Lets break down the elements of a property listing to get clear on key details.
To start, brokerSean Adu-Gyamfiof Coldwell Banker Warburg suggests focusing on two factors:priceandlocation.
These are the foundation of any real estate decision, he says.
Credit:Laurey Glenn
I always tell my clients to focus on what actually matters instead of getting caught up in the noise.
Property Status
Youll quickly notice that not all homes on a property listing are available for purchase.
Active:‘Active’ properties are those that are currently for sale on the market, Tetzlaff says.
Credit:Jay Wilde
Pending:‘Pending’ properties usually mean that the property is in the process of negotiations.
Under Contract:During a pending stage, some sites might list a home as under contract.
Its not until a property is sold or off market that it is completely off-limits to new buyers.
The longer a property is on the market, the more flexibility there usually is in negotiating the price.
Pendergrass agrees that a home thats been on the market for a time doesnt signal a major problem.
Also, I’d add that listings with no pictures shown are another red flag.
This almost guarantees that the property is in terrible condition.
Price per square foot is a great way to assess any given property, Tetzlaff says.
Walking Score:You might notice ratings such as walking scores on some listing sites as well.
Want to get a sense of how one home stacks up to another?
Ask your agent for comps, or see if the listing sites youre using offer links to comparable homes.
Comparable homes will always be the best factor to get the best sense of value, Adu-Gyamfi says.
Similarly, words such as charming or cozy usually have loaded meanings.
Charming or cozy usually means small!
However, the property may not be in very good condition or have been recently updated.
Finally, the definition of the word potential is in the eye of the beholder.
double-check you know the difference between afixer-upperand a money pit!
Keep in mind that these phrases are subjective.
I’m sure I’ve been guilty of it as well in the past.
Typically, these phrases should be taken with a grain of salt.
Instead, McDermut suggests paying attention to the specs.
Everything else in descriptions is usually not helpful.
