The NWMLS recently made a few changes to the terminology of home listings that will affect what buyers see when they're searching for homes for sale in Gig Harbor, Fox Island, Port Orchard, or any other area serviced by the NWMLS.
In the past, a home that was on the market was listed as "Active," a home that had an agreed upon contract that was subject to the buyers' inspection was "Active-STI," and homes that were through the inspection stage and waiting for the financing and other final details to be ironed out was considered "Pending."
"Active" hasn't changed, and "Pending" is still the same, but "Active-STI" has been replaced by 3 more specific terms. "Pending Inspection" refers to a home that has an accepted offer but still subject to the buyers' home inspection. "Pending Feasibility" refers to a property in which the buyers have requested a "Feasibility period," which generally means that the buyers want to make sure that the property can be used for the purposes for which they intend (if they want to build on a vacant lot, remodel or rebuild a home, turn a residence into a business, etc). Finally, "Pending-BU Requested" means that the home has an accepted offer, but the sellers are open to receiving back up offers. As our home inventory has risen and the mortgage market become more unstable, more contracts seem to be falling apart than in the past, so sellers want to have their home continue to be marketed until the sale is final.
Homes that were "Active-STI" used to show up on home search websites (with their status revealed), but it now appears that homes that are "Pending Inspection" and the other pendings no longer show up. Only homes that are active are showing up in the home search sites (at least the ones that I tried). If you have been tracking a home, or are interested in the status of a home in your neighborhood, I'd be happy to look up the status for you if you're unable to find it on your home search site.
Please don't hesitate to call or email with any real estate questions or needs that you may have. It's my job, but it's also my pleasure. Below is a chart that shows the total number of homes for sale in Gig Harbor, Port Orchard, and Key Peninsula in a week by week study of ‘08.
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