Real estate has a language all of its own! While realtors can read between the lines, many home buyers are confused by the unfamiliar phrases they see on property descriptions. Understanding what these real estate terms really mean will help you know what to expect before walking through the front door. Here are a few of the most frequently used real estate terms you might come across:
Sold As-Is – The seller won’t do any repairs; what you see is what you get.
Cozy or Charming – Think very small; the home may be cute or have character, but it is not spacious.
Hidden Gem – A diamond in the rough; a great opportunity for a buyer willing to do minor updating or repairs before moving in.
Investor Special – The property needs extensive repairs and updates in order to be livable.
Lives Large – The actual square footage may be small but the floorplan maximizes the space and makes it feel larger than it is.
Location, Location, Location – Home is within a desirable neighborhood, likely in close proximity to popular amenities, major roadways, parks, or schools.
Lovingly maintained – This usually means the home has a long time owner who kept the home in good condition, although it probably needs updated.
Mature Landscaping – Shrubs and trees need pruning or possibly replaced.
Motivated Seller – Signals that the owner wants to sell their house quickly or has received no offers and may be flexible on their list price.
Move-In Ready – Neutral décor, updated, no additional work is necessary for the house to be habitable.
Open Plan – Typically means that the great room and kitchen are adjacent and not separated by any walls.
Priced to Sell – Seller has initially priced the house low and is likely not willing to negotiate much off their list price.
Hope this helps you to decipher the language of real estate! If you want to see a home after reading the description, reach out to me or any of the other great agents on our Thomas & Company team!
Until next time,
This summer, the housing market in New Albany is moving fast. With more than 22 years of experience helping clients buy and sell homes here, all of us at Thomas & Company have never seen a market this hectic. But the real question is what makes this market different and why is it such a great time to sell your home?
In short, New Albany is currently in a “perfect storm” market for sellers, where housing prices have been rising at the same time that inventory has remained very low. While the summer is typically a high time for buyers to start looking to begin with, the atypical drought of sellers has led to an unprecedented increase in demand. Right now, a majority of the well-priced homes hitting the market and going into contract in under a week – and often with multiple offers.
Earlier in this market frenzy, comparative sold listings were lagging behind; however, with 9-12 months of values consistently increasing, appraisals are finally reflecting the actual market value of homes in New Albany.
One thing that the real estate market is not right now is predictable. And, while the market seems to be trending upward, there is no guarantee that this will continue into the coming months or even weeks. If you have been considering selling your home, there is little doubt that you will get a better price in the future than you would today.
If you would like a better idea of what your home is currently worth, please reach out to someone here at Thomas & Company – we offer complimentary market valuations and expertise. And, with our suite of services, including home staging, professional photography, and a results-driven marketing plan, we’ll make your home stand out from the rest!
Right after your home goes into contract, you’re excited and ready to finalize the sale; however, before you can get to the closing table, you and your house have to make it through the inspection period. For the homeowners, this can be a nerve-wracking time of uncertainty, where you start to question how your house will hold up to closer scrutiny. Here are a few tips that will help you make sure that you’re doing everything you can to get your house through the inspection period.
DO Keep your house in ‘ready-to-show” condition
After days or even weeks of working hard to keep your home in tip-top shape, it can be tempting to let the clutter start to stack up once you have a buyer; nonetheless, you should strive to keep your home looking as good as the day the buyers saw it. Excited buyers often come along to the inspections – sometimes bringing kids or other family members along to show off their new home. And the last thing you want when you’re this close to selling is for them to start feeling any buyer’s remorse when they see your home looking less pristine.
DON’T Stick around for the inspection
While you may be curious to see the inspection on your home, staying at your home during a home inspection could have some negative impacts on the sale of your home. At best, you’ll make the future homeowners feel a little uncomfortable by lingering around while they look for issues with your home. But there can be more significant effects on the deal too, such as the buyers thinking your presence influenced the home’s inspection report.
DO Be accommodating
From scheduling equipment deliveries to coordinating multiple busy schedules, it can be difficult to get an inspection completed on a house. And the buyers may be doing some secondary inspections in addition to the primary home inspection, such as a roof inspection, radon inspection, or termite inspection. In order to get your house sold as quickly as possible, you will need to be as flexible as your schedule allows and avoid adding more complication to the process.
DON’T Overthink the Buyer’s Request to Remedy
Getting a list of everything that’s wrong with your house can be daunting. Before you start to panic, just try to keep in mind that the Buyer’s Request to remedy is just that – a request. And a request written from the perspective of someone who could potentially gain a lot of updates to their new home or save some money if they enough significant issues. When you get a Buyer’s Request to Remedy, the first thing you should do is take a deep breath. Next, call your realtor and have them look at it from an expert’s point of view.
If you have any more questions about home inspections, selling your home, or any other real estate questions, feel free to contact us or visit our website.
A question our clients often ask is whether or not they should accept the first offer they receive for their listed property. Of course, every situation is unique and all factors should be carefully considered when determining whether or not to accept any offer. However, as a general rule of thumb, we tend to advise our clients to consider the possibility that the first offer they receive could be their best offer. We caution our clients about rejecting the first offer too quickly because we’ve seen many cases where it took weeks or even months for another offer to come in. And, in many cases, that second offer was inferior to the first (rejected) offer.
We also know that there is a particular group of buyers out there – Zillow refers to these buyers as the “Real Dealers” – who have done their homework, know what they want, and in many cases are even pre-approved for financing. They are just waiting for the right property to come on the market. And when it does, they tend to make a very competitive offer.
The bottom line?
We encourage our clients to give themselves permission to seriously consider accepting the first offer they receive. And if it comes very soon after the home goes on the market, even better! We tell our clients that a good offer that comes in early in the game is an indication that we’ve priced their home correctly and properly positioned it in the market.
We like color and the positive impact it can have on you and your home!
As Realtors, we constantly counsel sellers on the need to take their homes to white, beige, gray and greige in order to sell. But selling your home isn’t anything like living in your home. When you are selling, we treat your home like a Hollywood set. But for living in your home, it needs to reflect YOU!
Moll Anderson’s book, “Change Your Home, Change Your Life With Color,” notes that “color is an amazing source of energy and has a sensory effect on all of us. It affects our moods, our feelings, and even our behaviors.”
We believe this is true. Orange is a very happy color for Kate and Tony, who have introduced it into every room in their house, most dramatically in their dining room artwork. We are advocates for pops of color in your home – whether it’s a piece of furniture, art, accessory, drapes, or accent wall. We’re not suggesting you need color from floor to ceiling in every room of your home. Be creative; there are no rules. How do you want your home to inspire you? Do you want your home to make you feel happy, calm, energized, passionate, creative, dramatic, rested, etc.?
Rather than focusing on spring cleaning your home, we propose you consider sprucing up with a pop of color for exactly what you need to bring into your life!
Thinking of selling your home?
If you are thinking about selling your home in the near future, don’t hesitate to call us about our marketing services, including home staging. We will advise you of what today’s buyers prefer and get you all fixed up to sell! Thomas & Company will coordinate anything that needs to be done and even stage your home for you!
Have fun and happy spring!