Every once in awhile we like to provide you with a refresher list of real estate terminology. We use these terms a lot, so it is important to fully understand what they mean so that you can learn more from what we share. We want you to feel informed and supported in your real estate journey. Here are some of our top terms:
Multiple Offers: This occurs when multiple buyer’s are interested in purchasing your property. They will each submit a bid, then you get to choose which one you will sell your property to. Some factors to consider when this happens are: who the people are, how much money they are offering, when they expect to move in, etc.. To read more about how we can help your property get multiple offers, check out our 10 Step Marketing Plan!
Buyer’s Market: When inventory is high, putting downward pressure on benchmark prices. This type of market gives buyer’s an advantage because they have a lot of properties to choose from at reasonable prices. Seller’s in this market need to be aware that there is more competition on the market and should adjust their expectations accordingly. Right now, Calgary is in the midst of a buyers market. Read our monthly reports on the market conditions here!
Seller’s Market: When inventory is low, putting upward pressure on benchmark prices. This type of market gives seller’s an advantage because their property has less competition on the market, so they can ask for more money. Buyer’s in this market need to be aware that there are less properties on the market and should adjust their expectations accordingly. If you're interested in selling, check out our Seller's Guide!
Benchmark Price: The average price of a property currently on the market. This average is calculated based on the type of property and what its competition is.
Infill: A new home built on an existing lot, typically inner-city. Infill homes offer many advantages, the biggest being that you can own a new home in an existing community at the core of the city. We are proud to work with many infill builders in the City of Calgary. Check out some of the gorgeous infills we have a listed today here!
Comparative Market Analysis: Also referred to as a CMA, a Comparative Market Analysis is done by real estate professional who grades a certain property against similar properties. Factors included in this calculation are location, size, amenities, antiquity, etc.. This allows buyer’s to know they are getting a fair deal and seller’s to know how high to price their home. We offer complimentary Comparative Market Analysis' to our valued clients! Register to receive yours today!
Mortgage: A mortgage is what many people use to purchase a home. Essentially you borrow money from a bank and pay it back, with interest, over an agreed-upon amount of time. There are many different kids of mortgage’s, all with negatives and positives. For a full list check out THIS link.
There are many more terms we use daily, so if you ever have a question give me a call at 403-630-6363!
Your Real Estate Professional,