Housing Market Indicators
Florida existing home sales:
(month-to-previous-year comparison) +10%
Florida existing condo sales:
(month-to-previous-year comparison) +10%
Florida existing home median price: $133,900
Florida existing condo median price: $87,200
Florida consumer confidence: 64
National existing home sales:
(month-to-previous-month comparison; all housing types)-3%
National existing home median price $165,400
National (Freddie Mac) mortgage rate
(all housing types) 4.11%
Thursday, October 27, 2011
Wednesday, October 26, 2011
Tuesday, October 25, 2011
Bellaggio Lake Worth FL
Just Listed.... Call us to view this home today 888-300-4431
This is a wow house.. Circular driveway and creative landscaping is your first welcome. Dramatically high ceiling thru the home paired with a custom kitchen of light wood cabinets with decorative glaze, granite counters with center island work station. Glass display cabinetry, designer corbels on finished breakfast bar back wall. Custom lighted entertainment center with 65 in TV perfectly placed in family room in between the oversized fixed glass windows overlooking the preserve and lake. 20" tile on the diagonal.. Stainless appliances.. Modified floor plan offers bonus storage in the kitchen and off the utility room.. Glass French doors off living room and family room.. Third bedroom currently used as a den, can be converted to have closet.. Master bedroom has high volume ceilings with bay window overlooking preserve/lake.. Custom fitted closet organizers.. Bath has full mirrored walls with decorative bevel.. Walk in shower.. Very extended and screened brick paver lanai overlooking a very private lake and nature setting. Accordion hurricane shutters.. Plus Plus.. Crown molding, upgraded base board molding.. Intercom system.. Home is extended and larger than tax records indicate.
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Monday, October 24, 2011
Bellaggio Lake Worth FL JUST REDUCED!!!
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Friday, October 21, 2011
Why do some houses sit and others sell?
Properties that are priced to sell are considered "in" the market. Properties that aren't are considered simply "on" the market.
Even in the hardest hit markets, there are still buyers, and they are looking for the most competitively priced properties in the best condition.
I help sellers price their homes so that they are "in" the market. Want to sell your home quickly and for top dollar?
Contact me for a FREE, No Obligation Comparative Market Analysis.
Even in the hardest hit markets, there are still buyers, and they are looking for the most competitively priced properties in the best condition.
I help sellers price their homes so that they are "in" the market. Want to sell your home quickly and for top dollar?
Contact me for a FREE, No Obligation Comparative Market Analysis.
30 years ago, the median mortgage payment was more than double what it is today.
Owning a home is more affordable than you probably think.
Affordability measures ability to buy - that is, the amount of a median family's income consumed by the median mortgage. In 1981, it took 36% of the median family's income to pay the mortgage on the median priced home. Today it takes 15% -- a historic low!
Affordability measures ability to buy - that is, the amount of a median family's income consumed by the median mortgage. In 1981, it took 36% of the median family's income to pay the mortgage on the median priced home. Today it takes 15% -- a historic low!
Thursday, October 20, 2011
Short Sale open house in Boynton Beach
What are you doing for your home search??? Is the real estate market making you a little crazy?? If you are determined to find a great deal.. and you are determined to make it a distressed sale.. it is really important to ask a lot of questions. Step 1..... hire a great agent..Step 2 have that great agent show you qualified homes(your agent will understand what that means)..Step 3 when making your offer make sure you have your financing information up to date and provided along with the offer..Step 4 get frequent updates on the status of your offer...Step 5.. Dont do anything unusual such as buy a new car, finance new furniture... keep a conservative profile.. lenders will flag dramatic purchases and changes...
So if you have not found your dream home yet.. come see this great short sale home in Lexington Lakes.... We are waiting for your offer!!
So if you have not found your dream home yet.. come see this great short sale home in Lexington Lakes.... We are waiting for your offer!!
Monday, October 17, 2011
Top 10 reasons to own rather than rent
1. You own it: With no landlord, you make the decisions.
2. You deduct it: Mortgage interest, property taxes and some costs involved with buying a home can be deducted from federal income taxes.
3. Interest rates: The cost to borrow mortgage money is at an all-time low. If you’re going to buy, this is the time to jump into the market.
4. You invest in it: Rent money is gone forever. Mortgage payments build home equity ownership interests.
5. You save for the future: Home equity is a ready-made savings plan. Sell it and you can make up to $250,000 cash without owing any federal income tax on the profit.
6. You can predict expenses: Unlike rent, a fixed-mortgage payment doesn’t get more expensive over time.
7. You pick it: Choose from different neighborhoods, styles and price ranges.
8. You create it: Decorate, renovate, get a pet or paint the walls whatever color you want – it belongs to you.
9. You live in a neighborhood: You and your neighbors take pride in the local schools, roads and more – and you work together to build a friendly community.
