A real estate hot list shows the latest market activity according to the Multiple Listing Service. This helps brokers find new listings as soon as they are posted so they can make the first offer. Agents also use the hot list to spot trends in the local market and forecast future home prices. Knowing the best price for the current market reduces the amount of time it will sit on the market.
The active section of the hot list shows new listings made available for sale within the previous 24 hours. You can usually filter the active listings to only display homes with certain characteristics, such as location, price, size or number of bathrooms. The exact options vary based on the software interface you use to search the MLS database.
If an offer is accepted and a sale agreement has been executed, it will be classified as pending or under contract until the sale is final. The hot list includes all listings that have changed to pending status within the last 24 hours. Brokers often use the pending listings to forecast upcoming closings and project their future income.
When the seller's contract with the broker for listing the house has expired with no offer, the listing will be moved to the expired section of the real estate hot list. These listings present brokers with opportunities to acquire new clients. A house is taken off the market after the listing expires, but the seller may be interested in relisting. The seller may also want to change brokers since the original listing did not sell. Expired listings can also be helpful when conducting price research. Homes that did not sell during the allotted listing time are usually priced too high.
Closed listings have completed the sale process in the last 24 hours. To qualify as closed, ownership must transfer from the seller to the buyer and all closing costs must be paid. The hot list shows the final sale price, closing date and the value of the seller's concessions to the buyer. Closed listings are often used as comparables to set prices for new listings because they represent the most recent market data.
Canceled or withdrawn listings are taken off the market before the listing contract has expired. This is often due to financial issues that come up after the listing has been placed. The seller may also be required to cancel the listing prior to a refinance or loan modification.