We often hear the term seller’s market or buyer’s market but it may not always be clear how agents determine what type of market we are currently experiencing. Here, we’ll show you how to determine whether it is a seller’s market or buyer’s market and what metrics agents use to distinguish between the two types […]
What Does Closing Escrow Mean?
Closing escrow is a big, important and essential step along the road to buying a home in Austin. For those who have never bought a home, closing is often viewed by many as an unexplained and overwhelming experience. It’s the final step in the process of transferring title (ownership) to the buyer. Become Familiar with […]
What Does Backup or Contingent Listing Mean?
In our Austin Home Search tool, you’ll sometimes come across “Backup or Contingent Listing” written in blue underneath the address of a home for sale. Just what does backup or contingent listing mean? Backup or Contingent Listing Status When a property is in “Backup or Contingent Listing Status”, it could be either in Backup Status […]
Assessed Value vs Appraised Value
When you are seriously considering making an offer on a house, it is likely you will look at the property tax records in an effort to determine the tax rate, schools and how much the property taxes will be. Another field on the property tax record is the property’s assessed value. This field causes a […]
What is the Termination Option?
The process of buying a home in Austin is a bit different than buying a home in other parts of the country. In most states, the purchase contract gives the buyer a free look at the property and allows them to cancel the contract for any reason during a negotiated period of time. If the […]
What Do the Letters After a Realtor’s Name Mean?
Letters, we got letters. In its ongoing effort to foster professionalization within the real estate brokerage industry, the National Association of REALTORS (NAR) has developed a series of specialized training programs for its members. Members successfully completing a specific program may then use an acronym designation to identify their specialized training. NAR offers training programs […]
What Do Property Status Letters Mean in Austin MLS
Recently, we got a question from a client asking about the letters next to property status and what they mean. To us, it’s something we see everyday so we never though to explain it. However, to someone who is not involved with buying and selling Austin homes everyday, it might be a bit confusing. What […]
What is Absorption Rate and What Does it Mean for Buyers and Sellers?
Virtually every Austin home buyer and home seller wants to know where the Austin real estate market is going. That’s a very sensible question when we consider that we can do nothing about the past and only the future is pertinent to our lives. Sales data in our Austin Real Estate Price Reports tell the […]