US Home Sales Contracts

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Commonly Asked Questions about US Home Sales Contracts

Is a contract of sale the same as an offer?

An offer is a written proposal to buy a property with conditions baked in. The buyers agent helps to write it up and delivers it to the sellers agent. Purchase agreements are an actual agreement between the buyer and the seller also sometimes called a real estate contract.

What is US pending home sales?

The Pending Home Sales Index (PHSI) is a monthly housing market index released by the National Association of Realtors. The PHSI shows the number of sales in which a contract has been signed, but the transaction hasnt yet closed; the closing process can take up to two months.

Are existing home sales declining in the US?

Existing-home sales keep ticking downward The count of existing-home sales includes all completed resales, including single-family houses, condos, townhouses and co-ops. ing to NAR, the number of sales nationally fell 5.4 percent year-over-year to an annual pace of 3.89 million transactions in June 2024.

How are home sales in the United States?

US Existing Home Sales Fall the Most in 19 Months Existing home sales in the US fell by 5.4% from the previous month to a seasonally adjusted annualized rate of 3.89 million units in June of 2024, the sharpest monthly decline since 2022, to the fewest amount of sales since the start of the year.

What does it mean when a house for sale says contract?

Under contract means that a seller has accepted an offer on the property, but the sale isnt final until all contingencies are met. It typically takes 4 8 weeks from the date an offer is accepted until the sale is complete.

What does signing a contract mean when buying a house?

In real estate, a purchase agreement is a binding contract between a buyer and seller that outlines the details of a home sale transaction. The buyer will propose the conditions of the contract, including their offer price, which the seller will then agree to, reject or negotiate.

What does it mean when a house says contract?

An under-contract real estate listing means the seller has accepted an offer and signed a purchase and sale agreement with a buyer. While both parties are one step closer to completing a sale, that doesnt necessarily mean its a done deal. Most offers include contingencies that must be met for the sale to close.

What does it mean to have a contract to sell a house?

A land contract, also called a land sale contract, installment contract, contract for deed, a bond for title, or articles of agreement for warranty deed, is a purchase contract where the seller keeps legal title during the terms of the contract. The buyer takes possession of the property and gains equitable title.