terminated (T): The listing agreement between the agent and the seller is terminated prior to the expiration of the listing term. Again, don’t make any assumptions as to motive.
    • Expired (X): The term of the listing agreement has lapsed. It is no longer active in the Multiple Listing Service (MLS) system.
  • Days on Market: These are the number of days a house has been on the market under a  specific MLS number.
  • Original Days on Market: This is total number of days a house has been for sale spanning multiple MLS numbers. This is useful because it tends to tell the real truth. It takes into account listings that have expired and then relisted, sometimes with a different Realtor. See “Original List Price” below.
  • Original List Price: This is the price at which the house first came on the market. Agents will sometimes relist a property to make it appear like a new listing to buyers. Although the new listing has a different ML number (unique listing ID), it is still the same house in the same clothing. See “Original Days on Market” above.
  • List Price: This is the last price of a listing before it sells.
  • Multiple Listing Service (MLS): This is a database run by the Houston Association of Realtors (HAR) where the vast majority of  residential listings for sale and/or rent are compiled and made available to its members and the public.
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