Spring TX Real Estate: Market Report May 2008
June 10, 2008
Dangers of Overpricing your home
June 17, 2008The real estate industry like other industries has its fair share of abbreviations. And I would have to say that I am just as guilty as the next Spring Texas Realtor in using real estate abbreviations in my correspondence. I throw them around assuming that everyone knows exactly what they mean.
So what does MLS, CMA, LP, SP, DOM, A, OP, P, PS mean?
MLS – Multiple Listing Service: A database that contains information on property listings. In the listing agreement it will identify whether the broker will or will NOT file the listing with a MLS. The local MLS for an area typically has the most comprehensive database of listings.
CMA – Comparative Market Analysis: An impartial evaluation of market activity and is used to estimate the potential selling price of a Spring Texas home.
LP – List Price: The dollar figure at which the property is listed for sale.
SP – Sales Price: The dollar figure at which the parties to the transaction have agreed to sale the property.
DOM – Days On Market: The quantity of days the property has been listed for sale. The DOM stops at the time the property goes under contract.
A – Active: The property is currently for sale. It is NOT under contract. Its one of several classifications of status of a listing with some of the others being OP, P, PS, S, W, T and X. A property is still considering Active when negotiations for its sale are taking place.
OP – Option Pending: The property is under contract. It may or may NOT return to an Active status.
P – Pending: The property is under contract. It has progressed pass the OP status. The real estate transaction is in the process of being completed and closed.
PS – Pending continue to Show: The property is under contract. It has progressed pass the OP status. It is in the process of being completed but it has a contingency that needs to be removed before the property can close.
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Next time your Spring Texas Realtor throws an abbreviation around, just ask them to slow down and provide you with its full word and meaning.
