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,