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. Calling all investors or handyman special: The house needs A LOT of work done to it. Charming: It means small. Unauthorized use is prohibited. The home might be well-maintained, but that doesn’t mean the owners had the wherewithal to think beyond their original glass-bricked entryway. 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. So we're here to help you understand what certain terms and catch phrases really mean in real estate … Beware These 9 Real Estate Code Words. 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. Cozy and quaint: This shouldn’t be a surprise to anyone – it means small. Whether you’re buying or selling a home, we created this resource to help you learn the vocabulary. Use this list of keywords to gain traffic from leads within your area. Whether you’re searching homes for sale in Athens, GA, or Sioux Falls, SD, here are nine commonly used code phrases. That said, professional landscapers can do wonders with even the most wildly overgrown plots. The problem with these “code words” is that people who don’t work in the industry don’t have a clear picture. 3/2: Anytime you see numbers like this: it’s ALWAYS bedroom amounts first then bathrooms. These words, it turns out, are real estate agent code for a house that doesn't have many specific attributes worth describing. Post was not sent - check your email addresses! Jacuzzi or spa tub: It has jets. If it’s a 4/3.5, that means 4 bedrooms and 3 and a half baths. A 3/2 would be a 3 bedroom and 2 baths. (Which gets me pumped!). 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. This warning also means that you have absolutely zero negotiating power. Must-See: Typically means the outside is not great, but the inside is much better! Read: yard jungle. 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). It could also mean it has some original features but still little. House Specific Code Words. 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). Let’s do this. Can you say “money pit”? Be prepared. SQFT: This should be obvious, but it means square feet. 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. Basically it’s a place that demands a studs-up rehab because, home loan–wise, there are no other reasonable possibilities. 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. Proceed accordingly. It’s across from some main road (like St. Claude), and they are trying to disguise it as the other area. A 3/2 would be a 3 bedroom and 2 baths. Great for an aspirational green thumb, but a huge letdown for someone who’s looking for a little nonweedy backyard space. “Not a drive-by” is code for “lacking curb appeal.” Curb appeal can be improved, though often at a hefty cost. Watch: The True Meaning Behind These 4 Secret Real Estate Code Words. Sorry, your blog cannot share posts by email. Local Real Estate Keywords. Chances are, this real estate listing has some downright alarming things going on. (So don't be a jerk), © 2020 Be New Orleans. An impeccably maintained relic is still a home you’ll probably want to gut the minute you step inside. 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. “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). Get it?! "Spacious" homes, meanwhile, are often decrepit or impractical. Share your tips in the comments below! 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. Tremendous: This word means nothing. Data Collection Privacy Policy Created by Design Is None Of My Business. This article is more than 4 … A single-family home in your price range? This sounds so innocuous, right? “New” Bywater/Marigny/Any other neighborhood: It’s not actually in that neighborhood. Don’t let code words in real estate fool you! Our code of ethics is in place to keep other Realtors from redlining, steering, and blockbusting. This seems like a good thing but is actually kind of a bad thing. Unique and Character: There is gonna be some weird stuff. But if the rest of the home is terrific, the question becomes, how much do you care about first impressions? Local keywords are great for targeting leads within your general vicinity, or city or zipcode. What phrases do you look for in online listings? You already know the ABCs of real estate terms, from mortgage and loan to title insurance and walk-through. Or just painted. A renovation that was abandoned halfway through? Location, location, location: You’re going to pay more to live there. A roof in danger of collapsing? Did you wonder why there were no photos of the home’s exterior? It could mean that they just added some new countertops. 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. 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. 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 seller is well aware of all the property’s faults and has no interest in pretending otherwise. 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. The current residents have been taking care of the place, polishing the banisters and recaulking the bathtubs at every turn. Sure, it might be an area developers think — or hope — will become the next big thing, but it’s not there yet. “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. Real estate is full of jargon (“DOM”, “HOA”, “pre-qual”, etc), and it can add layers of confusion to an already convoluted process. Work with experienced and savvy real estate agents to help you navigate through the noise. 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. Want to find your perfect New Orleans neighborhood? Move-In Ready: Allegedly, this house will need nothing for you to pack your things up and move right in. 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. Potential and Good Bones: They are prepping you for renovations. This New Orleans home will not be significantly large. Code words in real estate are all too common. Privacy Policy & Terms of Use. 3/2: Anytime you see numbers like this: it’s ALWAYS bedroom amounts first then bathrooms. But there might be clues you’re not picking up on in the property descriptions. Hold up, cowboy. And if they work now, they won’t work longer than a year from now. Because clients trust real estate agents with the largest financial decisions of their lives, agents at that time — and … 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. Team Be New Orleans is going to decipher the hieroglyphics that real estate can prove to be sometimes. Posted by Leslie Heindel - New Orleans Home Buying, New Orleans Home Selling, Resources. SQFT: This should be obvious, but it means square feet. A creepy red room in the basement? Luxury: Expensive. The clue was in the write-up. It sounds like an otherwise charming home that’s lacking a few knickknacks and floral arrangements. It’s used arbitrarily these days. Lifestyle Old. If it’s a 4/3.5, that means 4 bedrooms and 3 and a half baths. Motivated Seller: The seller needs to get rid of this ASAP. Take the quiz! Holy moly, where’s the checkbook? Burst pipes that no one bothered to repair or clean up? All rights reserved. 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. Up and Coming: The neighborhood is not super desirable right now but will possibly be in 6 to 12 months! It doesn’t mean that it’s renovated or move-in ready. Sounds great, right? 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. Updated: Updated does NOT mean renovated! Opinions expressed by Forbes Contributors are their own. 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. Real Estate investment How to invest in real estate Improvements that increase home value. Trulia Former Contributor. It just means costly in New Orleans.
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