Keeping You Informed with Linda Linfoot

L inda L infoot , Mortgage Professional

WHAT DO THE TERMS MEAN? Even if you're not in the market for a new home, chances are you're hearing a lot about the housing market these days. Some of the terms can be confusing, so here is a breakdown of the more common ones. If you want further clarification on any of these terms, feel free to reach out! • Single-family detached homes: a free-standing house that is not attached to another house. A mobile home could be classified as a single-family detached home, but not always. • Attached/Row/Townhouse: a home that shares at least one wall with another home. • Condominium/Apartment: a unit within a building that is owned separately but shares common areas with other residents. • Days on Market (DOM): how many days a property was listed before conditions were removed and the property was considered sold. Low DOM indicates a seller's advantage whereas a high DOM is beneficial for buyers. • Buyer's Market: there are more homes than buyers so buyers have choice, more room to negotiate price and time to find the "perfect" home. • Seller's Market: there are fewer homes than buyers so sellers have an advantage. Often results in at or above-market sales prices, quick sales and multiple offers. As always, let’s talk if you have questions on the local market and the terms that are used most often when describing properties and the market as they do vary from region to region.

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