Realtors usually start their day by looking through the latest real estate hot list. This list is automatically generated in a Multiple Listing Service (MLS), which shows all of the most recent real estate activity that day. A real estate hot list gives realtors the upper hand when buying and selling homes. Homes can be spotted for buyers almost as soon as they become available, helping realtors price properties they are marketing. This list also helps identify trends in local real estate markets. Sections of a real estate hot list include active listings, customized lists, pending and expired listings, and closed, withdrawn or cancelled listings.
Active listings and customized lists
A real estate hot list shows new properties in the market for the last 24 hours. Some Multiple Listing Service (MLS) systems allow realtors the ability to customize the list based on certain criteria. This criteria could include geographic location, price, number of bedrooms, and any other specific preferences. Depending on the MLS system used, it should be able to display customized lists as well as a full active listing.
When looking at a real estate hot list, properties that are “pending” are those that have just been put under contract within the last 24 hours. This process means that an offer was accepted and the agreement of sale was executed. However, the sale of the property has not closed yet. Pending sales in a real estate hot list are a useful tool for forecasting when looking at future earnings.
Expired listings in a real estate hot list are where the contract with the realtor reached its ending date without the home having been sold. This type of property is off the market. However, sellers frequently extend or renew their listing contracts. Sometimes sellers even relist their property with a new agent. Realtors can use expired listings in a real estate hot list as a tool to seek out these potential customers that are looking for a new broker. These listings can also be used as a pricing tool.
Closed listings in a real estate hot list are those that have been completed within the last 24 hours. A sale is complete once the ownership has been transferred from the seller to the buyer. If the buyer is financing the purchase of the home, the mortgage loan is in effect at this time. Also, other fees including taxes, commissions, and closing costs have been paid. Closed properties in a real estate hot list show the final sale price and the closing date. These listings even show the value of concessions the seller made on the homebuyer’s behalf.
Withdrawn or cancelled listings
When properties haven’t sold and have been taken off the market by the owner before the end of the listing contract, they are known as withdrawn or cancelled listings. Sellers cancel or withdraw home listings for many reasons. For example, some may choose to not relocate and others may develop financial problems.
Be sure to talk to experienced realtors with a good understanding of their local real estate hot list. For more information on buying and selling homes, contact the Elite Real Estate Group in Amarillo. Give us a call today at (806) 337-0883 or Contact Us via email. You can also view our listings to see the homes we currently have available in the Texas Panhandle area.