seller's market

Definition

A real estate hellscape where buyers compete gladiaps-style for overpriced homes, waiving inspections and offering their firstborn as closing gifts. It's when sellers can list a 900-square-foot teardown for $800K and receive 15 all-cash offers.

Example Usage

In this seller's market, you'll need to offer $100K over asking, waive all contingencies, and write a heartfelt letter about why you deserve the house.

Source: Real estate market conditions

Related Terms

Beginner

cosmetic rehab

Property improvements limited to aesthetic updates like paint, flooring, and fixtures without addressing structural or mechanical systems. It's the difference between a facelift and actual surgery.

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Earnest Money

A chunk of cash you hand over to prove you're serious about buying, because apparently signing seventeen documents wasn't convincing enough. It's a trust fall with your savings account.

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Intermediate

REO

Real Estate Owned—a property that reverted to a lender's ownership after a failed foreclosure auction. These are the banking industry's participation trophies, proving they're now reluctant landlords who just want their money back.

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Beginner

rent roll

A spreadsheet listing all tenants in a rental property along with their lease terms, payment history, and unit details—basically the property's financial DNA. It's the first thing savvy investors scrutinize when evaluating a deal.

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open house warrior

Someone who attends multiple open houses with no intention of buying, just enjoying free snacks and architectural tourism. They're often retired, bored, or working for a competing agent on reconnaissance.

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Advanced

subject to

Buying property while leaving the existing mortgage in place under the original borrower's name. It's legally questionable, financially risky, and somehow still happens regularly.

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