It’s easy to get caught up in the little details of homes when house hunting. Our best advice to you is not to get too caught up in the paint colors and light fixtures, doors and door knobs, and the plants and bushes. These are things that can easily be changed to fit your style and taste. Remember to focus on the structure of the home, the layout, the neighborhood, the price and most importantly, if you could picture making that house a home!
Here are a few more commonly used real estate terms. Click here for Part 1.
DAYS ON MARKET
Days on market, or DOM, refers to the amount of days a property has been listed on the MLS. A property with a very high number of days on market can be indicators of several things like a unique floor plan or a high sales prices.
An estimate or assessment of a property’s value. It is used to determine a just correlation between the amount of the loan being issued with the value of the property. The bank/mortgage company does not want to back an over leveraged loan.
Form given to buyers/borrowers before closing on a home that breaks down all the costs associated with the transaction. Often called a CD.
Described as the right to another’s property for a specific purpose. Commonly in reference to a shared driveway that would otherwise landlock a property without direct access to a roadway. There are several types of easements.
POWER OF ATTORNEY
A legal document giving another person power/authority to act/sign on your behalf in a specific or all legal and financial matters.
San Antonio Housing Market Update
Equity grows as your percentage of home ownership grows. This happens in a variety of ways. One way to build your equity is by paying down your mortgage. Some homeowners choose to pay more than their monthly minimums which ends up saving them thousands of dollars in interest down the line. Another way to create equity in your home is by adding value in the form of home and property improvements. Lastly, equity in your home can be creating passively in a strong market with rising price appreciation. Homeownership creates equity in a way that renting can not.
Are you on Nextdoor? Have you heard of it, but are not quite sure what it’s all about?
Nextdoor is an app where neighbors can connect and build a stronger and safer community. Once you join Nextdoor, you will be invited to join your neighborhood’s exclusive group where you can post information, concerns, ask for recommendations (ie. babysitter, handyman), or even post an item for sale. It is a great way to keep informed about the happenings in the neighborhood. We highly recommend you join your Nextdoor neighborhood community! Learn more here.