5 Home-Selling Terms to Know
When it comes to selling a home, there’s often a learning curve. It’s easy for first-time home sellers entering the world of real estate to get overwhelmed by unfamiliar home-selling terms. From real estate agents to loan managers, it’s impossible to avoid real estate jargon when selling a home.
If you are in need of a real estate vocabulary lesson before selling your home, Mark Spain Real Estate is here to help! Our expert listing agents offer exclusive industry insight to help you comprehend complex home-selling language and strategies. Check out our helpful glossary of home-selling terms to know before putting your home on the market.
5 Home Selling Terms to Know
If you want your home to make a strong first impression, it’s time to add home staging to your vocabulary. Home staging is when a seller decorates their home to look more “move-in ready.” During this process, sellers put themselves in the buyer’s shoes and try to find ways to give their home a fresh look with widespread appeal. From swapping out furniture to sprucing up outdoor spaces, home staging allows you to highlight your home’s best features to leave a positive impression on buyers. If you have a knack for interior design, try your hand at home staging! Otherwise, you can outsource decorating tips from your real estate agent or a professional stager.
Like home staging, your curb appeal is about optimizing your home’s appearance. Curb appeal refers to the exterior of your home and how it fits into its surroundings. Because it’s the first thing buyers see upon arrival, your home’s curb appeal plays a vital role in the selling process. It’s important to remember that curb appeal goes beyond architectural style and also encompasses your home’s outdoor compliments. From a freshly cut lawn to newly planted flowers by your entrance, nature is your secret weapon for curb appeal. However, remember to touch up on exterior details like fresh paint jobs, roof repairs, and more.
Earnest money, also called a “good faith” deposit, proves a buyer’s intention to abide by a sales agreement and purchase a home. As a seller, you will receive a buyer’s earnest money deposit after receiving their offer. If you accept their offer, you and the buyer will enter a purchase agreement and move forward with the closing process. The earnest money is used to keep the buyer accountable. If the buyer fails to abide by the terms of your agreement or walks away from the deal too late, you will keep their earnest money deposit. If the transaction is successfully processed, you will give your buyer their deposit back after closing.
A home appraisal, one of the most commonly used home-selling terms, a professional estimate of your home’s market value. When setting a listing price, it’s common for sellers to overestimate the value of their home when they have an emotional attachment to it. A home appraisal allows sellers to receive an unbiased, third-party opinion on their home’s worth. A professional appraiser will evaluate your home’s condition, paying close attention to the property’s valuable structural features and researching the prices of comparable homes recently sold in your area. After the appraisal, you will then get a more accurate idea of your home’s value and determine a fair price for potential buyers.
The closing process comes with its fair share fees for sellers and buyers alike. Sellers pay their portion of closing costs at the end of the transaction when they officially convey the property to the buyer. These closing costs can include charges from local and regional taxes to legal fees and home inspection costs. As a seller, your highest closing cost will likely be your realtor’s commission fees, which are split between your listing agent and the buyer’s agent. On average, real estate commission can cost a seller up to 6% of the final sale price. In total, you should expect to pay around 8-10% of the final sale price after taking care of all of your closing costs.
Learn Home-Selling Terms with Mark Spain Real Estate
If you want to learn important home-selling terms before listing your home, put your trust in Mark Spain Real Estate. With decades of valuable industry experience, our team offers the best home-selling strategies for some of the most popular markets in the southeast, including Atlanta, Dallas, Raleigh, and more. And if you’re seeking a competitive cash offer, check out our Guaranteed Offer Program to close on your home in just 21 days!
Mark Spain Real Estate is here to help you become familiar with all of the essential home-selling terms. Connect with us on Facebook, Instagram, Twitter, or LinkedIn to stay up to date with Mark Spain Real Estate!