Housing Market Terms to Know

Dated: October 20 2021

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If you're new to the housing market, like a first time buyer, the terms involved with purchasing a home can be confusing! We've got a list and definitions to help you out. 

Housing Market Terms to Know

1. Affordability - Affordability is the measure of whether someone someone earns enough to qualify for a loan.  This is based on a typical home price and your most recent price and income data. 

2. Appraisal - An appraisal highlights the estimated value of your property, or the property you are looking to buy. It is completed by a third party company. 

3. Contingency - If there are certain actions that need to be completed before a home is purchased, that's a contingency. It's a provision added to the contract stating that "X must be done" (a new furnace for instance) before the closing can happen. 

4. Equity - Equity refers to the total value in your home above the total amount of the liens against your home. 

If you're ready to get started with your home search, contact us! We'd love to help! 

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