10. You spend money on yourself: When you buy a chandelier or hardwood floor or kitchen cabinet, you’re spending hard-earned money on yourself and building your equity at the same time.
2. You deduct it: Mortgage interest, property taxes and some costs involved with buying a home can be deducted from federal income taxes.
3. Interest rates: The cost to borrow mortgage money is at an all-time low. If you’re going to buy, this is the time to jump into the market.
4. You invest in it: Rent money is gone forever. Mortgage payments build home equity ownership interests.
5. You save for the future: Home equity is a ready-made savings plan. Sell it and you can make up to $250,000 cash without owing any federal income tax on the profit.
6. You can predict expenses: Unlike rent, a fixed-mortgage payment doesn’t get more expensive over time.
7. You pick it: Choose from different neighborhoods, styles and price ranges.
8. You create it: Decorate, renovate, get a pet or paint the walls whatever color you want – it belongs to you.
9. You live in a neighborhood: You and your neighbors take pride in the local schools, roads and more – and you work together to build a friendly community.
10. You spend money on yourself: When you buy a chandelier or hardwood floor or kitchen cabinet, you’re spending hard-earned money on yourself and building your equity at the same time.
Friday, October 7, 2011
30-year FRM below 4% for first time ever
WASHINGTON – Oct. 7, 2011 –
"The average rate on the 30-year fixed mortgage this week fell below 4 percent for the first time ever, to 3.94 percent.
For those who can qualify, it’s an extraordinary opportunity to buy a home or refinance."
"The average rate on the 30-year fixed mortgage this week fell below 4 percent for the first time ever, to 3.94 percent.
For those who can qualify, it’s an extraordinary opportunity to buy a home or refinance."
Wednesday, October 5, 2011
Homes for sale declining across South Florida
An interesting artice release today from floridarealtors.org
"The number of homes and condominiums for sale has steadily declined across South Florida in 2011, frustrating buyers and leading to bidding wars in some cases, real estate agents say."
"The number of homes and condominiums for sale has steadily declined across South Florida in 2011, frustrating buyers and leading to bidding wars in some cases, real estate agents say."
Tuesday, October 4, 2011
Welcome to the most current Housing Trends eNewsletter
SEPTEMBER - 2011 Newsletter Housing Trends eNewsletter
Welcome to the most current Housing Trends eNewsletter. This eNewsletter is specially designed for you, with national and local housing information that you may find useful whether you’re in the market for a home, thinking about selling your home, or just interested in homeowner issues in general.
The Housing Trends eNewsletter contains the latest information from the National Association of REALTORS®, the U.S. Census Bureau and Realtor.org reports, videos, key market indicators and real estate sales statistics, a video message by a nationally recognized economist, maps, mortgage rates and calculators, consumer articles, plus local neighborhood information and more.
Please click the red headline to view the SEPTEMBER - 2011 Newsletter Housing Trends eNewsletter.
If you are interested in determining the value of your home, click the Home Evaluator link for a free evaluation report.
Friday, September 30, 2011
Real Estate Glossary - Z
Zero-lot lines : Houses built without space between them and with little or no yard.
Zoning : Regulations that control the use of land within a jurisdiction..
Zoning variance : A one-time modification of existing zoning law.
Zoning : Regulations that control the use of land within a jurisdiction..
Zoning variance : A one-time modification of existing zoning law.
Real Estate Glossary - W
Wainscoting : Wood paneling, tongue-and-groove boards or similar material installed between a baseboard and a chair rail.
Waiver : A voluntary relinquishing of certain rights or claims.
Walk-out basement : A feature that allows a door to open onto ground level.
Walk-through : A buyer's final inspection of the home to determine if conditions in the purchase agreement have been satisfied.
Warranty : A legally binding promise to do something in the future.
Wetlands : Watery areas such as swamps, marshes and floodplains.
Wild deed : An improperly recorded deed.
Will : The most basic legal document outlining the disposition of a person's estate in the event of death.
Window light : An individual pane of glass.
Window seat : A bench built under an interior window.
Window well : A curved, corrugated steel insert used to isolate basement windows from moisture if they're below the soil line.
Window well covers : Curved plastic covers designed to be installed on top of a window well to cover the opening.
Wraparound mortgage : A loan to a buyer for the remaining balance on a seller's first mortgage and an additional amount requested by the seller. Payments on both loans are made to the lender who holds the wraparound loan.
Waiver : A voluntary relinquishing of certain rights or claims.
Walk-out basement : A feature that allows a door to open onto ground level.
