Insurance = the amount of your homeowner’s insurance premium Taxes = the amount of your property tax payment Interest = the amount of your loan payment that applies to the interest you owe P = the amount of your loan payment that applies to your principle pay down It’s shorthand for the four elements of your mortgage payment usually expressed on a monthly basis. P-I-T-I is an acronym for Principle, Interest, Taxes and Insurance. So each week we bring you Key Term Tuesday – our way of helping you decode the industry jargon that keeps you from owning your home search. Half the battle is learning the key terms and what they mean in regards to Texas real estate. By paying attention to these metrics, you can get a better understanding of the local real estate market and make more confident decisions.We understand how frustrating it can be to search for a home in Austin. In summary, understanding these real estate terms can help you make informed decisions when buying or selling a property. This metric can provide insight into the level of real estate activity and the size of the market in a particular area or region. Dollar Volumeĭollar volume is the total dollar value of all properties sold in a particular area or region within a specific time period. These metrics can help you understand typical expectations for the value of properties based on their size or square footage. The median price per foot refers to the median price of a property per square foot, while the average price per square foot is the average price of a property per square foot. Median Price per Foot and Average Price per Square Foot These metrics can help you understand the level of pricing activity and competitiveness in the local real estate market. The median percent of list price refers to the median percentage of the original listing price that a property sells for, while the average percent of list price is the average ratio of the actual sale price to the original list price of properties sold. Median Percent of List Price and Average Percent of List Price A balanced market typically has around six months of supply, while a higher number can indicate a buyer's market and a lower number can indicate a seller's market. The months of supply refers to the number of months it would take for all the homes currently on the market to sell at the current rate of sales. Both metrics can help you understand how long properties are staying on the market in your area and can give you an idea of the level of demand. The median days on market refers to the median amount of time it takes for a property to sell in a particular area, while the average days on market is the average amount of time it takes for a property to sell. Median Days on Market and Average Days on Market These metrics can help you understand how quickly properties are being bought and sold in your area. Pending sales are properties that have gone under contract but have not yet closed, while closed sales refer to properties that have been sold and closed. These metrics can give you an idea of how competitive the market is in your area and can help you understand supply and demand. The number of new listings is the total number of new properties that have come onto the market within a specific timeframe, while the number of homes for sale is the total number of properties available for purchase at a given point in time. Number of New Listings and Number of Homes for Sale While the average can be useful, it can be influenced by outliers or extreme values and may not be as reliable an indicator as the median. On the other hand, the average sales price is the sum of all the sale prices divided by the number of properties sold. It provides a good indicator of the typical price range of properties in that area. The median sales price refers to the middle value of all the properties sold in a particular area or region. Median Sales Price and Average Sales Price In this article, we'll cover some of the most common real estate terms you're likely to encounter when buying or selling a property. Real estate can be a complex world, and if you're not familiar with the terms used in the industry, it can be difficult to make sense of the information you're presented with.
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