How To Read Real Estate Buzz Words in Listings.

When you're browsing real estate listings, whether you're a first-time home-buyer or looking for inspiration for listing your property, there are some keywords that real estate agents use to grab your attention. Let's take a look at what these terms mean and how a listing agent uses those details to secure enough intrigue to the point where it can lead to a sale.

What are the most important buzz words to look for in a property listing?

"A great location"

As the age-old saying goes, this is one of the most important aspects to consider when buying or selling a property. The neighbourhood in which a house is located can make or break a deal. If you're looking for a family-friendly area with good schools and plenty of amenities nearby, be sure to press your real estate agent about the specifics of what you're looking for.

Just saying that it's a great location doesn't mean that it matches what you want. Don't let your mortgage payments go to waste for something that isn't right for you. Make sure you get more details as soon as possible to see if it's worth pursuing.

"Spacious"

Space is important but it's worth mentioning that space is not simply square footage. The word is a great way to entice buyers but it's important to see the layout of the house too. You have to look at whether the house is more of an open floor plan or leans more toward the design of traditional houses. Don't rely on a simple description.

Realtors will be glad to let you visit but a picture of the property can give you a rough idea early on. However, do pay attention to the details in the listings like where the pictures were taken from and the little half-truths concocted by nifty camera tricks.

"Walking distance"

This is another one of those phrases that can be easily abused. What does it mean? A five-minute walk or a thirty-minute walk?

The only way to know is to ask your agent and see if they have the specific distances for you. Sometimes, what might seem like a short distance on paper could be an exhausting trek in reality depending on your physical health and the intensity of a walk.

"Upgrades"

There is a tendency to look at an older house with a critical eye when it comes to upgrades. Some people might see renovations as something negative but there are always going to be updates that need to take place on any property, even brand new ones.

Think about it this way, if you're the one who buys a fixer-upper, you'll be the one who reaps all of the benefits from doing the labour yourself. It's important to know what kind of work has been done to budget for it and also to get an idea about how much time and money you'll need to spend to make the property livable for you. Make sure you understand how much this will add to the listing price.

"Potential"

This word is a bit of a catch-all because it can mean so many different things.

Sometimes, it means that the house needs some work before it becomes livable while other times, it could be hinting at the possibility of re-zoning. It's important to ask your agent what they mean specifically by potential and whether it's something that you're interested in pursuing.

"Nanny suite/in-law suite"

This is a great term for those who are looking for a multi-generational home. If you have parents or grandparents who you would like to live close by, this could be the perfect term for you.

Again, it's important to ask your agent about the details. Sometimes, an in-law suite is just a bedroom and washroom but other times, it could be a full living space with a kitchen and separate entrance. It all depends on the property and what's available.

"Renovated"

This is a word that can go either way. It could mean that the house has had a full renovation with all new finishes and appliances or it could simply mean that one or two rooms have been updated.

Try to find out what has been renovated. As a potential buyer, it's your right. If it's just a new coat of paint, that might not be worth the extra money that you'll be spending. However, if there is a new roof or hardwood floors that add value to the property, then that should pique your interest. If the listing description is not very detailed, it's worth digging a little deeper, especially if you're a first-time home-buyer.

"Original owner"

This is another term that can be both good and bad.

On the one hand, it could mean that the seller has taken care of the property and updated it as necessary over the years. On the other hand, it could also mean that they never did anything with it and it's been sitting untouched for ages.

It's important to ask your real estate agent about the specifics and whether they have any insight. If it's an older house, you want to make sure that any updates are done in line with the age of the property and won't require completely redoing everything again in a few years.

"Cozy"

This is probably one of the most subjective terms on this list because what might seem cozy to some people might be cramped for others.

Make sure to ask your real estate agent for specific measurements of the property so that you have a good idea of how much space you'll be getting. A cozy home could be perfect for those who like to spend their weekends curled up on the couch with a good book but it might not be ideal if you're someone who likes to entertain or have a big family.

"Garden level/walk-out basement"

This is a great term for those who are looking for extra storage or want to have their own little space separate from the main house.

A walk-out basement means that there is a door or window that leads directly out to the backyard and it can be a great way to squeeze a little extra storage into a tight space.

Again, make sure you understand exactly what the listing is referring to because it might not always be as simple as it sounds.

"Motivated seller"

An agent will generally use this term to denote that the seller is looking for a fast sale. They might even try to attract potential buyers by offering other incentives like paying closing costs or property taxes.

This, of course, means that they are willing to accept an offer lower than what they're asking which can be good if you're looking to get the property below market value.

On the other hand, it can also mean that they are in a hurry to sell and don't really care whether you're the right buyer or not so keep this one in mind when you go to make an offer.

"Leasehold improvements"

There are some houses that have what is known as a "leasehold" which means that there is another party involved.

This could be anything from condo owners to partners in a business. If the terms of the lease are coming up, it might be time for them to move on and they may or may not wish to sell the house directly to you.

If the leasehold is something that you're not comfortable with, it might be best to move on and find a property that doesn't have this extra layer.

"As-is"

This term is usually used when the seller doesn't want to be responsible for any repairs that need to be done after the sale.

In the real estate industry, it's important to do a home inspection for any new house. Whether you're a seller or a buyer. Most buyers tend to ask for a professional home inspector when a listing contains these words. The sales process being faster might be tempting but think of the potential issues down the line. Remember that you are the client and your real estate agent is working to get you the best house possible at the best price possible.

Even if the listing uses all the right words in other places, all buyers should be careful when it comes to those two innocuous words.

"Serious buyers only"

This is a term that's often used to weed out buyers who might not be serious about purchasing the property.

It could mean that the seller has already had their eye on another property and they're trying to speed up the process by only talking to those who are interested in making an offer.

It could also mean that the seller is dealing with a lot of offers and they're only interested in talking to those who are serious about putting in an offer that's close to their asking price.

In any case, don't let this term discourage you from making an offer if you're genuinely interested in the property. Just be prepared to go in with your best offer right off the bat to show that you are serious about buying.

How do you know if a listing is overpriced or underpriced based on the listing?

The descriptive words of a listing can do wonders to attract potential buyers but people don't live in a listing description. You won't be able to tell directly from a listing if the properties are priced right, but when you catch some of the buzz words and understand what they mean, you can eke out the true gems from the other listings.

Look at the proximity to public transportation, whether the terrain around the property is hilly or flat, figure out if the location is good for you specifically. The real estate market changes often and values differ from person to person. Sellers overeager for a sale, for example, can make any kitchen into a chef's kitchen if they get just the right picture with the right words.

Whether you find yourself with the buyers or sellers, it's important to discern the truth in the houses and the property listings.

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