An exclusive listing is used to motivate an agent to sell a property quickly, within a specific number of months. If they meet that goal, the agent gains a commission regardless of how a buyer is found.
The assessed value is a property’s determined valuation used to calculate the appropriate tax rates. Depending on where you live, a municipal or county tax assessor will determine your home’s value, and local tax officials will calculate the property taxes based on the assessed value.
Closing is the final stage of the real estate transaction. The date is agreed upon when both the buyer and seller go under contract on the home. On the closing date, the property is legally transferred from seller to buyer. The closing is the final step in fully executing a real estate sale.
The middlemost final home sale price of all homes in San Diego within a given time period, where 50% of the sales were above this price and 50% were below this price.
Days on market is a measurement of the time that a particular listing has been on the market, defined as the total number of days the listing is on the active market before either an offer is accepted or the agreement between real estate broker and seller ends.
A purchase-money mortgage, also known as owner or seller financing, is issued to the buyer by the seller of a home during the purchase transaction. It is done to bypass a typical mortgage broker or lending channel and allows the buyer to assume the seller’s mortgage.
The total number of listings that were active on the market in San Diego at any point during a given time period.
The total number of pending homes in San Diego that went under contract within two weeks of their listing date.
A backup offer is made in acknowledgment of an already existing offer and ensures a contract with the seller if the first offer happens to fall through. It is a legally binding contract that, if accepted by the seller, makes you next in line to purchase the home.
A real estate encumbrance is any claim against a property that restricts its use or transfer, including an easement or property tax lien.
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