Some buyers, sellers, and general real estate aficionados may wonder what the recent changes in the Multiple Listing Service (MLS) property categories mean for them.
Here’s the skinny…
At the Honolulu Board of REALTORS Broker Roundtable in April 2016, there was a call among brokers for greater transparency and professionalism in the ways in which properties under contract are entered and displayed in HiCentral MLS.
Previous to January 2017, properties that were under contract (but were still available for showing for potential back-up offers) were listed in the MLS as “Active-Continue to Show”.
This verbiage led to some confusion among the general public and prompted the following change:
Beginning Jan. 11, 2017, HiCentral MLS listing agents now use one of the following “status” options once a contract has been accepted:
"In-Escrow," - Showing (Contract has been accepted, but the seller is still showing the property)
"In-Escrow," - Not Showing (Contract has been accepted, but the seller is NOT showing the property)
Additionally, once an offer has been accepted, listing agents now have FOUR (4) days to update the property's status to one of the above "In-Escrow" options (a change from the prior standard of 15 days).
The Honolulu Board of Realtors made these changes with the public in mind and with the intention of increasing transparency in the real estate buying and selling processes.