Think you know real estate?
Most buyers and sellers miss key terms that can save or cost them thousands.
Here are the Top 5 Real Estate Terms you may not know yet:
1. Pocket Listing
Definition: A property for sale that isn’t listed on the public MLS (Multiple Listing Service).
Why it matters: These off-market deals are often exclusive and may offer less competition but require strong agent connections.
2. FSBO (Fizz-bo)
Definition: For Sale By Owner – a home being sold directly by the owner without a listing agent.
Why it matters: FSBOs can offer room for negotiation, but buyers should be cautious about proper disclosures and paperwork.
3. House Hacking
Definition: Buying a multi-unit property (or single-family with a rentable space) and living in one part while renting out the rest.
Why it matters: A creative way to offset mortgage costs and build equity faster.
4. Turnkey Property
Definition: A move-in ready home that needs no repairs or upgrades.
Why it matters: Great for investors or buyers who want hassle-free income or immediate occupancy.
5. Appraisal Gap
Definition: The difference between the appraised value of a home and the price a buyer has agreed to pay.
Why it matters: In hot markets, buyers often cover the gap out of pocket understanding this term can prevent financing surprises.
Which term surprised you the most? Comment below or DM me if you're navigating the market and want clarity.
