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ccording to the National Association of Realtors, first-time homebuyers made up 32% of all homebuyers in 2023, an increase from 26% in 2022. The median age for a first-time homebuyer was 35. When shopping for a home, it's easy to get overwhelmed by the amount of information available. To help you navigate this process, real estate experts share key words and phrases to watch out for when browsing listings.
Real estate investor Phil Green warns against homes described as "historical." While it may sound appealing, this term can indicate that the home is older and requires significant repairs or updates. Be cautious of taking on a money pit by purchasing an outdated property.
A "motivated seller" often means the seller is desperate to sell due to financial or personal reasons. This could lead to a lower price, but be sure to investigate any potential issues the seller may be trying to hide.
Terms like "cozy" or "charming" can be polite ways of saying a home is small. Be prepared for a tighter layout and potentially downsizing your furniture or expectations.
A "needs TLC" or "handyman special" listing might scare off some buyers, but it can signal an opportunity for those willing to put in work. These homes often sell below market value and can be great investments if repairs are manageable.
When you see a home that's been "newly priced" or "price reduced," it may indicate the seller is trying to attract buyers with a lower price. Be cautious of offering too low, as some sellers may view this as an insult.
The phrase "as-is" can mean the property has known issues and a lower price to reflect this. If you're handy or willing to invest in renovations, this could be a great deal for you.
Finally, listings described as "unique" or "one of a kind" might genuinely have interesting features, but they can also mask odd layouts or questionable design choices that may be expensive to change. Be sure to examine what makes the listing unique and whether you're comfortable with its reasoning.
