Home Staging Slang: A Glossary of Terms
Are you new to experiencing the business of real estate transactions and home staging? There's a lot to learn! As complex as this industry is, the language that comes with it can be just as hard to navigate. Unless you've been previously exposed to the various discussions surrounding selling or buying your home, it may be hard to keep up. But fear not! We've put together a cheat sheet of commonly used terms to help your buying and selling journey a little more smooth.
Appraisal
Appraisals are an expert’s opinion of a home’s market value. Appraisers examine a home’s condition, location, and similar properties recently sold. By law, appraisals are done by neutral third parties with no interest in the sale.
Appreciation
Appreciation is a home’s increased value over time.
As-Is
If the buyer requests an update during the home-buying process and the seller declines, the seller is listing their house as-is and is not willing to make any updates or renovations to the home.
Assessment
An assessment of a home is a professional estimate of a home’s market price for property tax purposes. Similar properties, the home’s location, and its condition are considered when finding assessed value.
Buyer's/Listing Agent
A buyer’s agent represents the buyer’s interests – finding a home within budget that matches their preferences. The listing agent represents the seller’s interests – getting a reasonable sale price with a deal likely to close.
Buyer's/Seller's Market
The real estate market will vary in who it favors: buyers or sellers. In a buyer’s market, conditions favor those looking to purchase real estate. This happens when the supply of homes for sale exceeds purchase demand. The reverse is called a seller’s market and favors those looking to sell real estate.
Closing
Closing, or settlement, is the final step in the home-buying process. This is where closing documents are signed, outstanding funds are paid, and the title transfers from seller to buyer.
Comparables (Comps)
Comparables are recently sold properties that help appraisers determine a home’s fair market value. They are similar to the listed property in size, location, and available amenities.
A consultation is an on-site visit wherein home stagers, like Staging Dallas, provide professional recommendations and advice to get a home prepared for sale by giving a detailed overview of repair, update, packing, and arranging recommendations.
Grace Period
If you submit your monthly mortgage payment late, you may incur late fees. However, many loans offer a grace period where late payments do not incur fees. For example, your loan may specify a 2-week grace period, so you could submit your payment up to 2 weeks late without incurring fees.
Hybrid home staging, merging small amounts of rental furniture with a homeowner’s furnishings and accessories, creates a lived-in look for a vacated home.
Example of a hybrid home staging project by Staging Dallas
Inspection
Inspection examines a home’s condition to find any major safety or structural issues. Inspections usually look at a home’s exterior, electrical, roof, plumbing, water, and HVAC systems.
Occupied Home Staging
Occupied Staging is a type of home staging that uses the homeowner's existing furniture to stage the home. This allows them to remain living there during the selling process.
Example of an occupied home staging project (lake house) by Staging Dallas
Offer/Counter-offer
An offer is a buyer’s legal proposal to purchase a home under a particular set of conditions. A counteroffer is a seller’s response – typically agreeing to the offer with one or two changes.
Vacant Home Staging
A vacant home staging is when the sellers have vacated the home while it is on the market, leaving it completely empty, and the home stager uses its inventory.
Example of a vacant home staging project by Staging Dallas
Now that you know the basics, it's time to get to studying! And when you're ready to put some of these home staging terms into practice, you know who to call. Contact Staging Dallas here!
Definition credit: Quicken Loans
