That's a common question, and you can't really get a meaningful answer until your Realtor contacts the Listing Agent to learn the exact stage of the sale. 

 

Pending status occurs the minute a seller and buyer have agreed on a price and terms for a sale, but that's just the first step in a dance that provides many, many opportunities for either party to break a leg, step on the other's foot, or run out of music.  

If 1) it's set to close in the next few days and 2) all parties seem to be dancing smoothly, then it's probably time to look for your next Dream Home instead.

On the other hand if 1) it's a few weeks away from the closing date, OR 2) all parties are not dancing so smoothly, the the seller would probably be very receptive to a back up offer.  

Keep in mind that if it's pending the seller is under contract to sell to that buyer, and it will go ahead unless the buyer a) can't get the loan they need, b) the home doesn't appraise at the sales price, c) the home inspection turns up something that buyer and seller can not agree on how to resolve (seller fixes or credits buyer some amount), OR d) a relatively small number of things occur that make the seller want to cancel.

 

So the answer to the question depends on how smoothly the partners are dancing and how close they are to the agreed closing date.  The best answer for that comes from your Realtor's conversation with the Listing Agent.