Walk-through : A buyer's final inspection of the home to determine if conditions in the purchase agreement have been satisfied.
Warranty : A legally binding promise to do something in the future.
Wetlands : Watery areas such as swamps, marshes and floodplains.
Wild deed : An improperly recorded deed.
Will : The most basic legal document outlining the disposition of a person's estate in the event of death.
Window light : An individual pane of glass.
Window seat : A bench built under an interior window.
Window well : A curved, corrugated steel insert used to isolate basement windows from moisture if they're below the soil line.
Window well covers : Curved plastic covers designed to be installed on top of a window well to cover the opening.
Wraparound mortgage : A loan to a buyer for the remaining balance on a seller's first mortgage and an additional amount requested by the seller. Payments on both loans are made to the lender who holds the wraparound loan.
Real Estate Glossary - V
Variable interest rate : A loan rate that moves up and down based on factors including changes in the rate paid on bank certificates of deposit or Treasury bills.
Variable rate mortgage : A loan with an interest rate that hinges on factors such as the rate paid on bank certificates and Treasury bills.
Variable rate : An interest rate that changes with fluctuations in such indexes as the U.S. Treasury bill index.
Vaulted ceiling : An elongated half-cylinder that arches above the floor.
Verification of deposit : Part of the loan process, in which a lender will ask a borrower's bank to sign a statement verifying the borrower's account balances and history.
Verification of employment : Part of the loan process, in which a lender asks the borrower's employer for confirmation of the borrower's position and salary.
Vestibule : A small entrance hall or room.
Veterans Administration (VA) : The U.S. Department of Veterans Affairs operates a variety of programs to help veterans. One of the key plans it oversees is the VA loan program, which allows most veterans to purchase a house without a down payment.
Victorian style : An architectural style that dates from the mid-19th century.
Vinyl-clad windows : Wood windows sheathed in vinyl on the outside.
Voluntary lien : A lien that a homeowner willingly gives to a lender.
VA loans : A program that allows most veterans to purchase a house without a down payment.
Variable rate mortgage : A loan with an interest rate that hinges on factors such as the rate paid on bank certificates and Treasury bills.
Variable rate : An interest rate that changes with fluctuations in such indexes as the U.S. Treasury bill index.
Vaulted ceiling : An elongated half-cylinder that arches above the floor.
Verification of deposit : Part of the loan process, in which a lender will ask a borrower's bank to sign a statement verifying the borrower's account balances and history.
Verification of employment : Part of the loan process, in which a lender asks the borrower's employer for confirmation of the borrower's position and salary.
Vestibule : A small entrance hall or room.
Veterans Administration (VA) : The U.S. Department of Veterans Affairs operates a variety of programs to help veterans. One of the key plans it oversees is the VA loan program, which allows most veterans to purchase a house without a down payment.
Victorian style : An architectural style that dates from the mid-19th century.
Vinyl-clad windows : Wood windows sheathed in vinyl on the outside.
Voluntary lien : A lien that a homeowner willingly gives to a lender.
VA loans : A program that allows most veterans to purchase a house without a down payment.
Real Estate Glossary - U
Underlayment : A layer of wood between the subfloor and the floor.
Underwriting : The process that lenders go through to evaluate the risks posed by a particular borrower and to set appropriate conditions for the loan.
Undisclosed heir : A person who claims the right to a piece of property after the death of an owner without a will.
Undisclosed spouse : An unidentified marital partner who can claim the right to a piece of property.
Unrecorded deed : An unrecorded deed transfers ownership from one party to another without being officially recorded.
U.S. Department. of Housing and Urban Development (HUD) : A federal agency that oversees the Federal Housing Administration and a variety of housing and community development programs.
Unsecured loan : Any loan that is not backed by collateral.
Upgrades : Options than the standard carpeting, lighting, finish carpentry and other amenities offered to all buyers in a new-home project.
Upzoning : The process in which a property is zoned from a lower to a higher use.
Urban sprawl : The unplanned expansion of development over a large area.
Usury : A reference to illegally excessive interest charged on any loan.
Underwriting : The process that lenders go through to evaluate the risks posed by a particular borrower and to set appropriate conditions for the loan.
Undisclosed heir : A person who claims the right to a piece of property after the death of an owner without a will.
Undisclosed spouse : An unidentified marital partner who can claim the right to a piece of property.
Unrecorded deed : An unrecorded deed transfers ownership from one party to another without being officially recorded.
U.S. Department. of Housing and Urban Development (HUD) : A federal agency that oversees the Federal Housing Administration and a variety of housing and community development programs.
Unsecured loan : Any loan that is not backed by collateral.
