Thinking of buying or selling a home this winter? An economy that’s improving every day, combined with lowering interest rates, this upcoming season is predicted to exceed expectations with home sales! To learn more about the overall market and working with a North Raleigh real estate agent, get familiar with a few of the terms below, so that you're able to understand the lingo and how things are going!
Terms to Know | North Raleigh Real Estate Agent
- Value The relationship between an object desired and a potential purchaser. The power of a good or service to command other goods or services in exchange. Also, the present worth of future benefits arising from the ownership of real property.
- Utility The capacity to satisfy future owners needs and desires; how future owners can make good use of the property.
- Transferability The relative ease of transfer of ownership rights from one person to another; often relates to clear title and satisfactory physical condition.
- Scarcity A finite supply
- Sales comparison approach AKA the market data approach. When an estimate of value is obtained by comparing the subject property with recently sold comparable properties.
- Market Value The most probable price a property will bring in a competative & open market.
- DUST Demand, Utility, Scarcity & Transferability
- Demand The need or desire for possession or ownership backed by the financial means to satisfy that need.
- Cost Approach This valuation is also based on the principle of substitution, which states that the maximum value of a property tends to be set by the cost of acquiring an equally desirable & valuable sibstitute property.
- Contribution The principle that affirms that the value of any component of a property is defined by what its addition contributes to the value of the whole or what its absence detracts from that value.
- Conformity When maximum value is realized if the use of the land conforms to existing neighborhood standards.
- Competition The principle that states that profits tend to attract competition.
- Comparative Market Analysis CMA The analysis of sales of similar recently sold propertyies in order to derive an indication of the probable sales price of a particular property by a licensed real estate broker
- Change The fact that no physical or economic condition remains constant. Real estate is subject to natural disasters, changing demands in the market etc.
- Arms length transaction When the property does NOT sell for an unusually high or low price because of a special relationship between a buyer & a seller.
- Appraisal Estimate or opinion of value of a specific property as of a specific date.
- Anticipation When value could increase or decrease based on anticipation of some future benefit or detriment affecting the property.
Our North Raleigh real estate agent will continue to keep you updated home sales in the U.S. as well as have more terms for you to learn in the next few blog posts. That way, you’ll be able to make an informed decision on whether or not it’s the right time for you to list your home on the market! Be sure to visit back with our blog soon!
Roark Premier Team | North Raleigh Real Estate Agent
If you’re considering buying a home, contact our North Raleigh real estate agent at Roark Premier Team, today! It's time to get started with the process of searching for your dream home! In addition, we will work with you, until you find your next home! So what are you waiting for? Call now! At Roark Premier Team we have a North Raleigh real estate agent standing by to help you get your home sold during one of the busiest times of the year for real estate!
Ready to sell? We can help you with that, as well! Our North Raleigh real estate agent is here to help you with all your real estate needs! Don't hesitate to call us today!