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5 Real Estate Terms You Should Know


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5 Real Estate Terms You Should Know
Written By: Linda Nelson - Compass Realtor ~ 11/30/2023


Affordability: or home affordability refers to the amount of money you can comfortably afford to spend on a home. Home affordability takes into account your income, down payment, and monthly debts.

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.

Comps: Or comparable sales, are homes in a given area that have sold within the past several months that a real estate agent uses to determine a home’s value.

Days on market (DOM): The number of days a property listing is considered active.

Listing price: The price of a home, as set by the seller.

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