What is Median Price?
The price at which half the homes sold were above and half the homes sold were below

What is Average Price?
The price resulting from adding up all the sales prices then dividing by the number of homes sold

What is DOM?
Days on Market, how many days it took to sell the home

What is SP/LP?
Selling price to listing price ratio

Who’s a Buyer’s Agent?
A real estate agent who works on behalf of a buyer in a real estate transaction. The agent’s loyalties are with the buyer. It is the agent’s duty to share any information about the property or sellers that may help the buyer make decisions regarding the transaction.
Agent status must be disclosed to all parties.

Who’s a Seller’s Agent?

A real estate agent who works on behalf of a seller in a real estate transaction. The agent’s loyalties are with the seller. It is the agent’s duty to share with the seller all information about potential buyers that may help the seller make decisions regarding the transaction.

What is a Foreclosure?

When a borrower defaults on his loan payments (3 installments), or broken the terms of mortgage agreement, the lending agency will initiate legal proceeding. The property that was used to secure the debt is then sold to pay off that debt. This is called foreclosure.

What is MLS?

MLS (multiple listing service)
The service combines the listings for all available homes in an area, except For Sale By Owner (FSBO) properties, in one directory or database.

What is Appraisal and Appraised value?

A written justification of the price paid for a property, primarily based on an analysis of comparable sales of similar homes nearby.

An opinion of a property’s fair market value, based on an appraiser’s knowledge, experience, and analysis of the property. Since an appraisal is based primarily on comparable sales, and the most recent sale is the one on the property in question, the appraisal usually comes out at the purchase price.

Who is Broker?

A broker is anyone who acts as an agent, bringing two parties together for any type of transaction and earns a fee for doing so. But broker have several meanings in different situations. Most real estate agents work under a “broker.” Some agents are brokers as well, either working form themselves or under another broker. In the mortgage industry, broker usually refers to a company or individual that does not lend the money for the loans themselves, but broker loans to larger lenders or investors.

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