Real Estate And The Lingo Within The Real Estate IndustryReal Estate And The Lingo Within The Real Estate Industry

Many times an industry will use their slang terms in describing things within their industry. For this article, we will take a look at a couple of terms used within the real estate industry.

Other terms used frequently within the industry include the Comparative Market Analysis. Often referenced as a CMA, or Competitive Market Analysis, this term is referencing the way agents compare the home pricing. Homes used in the competitive market analysis, are typically found within three categories; sold, pending and active.

A Realtor takes into account these categories and a subject home to get a general market price for the subject home. All sold homes are usually viewed within a time frame of six months. These homes are typically from the same neighborhood the subject home is located in and with some comparable sizes and features. A more in depth competitive market analysis will include expired and withdrawn listings. Expired listings are those that have been on the market for a period of time and are no longer offered for sale. Withdrawn listings have been on the market for a period of time, but the seller has decided not to sell them for one reason or another.

The time on market is another item considered in the competitive market analysis. The time on market is often seen under the term DOM, this simply means Days on Market. As far as the competitive market analysis is concerned, the days on market is a helpful indicator as to what price and condition helps a home get purchased quickly. Knowing the market time can help a seller either to play the market a bit, with overpricing or can determine an aggressive pricing strategy to turn a listed home into a sold home-seller's choice.

Both the buyer's agent and the listing agent use the competitive market analysis for different but similar reasons. The buyer's agent uses the CMA to ascertain the fair market price of a home. They do this for their client, for two reasons. One of the reasons is to make sure the home is not priced out of line, and the other is to help put together an offer to purchase with their client. The competitive market analysis is a guideline. The seller and the buyer ultimately make the decision on the selling price of the subject home.

For the listing agent, it is to place the subject home on the market with a competitive price. A price that will get plenty of buyers in the door to look at the home, and ultimately a price that will attract an offer to purchase, one that a seller has a bit of negotiating room to work with.

Slang terms in the foreclosure department include short sales, REO's and bank owned property. An REO is real estate owned by the bank. A foreclosure is a property that was taken back by the mortgage company that holds the loan on it. Bank owned property is simple that. A short sale is where the seller and the mortgage holder have made an agreement that if the seller can find a buyer; the mortgage holder will consider negotiating with the offer presented to them. Short sales are the oxymoron of the industry as these types of transactions take longer than any other.

And RELO, another fine term in the real estate industry. This term refers to those individuals working with relocation companies. These companies help to offset a relocating employee. Relocation in itself is just moving typically from one city or state to another.
by Claude Cross
References and Bibliography
Go here to learn about Charlotte Homes for Sale. Or, go here, for information on Waxhaw Homes for Sale. Or, check out Ballantyne Country Club Homes for Sale here.
Rated:NR/0 Votes
3 Views
Add To My Article Reading List
Add To My Article Reading List
Print Article
Print
More Article By Claude Cross
More Article by Claude Cross
Share
More Articles From Real Estate
More Articles From Real Estate
Related Articles and Readings
Real Estate Investment Why it is Big Business By: Rhiannon Williamson
When examining the different asset classes, real estate is generally far less volatile than shares and real estate tends to be the haven that investors flock to when other asset classes are suffering.It is true to say that investment properties can have many benefits in terms of building long-term wealth, ...
The Real Estate BubbleWhen Will it Burst By: Nicole Soltau
More and more individuals are realizing that real estate is much safer, and a better return on investment than many traditional investment vehicles. Unlike stocks or bonds, real estate investments can usually be liquidated in order for the investor to access funds in far less time. Additionally, unlike many other ...
Everything A Real Estate Agent Doesnt Want You To Know Part 2 By: Jim Hart
So you are thinking about buying a home? Typically, people who are planning to buy a home, and especially first time home buyers, start by looking through newspapers ads and real estate magazines before calling a real estate company and talking to a real estate agent. And that's where ...
Reinventing Real Estate Part 1 Online and Empowered Consumers Are Taking Charge and Paying Less By: Charles Warnock
For decades, the real estate world turned in a predictable manner. The roles of buyers, sellers and real estate professionals were fairly well defined and transactions followed a predictable path of yard signs, newspaper ads, open houses and miles of paperwork.Recently, online and empowered consumers have changed the game. Real ...
Questions, Which Investors Must Ask Before Buying Real Estate US By: Agnes Celina
Economic crisis, which is also famous economic recession, has left the real estate USA much behind than its original value and price. ...
The information provided in this article and/or the comments is the sole responsibility of their respective authors and does not necessarily reflect the opinion of ezinepost.com. ezinepost.com  does not endorse any article and/or comments published by our web users unless otherwise noted. 

Member Panel

login to submit articles and more

StatisticsEZINEPOST.COM

  • » Active Categories: 419
  • » Active Articles:252470
  • » Active Authors:32056
  • » Active Members: 38202
  • » Statistics Updated:
    - Wed Jan 15th, 2020 03:31PM EST