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appreciation
An increase in the
value of a home or other property.
comparative market analysis
An
estimate of the value of a property based on an analysis of sales of properties
with similar characteristics.
disclosure
A statement to a
potential buyer listing information relevant to a piece of property, such as the
presence of radon or lead paint.
market
value
The price that a piece of property sells
for at a particular point in time.
motivated
buyer
A buyer with a strong incentive to make a
purchase.
move-up buyer
A buyer who has purchased a home before and is looking for a bigger
or more expensive home.
move-in
condition
A house that is ready for a new
occupant.
multiple listing service
(MLS)
A service that combines listings of all
available homes in an area into one directory or database, with the exception of
For Sale By Owner (FSBO) properties.
multiple offers
More than one
purchase offer made on a property. Multiple offers commonly occur in seller's
markets or hot neighborhoods.
open
listing
A property given to a number of brokers
to market at the same time.
price
range
The upper and lower limit of what a buyer
is willing to pay for a home.
property
value
The value of a piece of property, based
on the price a buyer will pay at a given time.
real estate
Land and anything
permanently affixed to it, including buildings.
resale value
A property's
future value, which can be affected by many factors including the surrounding
neighborhood, school district scores, and economic and housing market
conditions.
seller's
market
A hot real estate market in which
sellers have the advantage and multiple offers are common.
trading down
Buying a home that
is less expensive than the one's current house.
trading up
Buying a home that
is more expensive than one's current
house.
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