As in any industry, there are terms and buzzwords that are unique to residential real estate.
When you put your home on the market, you should know what those terms mean. Here are definitions for the most common ones:
Fair market value: This is an estimate of how much a specific home will sell for in today’s market, taking into account what similar properties in the area have sold for recently.
Seller’s Agent: That would be me, the real estate professional who is helping you sell your property. I would also assist you in finding and buying your next home.
Buyer’s Agent: This is the real estate professional who is representing the buyer of the property you want to sell.
Pre-approved Mortgage: This is a statement (often in the form of a certificate) from your bank or other lender that states that you qualify for a mortgage for a particular amount of money. A pre-approved mortgage adds credibility to any offer you make on a new home.
Staging: This is a strategy where a home is purposely prepared so that it appeals to potential buyers. Staging may involve cleaning, de-cluttering, rearranging furniture, redecorating, and more.
Survey: This is a document that defines the boundaries and measurements of your property and any structures on it.
Offer: This is an offer of purchase, in writing, for a particular property.
Conditional Offer: This is an offer to purchase, but with conditions – such as “conditional on a satisfactory home inspection” or “conditional on arranging suitable financing”.