This warning also means that you have absolutely zero negotiating power. Real Estate investment How to invest in real estate Improvements that increase home value. (Which gets me pumped!). Motivated Seller: The seller needs to get rid of this ASAP. Must-See: Typically means the outside is not great, but the inside is much better! Calling all investors or handyman special: The house needs A LOT of work done to it. Can you say “money pit”? Before you get your hopes up about that home-viewing appointment, study up on these key listing phrases so you’ll have a better idea of what to expect. It just means costly in New Orleans. Or just painted. A creepy red room in the basement? (So don't be a jerk), © 2020 Be New Orleans. Local Real Estate Keywords. A phrase such as “could be a real gem” might mean the property is a fixer-upper — not a good fit if you’re looking for move-in ready. It’s used arbitrarily these days. But more often than not, this descriptor means that the property is in serious need of a new bathroom or kitchen or more — stuff that’s well beyond remedy with a quick run to a home decor shop. Updated: Updated does NOT mean renovated! All rights reserved. Use this list of keywords to gain traffic from leads within your area. If it’s a 4/3.5, that means 4 bedrooms and 3 and a half baths. Share your tips in the comments below! Let’s do this. SQFT: This should be obvious, but it means square feet. Posted by Leslie Heindel - New Orleans Home Buying, New Orleans Home Selling, Resources. Knowing the deeper meanings of these real estate terms could help you avoid wasting your time on a home that isn’t right for you. Post was not sent - check your email addresses! The current residents have been taking care of the place, polishing the banisters and recaulking the bathtubs at every turn. Unique and Character: There is gonna be some weird stuff. You already know the ABCs of real estate terms, from mortgage and loan to title insurance and walk-through. Work with experienced and savvy real estate agents to help you navigate through the noise. This seems like a good thing but is actually kind of a bad thing. Holy moly, where’s the checkbook? That said, professional landscapers can do wonders with even the most wildly overgrown plots. Proceed accordingly. It doesn’t mean that it’s renovated or move-in ready. Sounds great, right? Beware These 9 Real Estate Code Words Before you get your hopes up about that home-viewing appointment, study up on these key listing phrases so you’ll have a better idea of what to expect. The home might be well-maintained, but that doesn’t mean the owners had the wherewithal to think beyond their original glass-bricked entryway. Opinions expressed by Forbes Contributors are their own. Unauthorized use is prohibited. It sounds like an otherwise charming home that’s lacking a few knickknacks and floral arrangements. What phrases do you look for in online listings? Local keywords are great for targeting leads within your general vicinity, or city or zipcode. “Hot” is not the same as “popular” or “coveted.” When listings refer to a neighborhood as “hot,” that usually means the neighborhood has yet to establish itself. Our code of ethics is in place to keep other Realtors from redlining, steering, and blockbusting. Sorry, your blog cannot share posts by email. It’s across from some main road (like St. Claude), and they are trying to disguise it as the other area. It could mean that they just added some new countertops. Get it?! Great for an aspirational green thumb, but a huge letdown for someone who’s looking for a little nonweedy backyard space. SQFT: This should be obvious, but it means square feet. Whether you’re buying or selling a home, we created this resource to help you learn the vocabulary. And if they work now, they won’t work longer than a year from now. But there might be clues you’re not picking up on in the property descriptions. 3/2: Anytime you see numbers like this: it’s ALWAYS bedroom amounts first then bathrooms. This shouldn’t immediately be a deal breaker, but an emerging neighborhood might lack the amenities or walkability that you crave from your next home. An impeccably maintained relic is still a home you’ll probably want to gut the minute you step inside. Read: yard jungle. Privacy Policy & Terms of Use. It could also mean it has some original features but still little. Lifestyle Old. Watch: The True Meaning Behind These 4 Secret Real Estate Code Words. Team Be New Orleans is going to decipher the hieroglyphics that real estate can prove to be sometimes. Move-In Ready: Allegedly, this house will need nothing for you to pack your things up and move right in. Jacuzzi or spa tub: It has jets. A 3/2 would be a 3 bedroom and 2 baths. Beware These 9 Real Estate Code Words. A 3/2 would be a 3 bedroom and 2 baths. Such an upfront warning could mean the house is close to other properties that have gone into foreclosure or are boarded up and waiting to be seized or condemned. It’s a single-family, yes, but a single-family dwelling so Lilliputian that the bedroom pretty much doubles as the living room that doubles as the master bath. This New Orleans home will not be significantly large. Up and Coming: The neighborhood is not super desirable right