Tag Archives: location

Real Estate Terms….What They Really Mean!

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,

 

  

       

Get Your New Albany Home Sold…Now!

It Takes Location, Condition and Price to Sell a Home! Selling a home in today’s market is challenging to say the least. In the past, you could overcome a less desirable location with a great price. You used to be able to overcome dated condition/décor with a great location and floor plan. And occasionally, a home in a great location and superior condition would sell for more than one might have predicted. But not today.

Today’s buyers want it all – a great location, excellent condition and a price that is too good to resist! There is enough inventory on the market that a buyer will pass on a home with wallpaper, a dated kitchen, or flooring in need of replacement. Most buyers will not even look at a home that they perceive to be priced unrealistically. To a buyer, an overpriced home indicates an unmotivated seller.

Price is still the key but the location and condition part of the equation are factors that must also be considered when setting the asking price. Currently, there are more homes than buyers for those homes. When Tony and I are determining the best possible price for a home, we will identify the 3 homes that offer the most competition and then recommend that the home be priced in front of them. We do not want to “test the market” or “follow the market down.” Rather, we want to “lead the market.

This pricing strategy doesn’t guarantee that a house will be the next home sold but it sure will increase the likelihood of it being shown to potential buyers. It has to be shown to sell. Once you have an offer, you can accept, counter or reject it. But at least having an offer, puts you (the seller) in charge.

Find out how actual selling prices compare to listing prices in your neighborhood by getting an instant MLS Market Snapshot.