The number of days between the date the home was listed for sale and when the home went pending or off-market. Includes all listings that went pending or off-market within a given time period, where 50% of the homes were on the market longer and 50% went off the market faster.
The note rate is the interest rate stated on a mortgage note. It is also commonly referred to as the nominal rate or face interest rate.
The median of how many listings were active in San Diego each day with a current list price that is lower than the original asking price during a given time period.
Mortgage insurance is a type of insurance policy that protects a mortgage lender if the borrower defaults on their payments, or is otherwise unable to fulfill the contractual obligations of the mortgage.
Real estate owned (REO) refers to property owned by a bank, government agency, or other lender. Homes typically become real estate owned after an unsuccessful foreclosure auction or short sale.
The midpoint listing price of all active homes in San Diego during a given time period, where 50% of the active listings were above this price and 50% were below this price.
A call option is a contract giving one party the right to buy and another party the right to sell a piece of property at a future time and specific price.
Also known as a “just title,” “good title,” or a “free and clear title” — a clear title doesn’t have any kind of lien or levy from creditors. It means there’s no question of legal ownership of the property such as building code violations or bad surveys.
Community property refers to property acquired by a married couple and owned equally by both spouses.
A lease option is like rent-to-own for real estate. It gives the lessee the ability to lease property with the option to buy.
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