5 Real Estate Terms You Should Know

Buying or selling a home can feel overwhelming, especially with all the industry-specific terms and processes involved. To help you navigate the real estate journey with confidence, here’s a few essential terms every buyer and seller should know.

Buy-rent breakeven horizon:
A concrete point at which buying a home makes more financial sense than renting one.

Multiple listing service (MLS):
A database where real estate agents list properties for sale.

Buyers market:
Market conditions that exist when homes for sale outnumber buyers. Homes can sit on the market for a long time, and prices tend to drop.

Sellers market:
Market conditions that exist when buyers outnumber homes for sale. Bidding wars are common. Prices are often higher than average.

Comparative market analysis (CMA):
An in-depth analysis, prepared by a real estate agent, that determines the estimated value of a home based on recently sold homes of similar condition, size, features and age that are located in the same area.

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