When you consider the fact that 38 percent of Americans are likely to purchase a home in 2021* amid a national housing shortage, knowing your way around a real estate transaction ultimately could be the difference between a date with the closing table or another busy weekend full of showings.
That’s why today, we’re breaking down what pending in real estate is along with the most common questions about pending offers and what they mean for you as a prospective buyer.
In real estate, pending means the seller has accepted an offer from a potential buyer, but the contract has not yet been executed. This is also known as being “under contract.”
It is still possible for a home sale to fall through even after it’s reached the pending status, so if you find that your dream home is “pending,” there’s still a chance to put in your offer if the current one falls through, an occurrence that happens about four percent of the time.