The hot list is instrumental for a few reasons. It allows purchasers' agents to spot listings for their purchasers almost as soon as they come on the market; it helps listing agents price homes they are marketing; and it helps all brokers and agents identify trends in their local markets. A few Multiple Listing Service systems allow agents to send customized hot lists automatically to their clients.
Active
Listings
Every day's hot list shows majority of the new listings that
have come on the market in the last 24 hours. An agent may be able to modify
the active listing hot list to show just those properties that meet particular,
predefined criteria, such as cost, geographic area, number of bedrooms and
other items that relate with the agent's or his customer's preference.
Customization abilities depend on the Multiple Listing Service system the agent
uses, but honest speaking, the system can display both any number of customized
lists and the full active listing hot list.
Pending
Listings
The hot list appears as "pending" any listings
that have gone under contract in the last 24 hours. A pending deal is one for
which an offer has been accepted and an agreement of sale executed. The sale
has not closed yet - Dublin Realtors. Pending sales are a useful forecasting tool, as they speak
to future earnings much as pre orders do for retail businesses.
Expired
Listings
An expired listing is one for which the dealer's listing
contract with the real estate agent has reached its completion date without the
house having been sold. Expired listings are off the market; however sellers
regularly extend or renew their listing contracts. At times, they relist their
home with a different broker. Brokers and agents use the expired listing hot
list as a marketing tool to identify potential clients who may be in the market
for a new agent or broker. Expired listings serve as a pricing tool as well.
Agents assume that the primary reason a home failed to sell is because the cost
was too high. They know, then, that costs of comparable listings should be
lower.
Closed
Listings
A hot list's closed deals are those that closed, or were
completed, in the last 24 hours. Ownership has transferred from seller to
purchaser, and the purchaser's mortgage loan, if he is financing his purchase,
is in actuality. What's more, monies associated with the transaction, like
taxes, broker commissions and other closing fees have been paid and are in the
process of being disbursed by the closing agent or attorney who handled the
closing. Listings for closed deals show the closing date, the last deal price
and the value of any concessions the seller made on the purchaser's behalf.
Agents use these data in the comparative market analyses they perform to decide
the best list prices for new listings (Dublin Realtors). The closed listings' value in this
regard lies in the way that the most objective predictor of a home's deal price
is the recent deal prices of similar homes in the same area.
Canceled
and Withdrawn Listings
Canceled and withdrawn listings are those whose owners took
them off the market before the end of their listing contracts, without the
properties having sold. Dealers cancel and withdraw listings for any number of
reasons. Some decide against relocating, for example, while others run into
financial issues and are forced by their lenders to take their homes off the
market as a prerequisite to modifying or refinancing their mortgage loans.