![]() ![]() The sale of a home by an owner who owes more on the home than it’s worth. Market conditions that exist when buyers outnumber homes for sale. Multiple listing service (MLS)Ī database where real estate agents list properties for sale. The price of a home, as set by the seller. The number of days a property listing is considered active. Or comparable sales, are homes in a given area that have sold within the past several months that a real estate agent uses to determine a home’s value. Comparative market analysis (CMA)Īn in-depth analysis, prepared by a real estate agent, that determines the estimated value of a home based on recently sold homes of similar condition, size, features and age that are located in the same area. Homes can sit on the market for a long time, and prices tend to drop. Market conditions that exist when homes for sale outnumber buyers. Read more about the Buy-Rent Breakeven Horizon here. Try our affordability calculator to see how much house you might be able to afford.Ī concrete point at which buying a home makes more financial sense than renting one. Home affordability takes into account your income, down payment, and monthly debts. AffordabilityĪffordability or home affordability refers to the amount of money you can comfortably afford to spend on a home. Real estate terms to know when you’ve started house hunting 1. Keep this five-part guide handy - you’ll be fluent in the language of home buying before you know it. ![]() When searching for a home or applying for a mortgage, you may hear your real estate agent or lender use any of the terms or acronyms below. You don’t need a real estate license to find your dream home, but it does help to become familiar with real estate jargon you might encounter during the process. Real estate terms you might hear when you’ve had your offer accepted.Study these real estate terms when you’re applying for a mortgage.Learn these definitions before you start shopping for a mortgage.Real estate terms to know when you’ve started house hunting. ![]()
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