If you had your eye on a house for sale and it suddenly disappears from listings on the MLS, does no longer on the market mean sold? Perhaps. But it could also mean the property is still for sale off-market. Let’s break down some common real estate marketing terms and different situations they can apply.
Market Listing
When you agree to sell your home through a listing service, it’s called a market listing. The sale of your home this way is subject to sharing commissions between the buyer’s agent and the listing or selling agent.
The Multiple Listing Service (MLS), operated by Realtors ®, is a great way to market homes. They market properties to many potential buyers across the country. You don’t have to rely on only your local real estate agent to advertise the property.
Only licensed agents meeting professional development requirements who adhere to a code of ethics and rules may list houses on MLS. But, if you wish to sell your home without an agent, you can still get your property listed. You must pay a flat fee to a qualifying realtor for a posting without any additional services provided.
Off Market
When a seller chooses to sell their home without listing it on MLS, they refer to it as off-market. Sellers market their property themselves with signs, on social media, or through other private listings. Popular reasons for selling privately include saving money and time or to be more discreet.
Sometimes sellers start by listing their home, but after it hit the market, they change their minds. When sellers remove their listing from MLS, they often advertise it as “no longer on the market” but it is still very much for sale.
Perhaps the seller wants to eliminate the expense of using a realtor or can’t continue with any more open houses and showings. Or they may take it off the market to renovate the home, hoping to get a better selling price when they decide to re-list it.
Finding an off-market house for sale is trickier because it’s not on the popular MLS sites.
Does “No Longer on the Market” Mean Sold? Yes and No
On the market, means listed in the world of real estate. Off-market means it is not listed. But what you probably really want to know is if the house is still for sale.
No longer on the market doesn’t just mean unlisted. It is also a common expression used when something is no longer for sale.
MLS Listing Statuses
Houses that are still listed can have a variety of statuses. The status of a real estate listing depends on the stage of the contract between the seller and the agent, or between the seller and the buyer.
COMING SOON
Once the seller and the realtor have a contract, they can begin marketing the property on MLS. At this stage, it’s not ready for showings yet.
ACTIVE
Listing is available for showings and the seller is accepting offers.
ACTIVE UNDER CONTRACT
The seller has accepted an offer with conditions but seeking backup offers in case it falls through. Property is still available for showings.
PENDING
The seller has accepted an offer and conditions are met. Buyer and seller are waiting for the closing date.
WITHDRAWN
The seller and agent ended their listing agreement before the agreed date.
CANCELLED
The seller and agent mutually voided their contract.
EXPIRED
The contract between the seller and listing agent reached the ending date initially determined when the agreement began.
HOLD
The listing agreement is still valid, but the seller is not currently accepting offers or permitting showings.
CLOSED
The real estate transaction is over, and the home is officially sold.
We buy off-market AND listed properties
MJS Properties is interested in any home on the open market where we can make a mutually beneficial deal. While we don’t get involved in a bidding war, we offer fair market value for homes in which we see the potential.
We see the future value of a home that needs some work. By selling privately, the homeowner saves commission. But they also save the expense of repairs and cleaning and the time and hassle to get it ready and shown to prospective buyers.
