If you’ve ever been involved in a real estate transaction, you’re well aware of the industry’s peculiar language, jargon, and buzzwords. To make things easier, we have compiled a guide to common real estate buzzwords for home buyers and sellers in Cherokee County. By the end of this article, you’ll have a better understanding of the most commonly used buzzwords in real estate.
The Most Common Real Estate Buzzwords in Cherokee County
As a home buyer or seller in Cherokee County, you’re likely to encounter the following buzzwords:
Private Mortgage Insurance (PMI) – This refers to an amount of money that is often rolled into a monthly fee alongside a home buyer’s mortgage payments designed to offset a smaller initial down payment on a house. If you pay less than 20% down on a home purchase, you will have to pay for private mortgage insurance. Although the PMI payments are usually rolled in with monthly mortgage payments, they can also get taken care of as an upfront lump sum payment.
Escrow Payments – When a homeowner chooses to escrow their property taxes, they elect to set aside money each month to go toward their property tax bill rather than pay for the bill in one large payment. Essentially, the mortgage company pays the property taxes on behalf of the homeowner annually, while the homeowner pays toward that cost each month.
Multiple Offers – In today’s market with high demand and low inventory, it’s common for sellers to get more than one simultaneous offer on their for-sale home. This is known as a multiple-offer situation.
Best and Final Offer – In a multiple offer situation, the real estate agent will reach out to interested bidders and tell the real estate agents to submit their ‘best and final offer’ by a deadline.
Coming Soon – As a way to generate interest and create buying enthusiasm, more agents are advertising properties as ‘coming soon.’ This means that the property isn’t formally listed and officially on the market, but it is expected to be ready for sale within 21 days.
The Latest Real Estate Buzzwords in Cherokee County
As the real estate industry evolves, new buzzwords emerge. These (sometimes freshly coined) real estate buzzwords in Cherokee County include:
Densification – This is simply a term used to describe how many people reside within a certain area. Densification issues become more important as building costs increase and availability decreases.
Placemaking – When developers think big these days, they think locally. Placemaking is an incorporative approach to community building that uses and fosters the skills and character of the local community to help redefine neighborhoods.
Prop Tech – Prop tech is just a trendy term applied to the concerted and collective effort to use technology to modernize antiquated elements of the real estate industry.
The Classic and Most-Used Real Estate Buzzword
When it comes to real estate buzzwords, there’s one that you have almost certainly heard and will keep hearing: location. This buzzword has been used and leveraged for almost a hundred years now and for good reason. The location of a property is of paramount importance. In fact, the wisdom of the old adage ‘location, location. Location’ transcends any trend in the market. The location has never mattered more to the real estate industry, and searches on the term have climbed steadily since the dawn of the digital age.
While this word is firmly entrenched in the industry, we include it here among real estate buzzwords because it is often used too cavalierly. As a result, it is often used to elicit an emotional response rather than simply as a descriptor as it should be.
In conclusion, understanding real estate buzzwords is essential for both home buyers and sellers in Cherokee County.
More Help with More Real Estate Buzz Words
As you can see, there are more than a few real estate buzzwords to be familiar with. In fact, we’ve just scratched the surface here – there is a sea of these words being bandied about in the industry today. And that makes it difficult for home buyers and sellers in Atlanta to chart a course through these turbulent and turgid waters of confusing jargon and buzzwords. That’s why most buyers and sellers should lean on the expertise of an experienced Atlanta who knows these words and thus can translate and be a needed guide. Our agents are ready to do just that. If you’re a Atlanta home buyer or seller and need help with real estate buzzwords, contact us today at 770-280-4560.
FAQ
Q: What is the article about?
A: The article is a guide to common real estate buzzwords for home buyers and sellers in Cherokee County.
Q: What are some of the common real estate buzzwords mentioned in the article?
A: Some of the common real estate buzzwords mentioned in the article include Private Mortgage Insurance (PMI), Escrow Payments, Multiple Offers, Best and Final Offer, and Coming Soon.
Q: What are some of the newest real estate buzzwords mentioned in the article?
A: Some of the newest real estate buzzwords mentioned in the article include Densification, Placemaking, and Prop Tech.
Q: What is the classic and most-used real estate buzzword mentioned in the article?
A: The classic and most-used real estate buzzword mentioned in the article is “location.”
Q: Why is location so important in real estate?
A: The location of a home or any property is of paramount importance because it often determines the property’s value and desirability.
Q: What is Private Mortgage Insurance (PMI)?
A: Private Mortgage Insurance (PMI) is an amount of money that is often rolled into a monthly fee alongside a home buyer’s mortgage payments designed to offset a smaller initial down payment on a house.
Q: What are multiple offers?
A: Multiple offers happen when a seller receives more than one simultaneous offer on the for-sale home.
Q: What is Placemaking?
A: Placemaking is an incorporative approach to community building that uses and fosters the skills and character of the local community to help redefine neighborhoods.
Q: What is Prop Tech?
A: Prop tech is a trendy term applied to the concerted and collective effort to use technology to modernize antiquated elements of the real estate industry.
Q: What is the significance of the “location” buzzword?
A: The location buzzword has been used and leveraged for going on a hundred years now and is often used to elicit an emotional response rather than simply as a descriptor as it should be.