What does a listing status mean?

If you are actively searching for homes, chances are you saw terms you may or may not know the true meaning of. This can be frustrating, especially if you've found a home that you love that has been marked "under contract".

On the other hand, if you are thinking about selling your home, you may be wondering what are the different stages of the process once you've accepted an offer but haven't handed over the keys.

Here are the key real estate terms you will see in a listing whether you are buying or selling.

ACTIVE - Listing is on the market, is available to show and an offer has NOT been accepted.

ACTIVE UNDER CONTRACT - An offer has been accepted, but the listing is still in the market. There is a chance that the deal can fall through due to unforeseen circumstances. In some cases, you may still be able to make an offer on a property listed as under contract.

PENDING - An offer has been accepted, and the listing is no longer on the market. While there is a chance that a property with the pending status can return to the market due to an inspection, appraisal, or financing issue, the chances are lower at this stage.

BACK ON MARKET - The listing is back on the market and it simply means that is available again after a prior contract fell through.