Glossary
Asking Price: The listing price of a home when a seller puts it on the market.
Average Price: The average price of all the comparable homes presented in
your Market Snapshot in relation to the time frame you have selected.
Buyers' Market: Generally, a market in which the supply or inventory of listings
is much greater than the demand for listings. Such a market can also mean that seller
expectations of their home's value tend to be more than the market will support.
Consequently, market values often increase slowly, do not increase or even decrease.
Additionally, in a buyers' market the number of days that homes are on the market
before they sell is greater than average, so it is usually more difficult for sellers
to sell their homes at the price they ask.
Comparable: A home in your area that is currently for sale or recently sold
that is similar or "comparable" to your home in terms of price, type, size, the
number of bedrooms and bedrooms, special features and other details. These comparables
are used to help you determine the market value and, consequently, the asking price
of your home when you decide to sell.
Expired Home: A home that was for sale but was recently taken off the market.
Usually an expired listing is taken off the market because the seller did not receive
what he/she considered to be an acceptable purchase offer during the listing term.
High/Low Price: The highest and lowest prices of all the comparable homes
presented in your Market Snapshot in relation to the time frame you have selected.
Home For Sale: A home currently for sale on the market (a "listing") that
has no pending purchase offer from an interested buyer.
Multiple Listings Service (MLS): A computer-based service that provides real
estate professionals with detailed descriptions of most of the homes that are currently
for sale on the market, as well as homes that have recently sold and homes whose
listing periods have expired.
Pending Home: A home that is currently for sale on the market but has a pending
purchase offer from an interested buyer.
Sellers' Market: Generally, a market in which the demand for listings is
much greater than the supply or inventory of listings. Such a market can also mean
that seller expectations of their home's value tend to be less than the market will
support. Consequently, market values often increase rapidly.
Additionally, in a sellers' market the number of days that homes are on the market
before they sell is less than average, so it is usually easier for sellers to sell
their homes at the price they ask. In fact, sales often involve multiple offers,
as well as offers that are greater than the asking price.
Selling Price: The purchase price that the seller and buyer legally agree,
regardless of contractual terms and other considerations such as what home features
and fixtures are included in the purchase.
Sold Home: A home that has recently sold.
Time-On-The Market: The number of days that a home has been for sale on the
market, or the number of days it was on the market before it was sold.