My clients will sometimes say, "I've got a stupid question for you…. what does <insert odd real estate term> mean?
Of course I always respond that there is no stupid question in this process. This is a big deal, buying and selling a house, and one should never feel that they don't full understand every little bit of what is going on. That's why you work with a Realtor who you trust.
Still, it's nice to have a reference for all those terms that come up during your transaction.
Below is a link to the Federal Trade Commission's Real Estate marketplace glossary.
As inventory levels off, and buyers try to take advantage of the record-breaking low interest rates, Sellers are finding themselves in an advantageous position for the first time in a few years. But that position may be short-lived. Shadow inventory (foreclosures that the banks had been forced by the Feds to hold back to help stabilize the market) has been cleared to be put on the market very shortly…. and prices will undoubtedly go down (it’s been predicted to be around 3-5%) before we see things level off .
I met Steve Harney in Seattle at the Windermere Symposium. He’s pragmatic, crusty, and above all, SMART. Here’s what he has to say to sellers: click this link… You may enjoy the blog, with its insight to current market conditions nationwide. (but many click-throughs to local stats)