Conversations with doctors, lawyers, people in the military involve so many acronyms and special terms that it often feels like they’re speaking another language. If you’re not familiar with the real estate world, talking real estate can feel unfamiliar and confusing, too. Here are some definitions for common terms used when discussing buying and selling homes. LW Reedy Realtors are always available to explain any unfamiliar terms and talk you through any questions you have.
When you are ready to sell, your Realtor will tell you that they’re going to do a CMA. A Comparative Market Analysis is an in-depth analysis of a home’s worth in today’s market. The CMA helps you evaluate how your home will do against other homes on the market. Your Realtor will look at homes that have recently sold and homes that are currently listed. Using the CMA, you and your Realtor can determine the most competitive listing price for your house, as well as a likely sales price.
Listing Market Time
The Listing Market Time is the number of days that a property listing has an active status on MLS. You may see “market time” shortened to LMT or just MT on a listing sheet
All homes for sale that are represented by a licensed real estate broker are included on this Multiple Listing Service database. The MLS provides the most up-to-date and accurate information about homes for sale, including photographs, features, price and taxes. Creating an MLS listing is an art: licensed Realtors know how to use MLS tools to get the most out of your MLS listing.
Looking through the MLS makes you feel like you need a translator. Here are some common abbreviations you might come across when searching the MLS:
ACTV – An active listing. This property is for sale and is not under contract.
CLSD – Sold! You can now find out the selling price for this listing.
CTG – Under contract with contingencies. This means there is a contract for the property, but there are certain issues that must be dealt with. For example, the contingency could be that the property passes inspection or that the sale is subject to the buyer securing a mortgage or PCHG – The price for the property has recently been reduced or increased.
RACT – A contract fell through, and the listing is active again.
TEMP – Temporarily off-market. This means that the property will be back on the market but is, for a short time, unavailable.
BOMK – Back on the market. This listing had expired, was cancelled or put temporarily off the market but was reactivated with the same Realtor.
Don’t let the unfamiliar terminology of the real estate world throw you. LW Reedy Realtors are available to explain any abbreviations and terms so that you can feel educated and knowledgeable as you make life-changing decisions about your home and your real estate investments.