Embarking on a home-buying journey is an exciting and important step in your life, and having the right knowledge at your fingertips can make all the difference. I’m here to guide and educate my clients with essential information for a smooth home-buying journey. There’s a lot of information, real estate terms, timelines and responsibilities when buying or selling a home. Let’s dive into three vital real estate terms that homeowners, sellers and buyers should be familiar with:
Real Estate Term 1: Contingencies
Buying a home comes with some “ifs” and “buts.” Contingencies are conditions that must be met for the sale to proceed. Common ones include inspections, financing, and appraisal contingencies. They protect you, the buyer, ensuring you have an “out” if things don’t align as expected. We’ll navigate these with confidence!
Real Estate Term 2: CMA (Comparative Market Analysis)
Wondering what a property is worth? A CMA is a magic tool that helps us determine the fair market value of a home. It analyzes similar properties recently sold, currently listed, and those under contract. With a CMA, we’ll pinpoint the best price to ensure you make the right investment!
Real Estate Term 3: Appraised Value vs. Assessed Value
These two values often cause confusion.
Appraised value is determined by a professional appraiser to assess a property’s market value. On the other hand, the Assessed value is set by the local government for tax purposes. Understanding these distinctions is crucial for accurate pricing and taxes!
How I can help you with understanding the crucial real estate terms of home buying!
Ready to make informed decisions on your real estate journey? Request a call with me today down below!
Remember, knowledge is key, and I’m here to guide you every step of the way! Let’s find your dream home together!