When a House Is Off the Market, What Does That Mean?

When a house is no longer available for public viewing or offers on real estate platforms, it is referred to as “off the market.” This means the property is not actively marketed for sale through typical channels like a Multiple Listing Service (MLS). While a transaction may still be in progress, its “off-market” status signifies a change from active availability. The specific implications depend on the reason for its removal.

Types of Off-Market Statuses

A common reason a property moves off the market is when it becomes “pending” or “under contract.” This status indicates that a seller has accepted an offer from a buyer, and both parties are now working towards completing the sale. The property is no longer available for new offers, as a legally binding agreement is in place, subject to certain conditions.

In some instances, a property might be listed as “contingent.” This means an offer has been accepted, but the sale is dependent on one or more specific conditions being met within an agreed-upon timeframe. Common contingencies include the buyer securing financing, a satisfactory home inspection, or the sale of the buyer’s current home. Until these conditions are fulfilled or waived, the transaction remains conditional.

Once all conditions are met and the legal transfer of ownership is complete, the property status changes to “sold.” This indicates that the transaction has successfully concluded, the deed has been recorded, and the property has officially changed hands. The property is no longer available for purchase by any party.

A property may also be “withdrawn” from the market by the seller. This occurs when the seller chooses to remove the listing before the expiration of their agreement with the real estate agent. Reasons for withdrawal can include personal circumstances, a decision to make repairs, or a temporary change of plans regarding the sale. The property is no longer being actively marketed to potential buyers.

Another status is “expired,” which means the listing agreement between the seller and their real estate agent has concluded without a sale. This typically happens if the property did not sell within the agreed-upon listing period. When a listing expires, the property is no longer actively advertised through the MLS, and the agent no longer has the authority to market it.

Impact of Off-Market Status on Transactions

For pending or under contract properties, potential buyers cannot submit new offers. A buyer has committed to the purchase, and the process moves toward closing, typically within 30 to 60 days. Sellers fulfill contractual obligations, such as providing disclosures or allowing access for appraisals.

For properties with a contingent status, while a primary offer is accepted, some sellers might still entertain backup offers if the existing contingencies are substantial or have a high chance of not being met. Buyers might express interest, but their offer would only become active if the initial contract falls through. Sellers must navigate the specific terms of the contingency, which often involves deadlines for inspections or loan approvals.

A sold property is no longer available for any offers, as ownership transfer is complete. For buyers, this signifies the end of its availability. For sellers, the financial transaction is finalized, with proceeds received after deducting closing costs like real estate commissions, title insurance fees, and transfer taxes.

If a property has been withdrawn, it is not actively marketed, and direct offers through the MLS are not possible. Buyers interested might need their agent to make an informal inquiry to the seller’s former agent about a private sale. Sellers are no longer obligated to market it and can re-evaluate their selling strategy without immediate pressure.

An expired listing means the property is no longer formally on the market through that specific agreement. Buyers cannot submit offers. Sellers must decide their next steps, which could involve relisting with the same or a different agent, adjusting the price, or taking the home off the market indefinitely.

Actions When a House is Off the Market

For buyers interested in a property that is pending, under contract, or contingent, it is advisable to continue their search for other available homes. While a backup offer might be considered for a contingent listing, these situations are less common and often require patience. Buyers should work closely with their real estate agent to identify new listings that meet their criteria.

If a buyer identifies a property that was recently withdrawn or expired, their agent may be able to reach out to the former listing agent or seller to inquire about its future availability. This direct inquiry might reveal if the seller plans to relist soon or is open to a private sale. Maintaining open communication with their agent helps buyers stay informed about potential opportunities.

For sellers whose property has been withdrawn, it is an opportunity to reassess their selling strategy. This might involve making necessary repairs, updating the home, or re-evaluating the asking price to better align with market conditions. Sellers can then decide if they want to relist the property at a later date or pursue other options.

If a seller’s listing has expired, they should review the reasons the property did not sell within the agreed-upon timeframe. This could involve analyzing feedback from showings, market comparable sales, and the property’s pricing strategy. Sellers may choose to interview new real estate agents, adjust their marketing approach, or decide to remove the property from the market for an extended period.