appreciation An increase in the
value of a home or other property.
as-is
condition The purchase or sale of a property in
its existing condition.
asking
price A seller's initial price for a
property.
backup offer A secondary bid for a property that the seller will accept if the
first offer fails.
comparative market
analysis An estimate of the value of a property
based on an analysis of sales of properties with similar
characteristics.
condominium Individual units in
a building or development in which owners hold title to the interior space while
common areas such as parking lots, community rooms, and recreational areas are
owned by all the residents.
counteroffer A response to an
offer.
disclosure A statement to a potential buyer listing information relevant to a
piece of property, such as the presence of radon or lead
paint.
fixer-upper A house that needs refurbishment or remodeling and usually sells at
a below-market price.
listing A piece of property
placed on the market by a listing agent.
market value The price that a
piece of property sells for at a particular point in time.
motivated seller A seller with
a strong incentive to make a deal.
move-up
buyer A buyer who has purchased a home before
and is looking for a bigger or more expensive home.
multiple listing service (MLS) A service that combines listings of all available homes in an area
into one directory or database, with the exception of For Sale By Owner (FSBO)
properties.
multiple
offers More than one purchase offer made on a
property. Multiple offers commonly occur in seller's markets or hot
neighborhoods.
open
house A marketing tool in which a listing agent
opens a house to the public for viewing.
townhouse An attached home that
is not a condominium.
tract
home Another term for a production home, a
mass-produced house constructed by one builder in a project.
