Understanding the meaning of the term ‘under contract’ in real estate is crucial for buyers and sellers. This term signifies that the seller has accepted an offer, but the sale is not yet finalized. Various contingencies, such as home inspections, title verification, and financing, must be met before the agreement can be completed. Realtors will …
real estate terminology
The Home Appraisal – The Second Sale
… How Home Appraisals Work The appraisal is a necessary part of the homebuying process. It serves to establish the value of a property for the lender. The home must appraise for the amount (at least) that the buyer is borrowing for the contracted price. The bank that is issuing the loan wants to know …
Rent Vs. Buy 2023 – Is Housing Still Affordable?
Housing Affordability … RENT VS BUY in 2023…Is housing still affordable? 2021 was a crazy year for real estate! Home values in Frederick County increased almost 20% year over year! We haven’t seen that kind of escalation since the mid-2000’s. Values rose at a lesser rate in 2022, but continued to accelerate. As we watch …
What is Home Builder’s Confidence – HMI?
“Homebuilder confidence down 10 straight months, according to the National Association of Home Builders.” We hear this term in many financial reports, but what does it mean? (It’s not Bob the Builder grinning in the mirror as he recites his morning affirmations:) HMI – What is “Home Builder Confidence”? The NAHB, National Association of Home Builders, …
Four Real Estate Truths For Any Market
Although all real estate is local, there are 4 real estate truths that are always true, whether you’re in a buyer’s market, a seller’s market, or a transitioning market. Although the local real estate market is anything but static, but rather changes from year to year, and even within one year, some things never change. …
Real Estate Terminology – What is Absorption Rate?
The Absorption rate is roughly how long it will take the current homes on the market to sell. It’s an estimate, based on the current number of listings and current sales. Because those two factors fluctuate from month to month, absorption rate is a rough estimate. It’s an average of how many homes sell each …
What is the Difference Between FHA and Conventional Loans?
There are many different loan products available to homebuyers today…so many that it can be confusing. Basically, there are two main types of mortgages, government backed mortgages, like VA, FHA, and USDA, and non-government backed mortgages, or conventional loans. Let’s break down all the categories and see what is the difference between FHA and conventional …
What is the Difference Between FHA and Conventional Loans?Read More
Glossary Of Real Estate Terms
Sometimes agents throw around real estate jargon like its common knowledge to all, when in fact, a lot of buyers and sellers don’t always know what we’re talking about. I thought I’d write a series of blogs to define some of these terms, at least the ones I think are important. These are specific to …
Real Estate Terminology – DOM – Average Days on Market
Real Estate Terminology: DOM – Days on Market
Real Estate Terminology – DOM – Average Days on MarketRead More