Lost in Real Estate Lingo? Here's What Those Listing Terms Really Mean
Decode the Jargon, Buy with Confidence
Scrolling through home listings should be exciting—but too often, buyers feel like they’re reading a foreign language. Words like “as-is,” “escrow,” or “pending” get tossed around without much explanation, and if you don’t know what they mean, it’s easy to miss something important.
To help make the process less overwhelming, I’ve put together a simple guide to explain the most common real estate terms you’ll see when browsing homes online. Whether you’re a first-time buyer or just need a quick refresher, this list will help you understand what you’re looking at—and what to look out for.
1. “As-Is”
The seller won’t be making any repairs or updates before closing. You can still have a home inspection, but the seller is making it clear up front that the home comes exactly as it is.
Pro Tip: Never skip the inspection, even if it’s “as-is.” It can help you make a smart and informed decision—or back out if needed.
2. “Contingent” vs. “Pending”
Contingent: The home has an accepted offer, but certain conditions—like an appraisal, home inspection, or buyer’s financing—must be met.
Pending: All contingencies are cleared, and the sale is moving toward closing.
Frank’s Take: If a home is marked “contingent,” it may still be worth submitting a backup offer. Things can change quickly.
3. “Pre-Approval”
This is a letter from a lender stating how much they’re willing to loan you, based on your finances. It’s stronger than pre-qualification and shows sellers you’re a serious buyer.
Why it matters: In a competitive market, being pre-approved can give you a big edge.
4. “MLS” (Multiple Listing Service)
This is the main platform real estate professionals use to list and search for properties. Homes listed on the MLS have maximum visibility and typically more accurate information than third-party sites.
5. Square Footage
This tells you the size of the home, but be careful: some listings include only the above-ground space, while others count finished basements too.
Ask your agent: What’s included in the total square footage? This helps you compare homes more accurately.
6. “HOA Fees”
Homeowners Association fees apply to condos, townhomes, and some single-family communities. They usually cover things like snow removal, landscaping, exterior maintenance, or shared amenities.
Pro Insight: Review the HOA rules and financials before buying. You’ll want to make sure the association is well-managed and fully funded.
7. Days on Market (DOM)
This tells you how long the property has been listed. A high DOM might suggest the home is overpriced or that previous deals fell through. But it can also signal an opportunity for negotiation.
8. “Motivated Seller”
A motivated seller may be willing to accept a lower price or flexible terms in order to close quickly. This is often a great opportunity for buyers.
9. Property Types
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Single-Family Home: A standalone house with its own lot.
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Condo: A private unit in a shared building with common areas.
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Townhouse: A multi-story home that shares walls with neighbors, often with a small yard.
Frank’s Note: Each has pros and cons. Your choice depends on your lifestyle, budget, and how much maintenance you’re comfortable handling.
10. “Escrow”
Escrow is a neutral third party that holds funds and documents during the home-buying process until the transaction is complete. It protects both buyer and seller.
11. “Price Per Square Foot”
This number gives a quick way to compare home value in the same neighborhood. Divide the listing price by the square footage to find it.
Keep in mind: A higher price per square foot may reflect better finishes or location—don’t rely on this number alone.
12. “Walk Score”
This rating (from 0–100) tells you how walkable a home is to nearby amenities like parks, shops, restaurants, and public transit. It’s great for city or suburban buyers who want to stay connected without always driving.
Ready to Shop Smarter?
You don’t have to decode real estate terms on your own. With over 20 years of experience helping clients across Chicago and the suburbs, I can guide you through every step—explaining the fine print and helping you find the right fit.
If you're ready to take the next step, I’m here to help.
Call me today at 773-425-6265 or visit www.camposellshouses.com to get expert, no-pressure guidance and make your next move with confidence.
