Change is never easy - consolidating listing statuses for our 13,000+ members, to align with nationwide standards, is no exception. As a MLS, within an industry that is rapidly evolving, we embrace the rigor and discovery that comes with continuous improvement.
In January, MARIS consolidated listing statuses and revised definitions, due to the emerging need across our market area. Since that time, we have monitored usage trends, and have identified an opportunity to further clarify the active under contract and pending definitions. These definitions are meant to create a high-level understanding across multiple markets and contracts.
The Simple Truth. At the end of the day, we know that sellers will always instruct their agents to either keep marketing and showing a property in an effort to obtain a backup offer or to stop marketing and move towards closing. We also recognize that buyers will always want to know “Do I have a chance to buy this home?”
As your MLS, it's important that we allow the seller the choice to keep marketing, and tell buyers if there is a kick-out or not. It’s all comes down to transparency and fiduciary responsibility. As a real estate community we all benefit from accurate data, which includes listing statuses.
Here is a short educational video on the topic, featuring three of our fantastic board members!
Active Under Contract Defined
We further clarified this status by placing an emphasis on the word ‘seller’ because we know that this status is 100% about marketing. Plus we added definitions for ‘With Kick-out’ and ‘Without Kick-out’ to help clearly indicate what a buyer needs to know.
With Kick-out. For properties that have an accepted contract with a contingency that may allow the seller to terminate the current contract in favor of a backup contract.
Without Kick-out. For properties that have an accepted contract and the seller has instructed the listing broker to keep marketing the property in effort to secure a backup contract, regardless of their ability to terminate the current contract.
Note: Days on market will continue to calculate for Active and Active Under Contract, regardless of the kickout.
Pending Defined
The key difference between active under contract and pending is the seller’s choice. With pending, the seller has said that they are comfortable with the contract, and no longer want to show and market the home.
Syndication
Syndication to advertising sites is a moving target, at best. As an MLS leader, we maintain business relations with the top syndication websites and continuously monitor emerging trends within the space. We’d like to encourage you to check-out this support article for the latest mapping updates to see how our statuses translate to the top syndication sites.
