Real Estate Terms Defined
Mark Spain Real Estate is here to define all of the real estate terms so you do not have to! If you are not familiar with the real estate industry it can be easy to get confused and intimidated, especially in this fast-paced seller’s market! We have broken down the top real estate terms to provide more clarity and reduce the stress of your process whether you are selling or buying a new home!
Mark Spain Real Estate strives to deliver an unparalleled client experience! We are committed to placing our clients’ needs above our own to reach their real estate goals. Whether you are selling your home or buying a new one, you can trust that your Mark Spain Real Estate agent will guide you through the process easy and stress-free!
Top Real Estate Terms Defined:
At Mark Spain Real Estate, we believe in only representing one side of the transaction. A listing agent represents the seller in the transaction. They will guide you through the process of selling your home and help you deem the best-selling program to meet your goals. A Mark Spain Real Estate Listing Agent will also prepare a comparative market analysis to understand the market conditions based on your home and location. When utilizing the resources given by your listing agent, you can feel confident that your home will be sold at top value. On average, Mark Spain Real Estate sells homes for 98% of the list price, which is over 7% over market averages!
As mentioned above, Mark Spain Real Estate only focuses on one side of the transaction. A buyer’s agent represents the buyers in a transaction. Your buyer agent will serve you in finding your dream home! You will be guided through the process of finding the home that fits your needs, your goals will be your buyer’s agent’s top priority! They work tirelessly to understand the current market conditions to ensure you are in the best hands possible from the beginning of the process all the way through to the closing table!
Comparative Market Analysis
When you sell your home with Mark Spain Real Estate, you will receive a free comparative market analysis. A CMA is a real-time snapshot of market conditions and other homes similar to yours. Your agent will consider location, features, and comparables to ensure your home is priced right and will meet your real estate goals. As mentioned before, Mark Spain Real Estate is committed to reaching your real estate goals and making the process as stress-free as possible!
On Market vs. Off Market
Mark Spain Real Estate can list a home on the market or off-market. When a home is on the market the home is listed traditionally with its listing agent. The home is listed on the MLS and is open for anyone to view it and make an offer. If the home is listed off-market, it will be listed with a Mark Spain Real Estate agent with our Guaranteed Offer program. Our Guaranteed Offer Program will allow you to close on your home with a competitive all-cash offer in as little as 21 days. You can choose a timeframe for closing that meets your needs and sell your home with no hassle and no stress!
Ensuring you are pre-approved before starting the process of searching for a home is important. When you receive the pre-approval letter, the letter discloses that you are qualified and approved for the loan you would need to buy a home.
Proof of Funds
In this current market, sellers will receive multiple offers on their homes. It is important to show proof of funds in any market, but especially the competitive seller’s market. This is a document that states you are eligible and qualified to make a down payment on the home.
Due diligence is a time period where you can ensure all inspections are performed. When due diligence is over, you can move on to the closing of the home. Mark Spain Real Estate is equipped with preferred partners to ensure your inspections are done promptly and correctly. During this time, you can also make tweaks and renegotiate contracts!
The closing is the last part of the process, whether you are selling or buying a home. This is where ownership of the property is transferred from the seller to the buyer and the sale is considered final. We recommend bringing your photo ID, keys, and garage door openers to closing. Closing day is an exciting time when all paperwork is signed and you can officially begin moving into your home!
Sellers Market vs. Buyers Market
Currently, we are in a very competitive seller’s market. In essence, this means there is very little inventory on the market with an abundance of buyers in search of finding a home. This drives the prices up and creates a competitive landscape as many buyers are competing to out-bid on a home. A buyer’s market is the opposite- there is an abundance of homes on the market with little demand to buy a home. The competition rises between the sellers instead of the buyers. It is harder to sell a home in a buyers market and easier to buy a home in a buyers market.
We are looking for agents who are highly motivated, conflict-resolution oriented, have a strong work ethic, exceptional productivity, and are committed to their clients’ experience. If you are interested in becoming a real estate agent with the #1 rated residential real estate firm, apply today! We would be honored to serve you in reaching your career goals! We are grateful to provide resources, like defining real estate terms, to make sure your experience is as seamless as possible! We are proud to be the most trusted name in residential real estate.
We serve all of Metro Atlanta, including Athens in Georgia, Raleigh and Charlotte and Greensboro in North Carolina, Nashville and Chattanooga in Tennessee, Tampa and Orlando and Jacksonville in Florida, Greenville in South Carolina, and Birmingham in Alabama!
Connect with us on Facebook, Instagram, Twitter, or LinkedIn to stay up to date with Mark Spain Real Estate!