ACTIVE, PENDING & SOLD - WHAT DOES IT ALL MEAN?

By
Real Estate Agent with Windermere Peninsula Properties~Allyn~Belfair~WA 73708

People are always asking me "what's going on in the market?" So I thought that this would be a great opportunity to  explain to the average person what we as agents look at and compare in the different local market areas. There is always an interesting story behind the stats too as how we utilize this information in the real estate market for our buyers and sellers. If you have questions or would like to make comments, or would mor einformation please feel free to give me a call. You can also visit my website Valerie Spaulding and find more information. or drop me an email - vlsallyn@windermere.com

When we are reviewing the statistics as agents, we are looking at the

1)Active - they are what is currently for sale in that particular area and the prices. They are the competition to a seller. The actives  tells us how many homes are on the market and the type of competition such as square footage of the home, how many bedrooms and baths etc. It shows us the average dollars per square foot as well that homes are being actively marketed at. It also tells us the months of inventory we have on hand for homes. When we talk about how much inventory, what we mean is how many months would it take to deplete the current inventory based on the number of sales in the past?  Remember from way back when in school the theory of "supply and demand?" Well this is it in its best showcase. The more supply and the less demand - buyers market; the less supply and more demand - sellers market.  I think you get the point. When we are talking about a list price for a home we are utilizing the actives to determine our strategy of where exactly to price the home after we have established a fair market value range.

2) Pending or contingent- this means that the property is currently under contract (buyer and seller have come to a mutually accepted agreement), and the buyer is going through the process (inspection, financing, etc) to reach closing. Pendings are important because they tell us WHAT types of properties and what price range buyers are looking for in this market and willing to make offers on.

3) Sold - the most important  to review and analzye because these numbers are a fact of what buyers are willing to pay for a property.  A Home is "worth what a buyer is willing to pay for it."  Again we look at similar homes and adjust up or down for differences using the dollars per sq ft. The solds also show us the history and what price range buyers are currently purchasing in.

The information is used both for buyers and sellers.  For the sellers to help us put their home in the right price range and be competitive as well as establishing the market value. For the buyers it helps determine if the home they are looking at is fairly priced in comparison to other homes in the area.

I would be more than happy to prepare a "FREE"comparative market analysis for your home in particular or get current stats for a particular neighborhood for you. Just drop me a line or give me a call!  Information is always FREE and there is no obligation.

Valerie Spaulding- Associate Broker

Windermere Peninsula Properties

vlsallyn@windermere.com

 

 

 

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Re-Bloggged 2 times:

Re-Blogged By Re-Blogged At
  1. Diane Bell, Hilton Head Real Estate, Bluffton 10/17/2008 07:27 AM
  2. Gabe Sanders 10/19/2008 06:59 PM
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Topic:
Home Selling
Location:
Washington Mason County Belfair
Groups:
Lady Riders & Friends
Peninsula Real Estate
Tags:
history
price range
pendings
contingents
market value
price
solds
active
listings
competition

Comments 4 New Comment

Show All Comments
Rainmaker
327,863
Dinah Lee Griffey
Managing Broker Windermere Peninsula Properties
Windermere Peninsula Properties

Great blog. I wish I had thought of it! A lot of people are not aware of how we categorize properties, and you do not want to spend time hoping for a house that is already being sold-Dinah

October 15, 2008 06:24 PM
Rainmaker
327,863
Dinah Lee Griffey
Managing Broker Windermere Peninsula Properties
Windermere Peninsula Properties

I saw your blog again today. It is great information for buyers-Dinah

October 16, 2008 11:00 AM
Rainer
85,159
Rich Mielke
REALTOR, Frederick Maryland Real Estate
REMAX Results, Frederick MD

Valerie, many people who have their house on the market tell everyone that they sold their house once they have an accepted offer on it. That confuses a lot of other people. I am listing a townhome where the next door unit is under contract as a short sale, awaiting the lenders approval. My client was thinking it was sold and I had to explain that it could fall through and come back on the market again, or even go to foreclosure.

October 17, 2008 07:25 AM
Rainmaker
157,028
Valerie Spaulding
Allyn-Belfair-Hood Canal & Puget Sound-WA-Real Est
Windermere Peninsula Properties~Allyn~Belfair~WA

Rich - Absolutely - we try and educate our clients pretty thoroughly when we receive an offer or right an offer. I have heard sellers say many times - oh yes it is sold... or neighbors - they are the ones that hear from the seller - oh my house is sold.... had that happen recently when I went to show a buyer some homes the neighbor came out and told us the house we were looking at was sold - that we were wasting our time. fortunately I had the MLS sheet in my hand that said - pending subject to inspection -backup offers accepted and had to explain to the neighbor that until it is CLOSED - it is not sold and what could possibly happen....   and it did happen - the inspection flipped the deal and we stepped in.... After it closed I made sure I smiled and said to the neighbor as I handed the buyer the keys - NOW IT IS SOLD. 

October 17, 2008 08:08 AM
Show All Comments
Rainmaker
157,028

Valerie Spaulding

Allyn-Belfair-Hood Canal & Puget Sound-WA-Real Est
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