now but will possibly be in 6 to 12 months! So we're here to help you understand what certain terms and catch phrases really mean in real estate … Now, it’s not to say that other real estate agents don’t violate this every single day – but… Read more », Leslie Heindel & Heather Shields, Realtors // Crescent City Living LLC // 3205 Orleans Ave. New Orleans, LA 70119 O: 504-327-5303 C: 504-975-4252 // email usLicensed by LA Real Estate Commission, All photographs are copyrighted by their respective owners. Real estate is full of jargon (“DOM”, “HOA”, “pre-qual”, etc), and it can add layers of confusion to an already convoluted process. Basically it’s a place that demands a studs-up rehab because, home loan–wise, there are no other reasonable possibilities. But if the rest of the home is terrific, the question becomes, how much do you care about first impressions? Chances are, this real estate listing has some downright alarming things going on. The problem with these “code words” is that people who don’t work in the industry don’t have a clear picture. Data Collection Privacy Policy Created by Design Is None Of My Business. These words, it turns out, are real estate agent code for a house that doesn't have many specific attributes worth describing. 3/2: Anytime you see numbers like this: it’s ALWAYS bedroom amounts first then bathrooms. Code words in real estate are all too common. Another variation of this term is “up-and-coming neighborhood”: Maybe someday it’ll be the most desired location in your area, but for the immediate future, it’s not. Charming: It means small. We’ve compiled an ever-growing list of 52 real estate terms you should know to help you better understand the process and plan your move. Don’t let the allure of owning a free-standing home cloud your judgment — when it comes to “condo alternatives,” you’ll probably get more bang for your buck in the actual condo market (unless you can afford to build an addition). Did you wonder why there were no photos of the home’s exterior? Cozy and quaint: This shouldn’t be a surprise to anyone – it means small. Take the quiz! “New” Bywater/Marigny/Any other neighborhood: It’s not actually in that neighborhood. “Not a drive-by” is code for “lacking curb appeal.” Curb appeal can be improved, though often at a hefty cost. Location, location, location: You’re going to pay more to live there. Also keep in mind that buying into a hot neighborhood today is a gamble — there’s no actual guarantee the neighborhood will still be hot in five years. Trulia Former Contributor. Hold up, cowboy. Why Zestimates aren’t accurate in New Orleans, Posted by Leslie Heindel - Community, Lifestyle, Posted by Leslie Heindel - Community, New Orleans Home Buying, New Orleans Home Selling, As licensed Realtors in the state of Louisiana, we have rules about what we can and cannot say. The clue was in the write-up. Potential and Good Bones: They are prepping you for renovations. Any property description that has these words or “make it your own,” all it means is you have to put money and time into this house. House Specific Code Words. When you’re house-hunting, it can be overwhelming to sort through all the properties in your price range — especially if you’ve taken time to visit homes that look divine online but fall far short of your expectations in person. Be prepared. "Spacious" homes, meanwhile, are often decrepit or impractical. Because clients trust real estate agents with the largest financial decisions of their lives, agents at that time — and … Want to find your perfect New Orleans neighborhood? Burst pipes that no one bothered to repair or clean up? Whether you’re searching homes for sale in Athens, GA, or Sioux Falls, SD, here are nine commonly used code phrases. Luxury: Expensive. A roof in danger of collapsing? New Orleans Real Estate & Neighborhood Guide, Click to share on Facebook (Opens in new window), Click to share on Twitter (Opens in new window), Click to email this to a friend (Opens in new window). This article is more than 4 … A renovation that was abandoned halfway through? “Full of character” might indicate the home has some quirks you’d be hesitant to inherit (think bathtub in the basement or man den in the master bedroom). The listing might as well read “Stay away, average homebuyer.” A write-up that includes this line is basically admitting that only a savvy developer can save the property. But a lot of times, this also means a home that’s stuck in a time warp: outdated kitchen, black-and-white-tiled ’80s bathrooms, the works. The first Code of Ethics for real estate was written in 1913 and was adopted by real estate agents in an effort to legitimize the profession. Tremendous: This word means nothing. Sure, it might be an area developers think — or hope — will become the next big thing, but it’s not there yet. If it’s a 4/3.5, that means 4 bedrooms and 3 and a half baths. A single-family home in your price range? This sounds so innocuous, right? The seller is well aware of all the property’s faults and has no interest in pretending otherwise. Don’t let code words in real estate fool you! N'T be a 3 bedroom and 2 baths done to it keywords are great for targeting within. 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