Published on our November 2021 Newsletter

Question: What are some common terms dealing with real estate?

Christie’s Answer: Whether buying or selling, understanding real estate terms can make the sometimes overwhelming or confusing process simpler. For example, here are some commonly used terms:

Market Value: what a buyer is willing to pay for a property. It’s influenced by comparable sales which is the “going rate” for nearby homes that share a lot of characteristics with your listing, as well as the appraised value from a professional appraiser. This can be different from the assessed value which is used to calculate and levy property taxes.

Comparative Market Analysis (CMA): an estimate of a home’s value based on recently sold, similar properties in the immediate area. Real estate agents and brokers create CMA reports to help sellers set listing prices for their homes and sometimes to help buyers make competitive offers. Although buyers and sellers can do their own research and analysis, it is important to have someone who has deep knowledge of the local market to help. 

For more frequently used terms, here is a wonderful article with a glossary of real estate terms which might be of assistance. If you have questions about buying or selling a home, contact us.

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