Navigating the real estate market can sometimes feel like deciphering a code. If you’ve come across terms like “OP,” “PS,” and “PEND” and felt overwhelmed, worry not. This article will clarify these symbols, helping you to prioritize properties and optimize your house-hunting or selling experience.
1. A (Active) — your green light!
Meaning: The property is available and open for offers.
What to do: If the property aligns with your preferences, it’s a good idea to schedule a visit. However, remember to coordinate with your real estate agent, as there may already be interested parties. Be prepared to act swiftly, possibly with a competitive offer, if the property catches your eye.
2. OP (Option Pending) — pause and reflect
Meaning: The property is currently not open for new offers. An interested buyer is undergoing inspections and might negotiate any necessary repairs with the seller.
What to do: It might be best to watch and wait. Once the property is back on the market, you can consider placing your offer. Until then, it may be wise to explore other options.
3. PS (Pending Continue to Show) — almost sealed
Meaning: Both the buyer and seller have agreed upon the repairs, and now the seller is awaiting the buyer’s financing approval.
What to do: Although the property may still be available for showings, chances are slim that the deal will fall through. It’s recommended to prioritize other listings instead of investing your time here.
4. PEND (Pending) — a waiting game
Meaning: The property is off the market for showings, typically indicating that the buyer’s financial and credit approvals are in progress.
What to do: Bypass this listing. It’s likely nearing the end of its sales process, and it’s more productive to focus on other properties.
5. CLSD (Closed/Sold) – the deal is done
Meaning: The property transaction has been successfully finalized.
What to do: Use this information as a reference. The final sale price can give insights into current market trends, helping buyers gauge fair offers and sellers set competitive prices. However, note that these values are most relevant within a six-month timeframe for many appraisers and lenders.
In Conclusion:
When embarking on your real estate journey, concentrate on properties labeled as “A” or “Active.” These listings present the best opportunity for prospective buyers. Remember, the key to a successful real estate experience is to stay informed and act promptly. Happy house hunting!
If you have any questions and want to learn more about the property status symbol, reach out to Jennifer Yoingco, REALTOR®, and her team, The Houston Suburb Group. They’ll help you get ready to EXPERIENCE LIVING IN HOUSTON, TEXAS!
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