Comparative market analysis or competitive market analysis, aka CMA, compares the sales price of similar properties in the area to help determine the price of a property. A CMA estimates a home’s price based on recently sold, similar properties in the immediate area. Real estate agents and brokers create CMA reports to help sellers set […]
Comparable Sales
What are Comparable Sales? Known in real estate as “comps,” comparable sales are the sales prices of similar homes and are based on the following: Lot size Condition Age & Construction Square footage Close proximity Time frame of the sale When it comes to buying or selling, both place high importance on comps to determine a […]
Closing Costs
Closing costs are the fees that the buyer and seller will owe associated with the home-buying process, such as the real estate brokerage commission and title insurance. Most are paid by the buyer, but the seller pays for some. The fees will vary with each transaction. Your lender or title rep will let you know […]
Closing
Closing: The end of a transaction where documents are signed, and funds are dispersed.
Buyer’s Agent
Buyer’s agent: The agent who shows the buyer’s property, negotiates the contract, or offer, and works with the buyer to close the transaction. You might have heard of buyer’s agents, selling agents, listing agents, and so on. You’re a buyer, so what is a buyer’s agent? True to their name, buyer’s agents help real estate […]
Bridge Loan
What is a bridge loan? This short-term financing option can help you bridge the gap between buying a new home and selling your old one. It enables you to tap into your existing home equity before you’ve sold. However, there are some issues to consider before you apply for a bridge loan: 👉 The interest […]
Being Under Contract
Once you have made your offer and the offer is accepted by the seller, the following questions may arise. What does “under contract” mean? Under contract means that all parties have agreed on terms, have signed the contract, and the signed contract has been delivered to both buyer and seller. Payment of the escrow deposit […]
