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Real Estate - Real Estate Glossary
This article explains a few things about realestate, and if you're interested, then this is worth reading, because you can never tell what you don't know.
What is Median Price?
The price at which half the homes sold were above and half the homes sold were below
What is Average Price?
The price resulting from adding up all the sales prices then dividing by the number of homes sold
What is DOM?
Days on Market, how many days it took to sell the home
What is SP/LP?
Selling price to listing price ratio
Who's a Buyer's Agent?
A real estate agent who works on behalf of a buyer in a real estate transaction. The agent's loyalties are with the buyer. It is the agent's duty to share any information about the property or sellers that may help the buyer make decisions regarding the transaction.
Agent status must be disclosed to all parties.
Who's a Seller's Agent?
A real estate agent who works on behalf of a seller in a real estate transaction. The agent's loyalties are with the seller. It is the agent's duty to share with the seller all information about potential buyers that may help the seller make decisions regarding the transaction. . .
Real Estate Resources
In the last few years, homes have became increasingly owned by single homeowners. Many single people are realizing that there are many benefits to owning a home that aren't just for married couples.
Single homebuyers face unique challenges in buying. They have to compete with dual-income households, which can be tough when the market is hot and competition is fierce.
But whether you are single or married, some real estate basics hold true. For example, the biggest decision factor for both continues to be the old and true -- location, location, location. The neighborhood, price, and closeness to work, school, family and friends are important factors to consider in a home.
With the ever-present economic uncertainty and high home values in many areas, many single homebuyers wonder if they can afford a home. With rising interest rates, this is a valid worry.
In many areas, inventory is slim. Sellers are receiving multiple offers. If you find a home you like, you better be ready to jump on it.
Be ready. Spend time getting your finances in order. Compare different mortgages and lenders so that you find the best plan for you and your financial situation. Go ahead and get pre-approved once you find the right lender. Not only will you know exactly how much you can spend, but you have an extra edge when placing an offer. Most sellers in a hot market only accept offers from pre-approved buyers.
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