As the search for a new home heats up, you may come across listings that say “under contract.” This message can be frustrating for those who have their heart set on a particular property, but it`s a reality of the real estate market. However, rather than waste time on properties that are already spoken for, you can learn to identify the signs of a home under contract.

Here are some tips for how to tell if a home is under contract:

1. Look at the listing status – The first and most obvious sign that a home is under contract is the listing status. When a property is under contract, the real estate agent will change the status on the MLS (Multiple Listing Service) from “active” to “under contract,” “pending,” or “sold.” Check the listing status before scheduling a showing or offering to buy the home.

2. Check for contingencies – A contingency is a clause in a real estate contract that specifies certain conditions that must be met for the sale to proceed. Typically, a home is under contract with contingencies for inspection, appraisal, and financing. If a property has contingencies, it`s a good sign that the home is under contract.

3. Pay attention to the showing schedule – If you`re interested in a property that`s listed as “active,” but the real estate agent tells you that they`re not accepting any more showings, it`s a strong indication that the home is under contract. Many times, the agent will continue to show the property even after it`s under contract because the sale is not final until all the contingencies are met. However, once all the contingencies are satisfied, the home is no longer available to view.

4. Look for price changes – If a home has been on the market for a while and suddenly has a price reduction, it could mean that the seller is trying to attract backup offers in case the current contract falls through. However, a sudden price increase could indicate that the current contract is almost complete, and the seller is trying to maximize their profit.

5. Check public records – Most local governments have online property records that you can access for free. Check the public records for the property you`re interested in to see if there are any recent sales or transfers. This information can help you determine if the home is under contract or has already sold.

In conclusion, there are several ways to tell if a home is under contract, including checking the listing status, looking for contingencies, paying attention to the showing schedule, monitoring price changes, and checking public records. By keeping an eye out for these signs, you can save time and avoid disappointment in your search for the perfect home.