Common Real Estate Lingo

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Like any industry, real estate has its fair share of jargon. Some of these terms are fairly common enough for the average citizen, while others are not as known. If you’re a professional working in the industry, then you’re (hopefully) very familiar with these terms. However, if you’re a buyer or seller, and you’re not very experienced with the industry, then you’ll probably be in over your head. That’s precisely why I’ve compiled a list of some of the most commonly used real estate terms so that you’re better prepared to deal with professionals in the industry.

Appraisal

This is, admittedly, a more common term, however, I am simply making sure that I am covering all of my bases. An appraisal, in essence, is an evaluation of your property’s worth. The process is completed, unsurprisingly, by an appraiser who comes to a decision based on the sales prices of previous houses in the surrounding area. If you’re a first-time buyer or seller, you will certainly become familiar with appraisal.

Closing Costs

So you’ve decided on the house you want to buy, and you’re ready to make your payment and move in! But wait, before you can even close, you’ll have to pay the closing costs. Closing costs are, as the name implies, any expenses that you are required to pay at the time of closing a sale on a property. There are several different kinds of payments that can constitute as a closing cost, but some of the most common are appraisal costs, taxes and attorney fees.

REALTOR

This may come as a surprise to many, but REALTOR is not an appropriate term for all real estate agents. The term is used synonymously with real estate agent, but technically speaking, a REALTOR is only an agent who is a registered member of the National Association of REALTORS.

Equity

One of the best things about owning a home is that you stand to gain a great profit depending on your equity. In short, equity is whatever the value of the home is, after factoring in any charges against it. You will certainly want to become familiar with equity as you become a homeowner.

 

Real estate is an industry with a dizzying amount of terms. These are only a few of the most common that you will come across during your journey of purchasing or selling a home. Good luck!

Why Your Realtor Won’t Sell Your House

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You’re ready for a change of scenery, either because of work or simply through your sheer power of will; you want to sell your house. So, you look for a realtor, and no matter how hard you try, not a single one seems interested in selling your home. This may seem odd since most people assume that all realtors are begging for houses to sell, but that is simply not the case. There are many factors and variables that can affect whether or not a realtor will even spend his or her time on your home. Here are a few reasons why a realtor wouldn’t want to work with you.

 

Asking for too much

If you’re like most Americans, you’ve probably spent years in your house; you’ve renovated the kitchen, bathroom and master bedroom, you’ve painted the outside of the house and you’ve spent a great deal of time growing a beautiful garden outback. To you, your house is almost invaluable. Unfortunately, not everyone will see it this way. There are a bevy of factors that go into what determines the actual value of a house, and if you believe that your house is worth more than what your realtor does, then the agent will more than likely not bother. If the agent does decide to take on the listing, it could spend months on the market, which hurts his or her reputation.

 

You aren’t willing to show it

The best way to really entice potential buyers is by letting them into your house. Much like any other purchase, humans typically enjoy seeing something before they buy, especially when making such a large investment. Because of this, you need to be willing to show off your house. If you’ve put the time and work into it, then don’t be afraid to put it on display. Many sellers are afraid of theft and they opt out of showings, or they are not flexible in their showing hours. This can all make a realtor very wary of your home.

 

Your house is messy

This is incredibly plain and simple: if your house is unkempt and dirty, it makes the sell much harder. And realtors know this. While they can suggest that you clean it up before they take the listing, if you are unwilling to make the appropriate adjustments, they will more than likely skip altogether.

 

At the end of the day, realtors need to make a profit from the house that they are selling. If your home presents too many challenges, and you are unwilling to be flexible and reasonable, they will likely refuse to list your house. Take some of these tips, get out there and sell your house!

How to Find the Right Real Estate Agent

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Looking for a home is a major decision in a person’s life. You want to ensure that you are finding the perfect home to start your independent life, raise a family or whatever purpose you might have. The house hunting process is typically very trying and never goes as smoothly as we’d hope. Luckily, there are professionals that try their hardest to make the process as manageable as possible. But not all real estate agents are created equal. Here’s a quick guide to help you find the right real estate agent.

 

Find a Licensed and Professional Agent

This might seem like a no brainer, but you wouldn’t believe the number of people who hire a close friend or part-time agent only to have the situation blow up in their face. When looking for an agent, ensure that they are fully licensed by their respective. Also, try your best to get an agent who’s had experience in tough deals. You want to make sure that your agent will be on your side and negotiate as hard as possible in your best interests.

 

Communication

Another fantastic trait of a great real estate agent is great communication. You want an agent who is going to be constantly communicating with you, either through text message, email or phone call. Obviously, they shouldn’t be overbearing, but if something of note happens, you should be the first to know as quickly as possible. They should also be very good at communicating the pros and cons of your house or property to potential buyers. If they cannot communicate effectively to buyers, there is no hope for a sale.

 

Organization

You want an agent who is organized. Point blank. If they seem to be disheveled and all over the place, you might want to consider a new agent. If your agent is punctual, keeps notes, records and all necessary information in an easy to access and read manner, then you’ve got a winner.

 

There are several other factors that go into making a great real estate agent. These are only a few of the important characteristics. When looking for an agent, talk to them and get to know them. You’ll probably have a good idea of who they are and how effective they will be after a few minutes of discussion.

 

Good luck!