One of the most often asked questions by people looking at homes on our Tallahassee Property Search Tool is about the status of homes under contract.
Some people want to know why we even both to continue marketing homes under contract, they feel that these just get in the way when they are looking at what is still available.
But there has actually been a lot of consideration put into this, so I figured it might make for an enlightening blog post.
Homes Under Contract Might Not Close
Real estate companies who are hired to sell a home in Tallahassee sign a contract with the property owner which commits us to market the home until it is sold. When we get a contract on a home, it appears to be already "sold," but that doesn't mean our work is done.
In fact, the following real estate graph shows that only 37% of homes under contract are making it to closing these days, meaning it is critical that we still search for buyers, even after we get homes under contract.
Homes Under Contract In The IDX Feed
The information about all the homes in the Tallahassee MLS is sent to other real estate websites through what is called an IDX feed. Currently, our MLS IDX feed includes homes under contract, which as we saw from the graph above is a good thing.
The IDX feed provides the information that most real estates sites use to market homes for sale, so it is likely that if you find a home under contract on one site, you will find it on hundreds of other sites too.
So what do you do?
First of all, I would recommend that you link up with a real estate agent that you trust, and send them properties that you find. They can schedule a showing, and find out the real status of the property.
If you end up viewing everything on the market and don't find what you are looking for, you should consider adding homes under contract to your list, as it is likely that more than half will not close with the buyers who currently have them tied up.
Joe Manausa, MBA is a 26 year veteran of real estate brokerage in Tallahassee, Florida and has owned and managed his own company since 1992. He is a daily blogger with content that focuses on real estate analytics and providing his clients with a tactical advantage in today's challenging market.