What does Pending mean? With a property that is pending, the property owner has accepted an offer from a buyer and they are under contract with that buyer. Their agreement may be subject to a variety of contingencies: inspections, appraisal, financing, and more. The home is not sold just yet. Typically if the sale does not go through, […]
Mortgage Rate
The interest rate on a mortgage loan you pay to borrow that money when buying a home. The lower the rate, the better. Mortgage rates vary daily, so you don’t have any particular rate until the lender “locks in the loan” securing that rate for your home purchase. The rate you qualify for is based […]
MLS
What is the MLS? MLS stands for Multiple Listing Service. They collect, compile and distribute all information about homes listed for sale. The MLS is the organization real estate brokers use to search for and list properties for their clients. Membership isn’t open to the general public, although selected MLS data may be sold to […]
Market Value
What is the market value of a home? The highest price in terms of dollars that a property will bring in a competitive and open market.
Listing Agent
What is a Listing Agent? The real estate agent who represents the home seller during a real estate transaction.
Listing
What is a Listing? In real estate, the word “listing” is typically used to refer to the for-sale home or property itself, although it technically means the agreement between the broker and the owner of the home to market and sell the property. This is not the same as listing the property on the MLS […]
Jumbo Loan
What is a Jumbo Loan? Conforming loan limits are $647,200 for most of the U.S., so anything above this would be a jumbo loan. Jumbo loan requirements are stricter and there are more requirements you will need to satisfy. Find out more about jumbo loans here.
