Vocab to Know When Selling
REMINDER: It's okay to stop your agent and ask "Wait... What does that mean?" Not only is it okay -- it's required!
That's what we're here for! Here's a few vocabulary words you'll hear around your real estate agent when selling your home:
-Comps: Short for “comparable sales.” Comps are recently sold homes similar to yours in location, size, condition, and features. You and your agent will use comps to help price your home.
-Staging: The process of making your home appealing to the masses by decluttering, rearranging furniture, or bringing in different furniture and decor. We offer staging help at no cost, but you can stage your home yourself or hire a professional stager.
-Contingent: A word meaning “dependent on.” In real estate, it means the seller has accepted an offer, but some additional conditions must be met. The most common contingencies include inspection, financing, appraisal, title, and home sale.
-Earnest money: The money a buyer puts down when they are serious about purchasing your home. The higher the earnest money, typically, the greater the interest.
-Escrow: A third-party account that holds funds like earnest money, property taxes, and insurance during a real estate transaction.
-Home warranty: A service contract often provided by sellers that covers the repair of major appliances and systems during the first year after a home sale.
Have other questions? Reach out -- that's why we're here!