These are homes that are currently for sale within your area. They are included in the report only for you to be aware of what you’re up against in the current market. If you’re in a buyer’s market where it takes longer than usual to sell a home, it is important to know how high or how low your competition is pricing their homes. The prices of active listings in your area are not indicative of market value, since sellers can ask whatever they want for their homes. Offered sales prices do not dictate market value UNTIL they sell.
These are homes in your area that are currently under contract but have yet to be sold. And since they haven’t closed, they still cannot be considered as comparable sales. However, pending listings do indicate how the market is moving. If your home is priced above these homes’ average list price, you may be looking at more time in the market. But if your home is priced competitively within their range, you could expect to get offers after the same amount of time these homeowners have waited for theirs.
Typically, these are homes in your area that have closed within the past three months (“comps”), and are the homes that an appraiser will use as basis for appraising yours. These are what you have to look at closely when determining the right price for the home you’re selling. Just remember that these comps are going to vary based on the kind of market you are in. In fast moving markets, for example, sales that are more than two months old aren’t considered a reliable basis anymore. On the other hand, if the market has been slow for a while, comps could include homes sold in the past six months.
Off-Market / Withdrawn / Canceled Listings
These are homes that have been taken off the market due to a variety of reasons. Most cases are a result of overpricing, but it can also be because of a case of seller’s remorse, unmet contingencies, or seller-agent disagreements. Usually, the average price of homes in this category will almost always be higher than the average price of comparable sales.
Expired listings show a list of overpriced homes. Some of them could be grouped with active listings, which means that they’ve probably been taken off the market for a time and listed as a new listing with a new agent.