Where cozy means tiny and charming means needs work.
The legal sleight of hand where a buyer transfers their purchase contract to another buyer before closing, often used by wholesalers who never intended to own the property. It's contract flipping without the renovation show.
To slap a monetary value on something, ideally by someone qualified to do so rather than your overly optimistic uncle. This formal evaluation process determines the worth of assets, employee performance, or really anything that can be judged and assigned a number. Real estate agents love this word because it sounds more professional than 'guessing what someone will pay.'
The property rights to use the vertical space above a parcel of land, which can be sold separately from the land itself. In dense cities, this lets you literally monetize thin air by selling the right to build above your property.
A market study estimating how long it would take to sell all available properties in a given area at the current sales pace. Real estate developers use this to determine if building 500 new condos will flood the market or fill a genuine need.
The projected value of a property after renovations, an educated guess that's frequently less educated than anticipated.
The painful difference between what a buyer offered and what the property actually appraised for, requiring either price renegotiation or the buyer coughing up extra cash. It's the financial buzzkill of hot markets where emotions outbid mathematics.
The art of determining property value for tax purposes, usually performed by a government official who will inevitably conclude your home is worth more than you claimed. This process involves evaluating comparable sales, property features, and market conditions to establish a taxable value. It's the reason your property tax bill keeps going up even when your neighborhood looks exactly the same.
A mortgage with an interest rate that adjusts periodically, a financial arrangement that seems great until rates rise.
Buying a property exactly as it is without repairs—the seller's way of saying 'don't say I didn't warn you.'
A mezzanine financing structure where the lender receives a percentage of property profits in addition to interest payments, used in high-risk development projects. It's designed for situations where traditional debt won't cut it and investors need a seat at the casino.
A major retailer or business attracting other tenants and customers to a property—basically the cool kid that makes the location worth visiting.
A mortgage with an interest rate that changes over time, basically a financial time bomb for those who can't do math.
The original purchase price plus improvements minus depreciation, used to calculate capital gains taxes. The IRS's favorite way to follow your every real estate move.
A archaic unit of land measurement still clinging to relevance in real estate and agriculture, roughly equivalent to the amount of ground an oxen-powered farmer could plow in a day—or about 4,047 square meters if you're trying to sound metric and sophisticated.
A quantified surface extent measured in square units, or a specific geographic region that someone drew on a map and said 'that's a thing now.' In real estate, it's the magic number that determines your mortgage payment.
Finely dressed stone blocks with straight edges and flat faces, typically laid in mortar in horizontal courses to form strong masonry walls. Ashlar is prized in construction for its neat, formal appearance and structural integrity.
A dull, yellowish-green color named after the avocado fruit, extremely popular in home appliances, fixtures, and décor during the 1960s and 1970s. Avocado green was considered modern and fashionable but has largely become associated with dated retro design.
Features and facilities that make a property more attractive or livable, such as gyms, pools, or that one neighbor who actually maintains their lawn.
A mortgage with an interest rate that changes after an initial fixed period—basically, the bank's way of saying 'we got you started cheap, but wait until the teaser rate expires.'
Housing where monthly costs (rent or mortgage) don't exceed 30% of household income. It's increasingly a theoretical concept rather than a market reality in expensive metros.
A loan where you make equal payments over time, slowly watching the interest portion shrink and the principal portion grow. It's mathematical justice for borrowing money.
In real estate, the rate at which new properties are leased. When this number is bad, landlords become sad people.
The total amount paid to purchase a property, including the purchase price, closing costs, inspections, and the realtor's commission you definitely didn't want to pay.