Glossary of Terms
APPRAISAL – the process of developing an opinion of value, for real property.
BUYERS MARKET – typically defined as a market which has more than 6 months of inventory/supply.
COMPS – shortened version of “Comparable Sales”
COMPARABLE SALES – those homes in a market that could be compared to a “subject property” for purposes of understanding the value of the subject property
INVENTORY/SUPPLY – referring to the number of homes for sale in a given market
LOWBALL – slang term for an offer to purchase that may be offensively low in the eyes of a seller
MARKET – shortened form of “Real Estate Market” which would refer to the buying & selling of real property, in addition to the demand and supply of it; either in general, or of the particular demographic area in question – i.e. “The Livonia Market”
PRE-PACK – Packing the non-essential items in your home that you won’t be needing during the time it is for sale. Extra toiletries, extra bedding, clothing, towels and more are items that can be pre-packed. Other prime candidates are family photos hanging on walls, knick knacks, guns, heirlooms and other valuable items.
PURGE – Trashing and/or donating a significant number of items in your home. Done in order to get a home ready for sale.
SELLERS MARKET – typically defined as a market which has less than 6 months of inventory/supply.
SUBJECT PROPERTY – the home being considered for purchase or sale, the property
ZILLOW – popular, consumer based website where tens of millions of people visit annually to begin their home search. Zillow’s profits come primarily from selling advertising. Their clients are advertisers, not homebuyers.
ZESTIMATE – estimation of the value of a property. Meant to be a starting point, according to the co-founder, Spencer Rascoff. One of his homes sold for 40% under its “Zestimate” in 2016.