Upgrades : Options than the standard carpeting, lighting, finish carpentry and other amenities offered to all buyers in a new-home project.
Upzoning : The process in which a property is zoned from a lower to a higher use.
Urban sprawl : The unplanned expansion of development over a large area.
Usury : A reference to illegally excessive interest charged on any loan.
Real Estate Glossary - T
Tap fees : Most companies charge a tap fee for hooking up utilities.
Tax deduction : A tax break given by the government. Mortgage interest, loan points and property taxes can be deducted.
Tax lien : An impediment placed against a property, such as back taxes.
Tax sale : The public sale of a property by the government for nonpayment of taxes.
Tax shelter : A term often applied to real estate investment and refers to various tax advantages.
Tear-down condition : A house that requires the entire interior to be rebuilt.
Teaser rate : An low, short-term rate offered on a mortgage to entice the borrower.
Tenancy by the entirety : When a married couple owns a home, it is usually considered tenancy by the entirety If the property must be sold to pay the debts of one spouse, both must agree.
Tenants in common : Two or more owners who share interest in a specific property.
Terrace : A terrace can be several things: an unroofed paved area right next to a house; a roofed balcony; a veranda; or a raised bed of earth constructed to enhance a landscape.
The 72-hour clause : When a buyer has a house to sell before they can purchase another home, most sellers insist on a 72-hour clause. In the event of a better offer coming in before the contingency is settled, this clause entitles the seller to give the buyer 72 hours to remo
Third-party origination : In a third-party origination transaction, the lender has another institution originate all or part of a mortgage.
Timeshare : Ownership that involves the acquisition of a specific period of time, or that percentage of interest, in a vacation home or resort.
Title : The actual legal document conferring ownership of a piece of real estate.
Title company : Firms that ensure that the title to a piece of property is clear and provide title insurance.
Title insurance : A policy issued to lenders and buyers to protect any losses because of a dispute over the ownership of a piece of property.
Title risk : Possible impediments to the transfer of a title from one owner to another.
Title search : A check of public title records to ascertain that the seller is the legal owner and that there are no claims or liens against the property.
Top producer : A real state industry term that refers to agents and brokers who sell a high volume of homes.
Top soil : The top layer of soil that is removed when lots are graded in preparation for construction.
Total expense ratio : The percentage of monthly debt obligations relative to gross monthly income.
Townhouse : An attached home that is not a condominium.
Tract home : Another term for a production home, a mass-produced house constructed by one builder in a project.
Trade equity : Other real estate or assets a buyer gives to a seller as part of the down payment.
Trading down : A reference to buyers who purchase a home that is less expensive than their current house.
Trading up : A reference to buyers who purchase a home that is more expensive home than their current house.
Transfer of ownership : Any legal means by which a piece of real estate changes hands.
Transfer tax : An assessment by state or local authorities at the time a piece of property changes hands.
Transom : A small hinged window directly above a door.
Trans-Union : Trans-Union Corp. is one of the "Big Three" credit-reporting bureaus that operate nationwide. Address: 760 Sproul Road, P.O. Box 390, Springfield, PA 19064-0390. Phone: (312) 408-1400.
Tray ceiling : A tray ceiling has edges that slant toward the middle from the walls.
Treasury bills : Securities issued by the Treasury Department that have the full backing of the U.S. government.
Treasury index : An index used to determine interest rate changes for adjustable rate mortgages.
Trellis : A decorative landscape structure made of thin strips of wood or plastic.
Trim work : The finishing of doors, doorways, window frames and floors.
Truss : A prefabricated framework of girders, struts and other items used to support a roof or other load-bearing elements.
Trust account : Special accounts used by brokers and escrow agents to safeguard funds for a buyer or seller.
Trustee : A legally empowered person who holds or controls a piece of property for another person.
Truth-in-Lending Act : A federal law that protects consumers in a variety of ways. One of its key provisions allows a consumer to cancel a home-improvement loan, second mortgage or other loan if the home was pledged as security (except for a first mortgage or first trust deed)
Tuck-point : The process of removing old mortar from between bricks and replacing it with new mortar.
Two-step mortgage : An adjustable mortgage with two interest rates, one for the first five or seven years of the loan, and the other for the remainder of the loan term.
Two- to four-family property : A piece of property that is owned by one person but provides housing for up to four households.
Tax deduction : A tax break given by the government. Mortgage interest, loan points and property taxes can be deducted.
Tax lien : An impediment placed against a property, such as back taxes.
Tax sale : The public sale of a property by the government for nonpayment of taxes.
Tax shelter : A term often applied to real estate investment and refers to various tax advantages.
Tear-down condition : A house that requires the entire interior to be rebuilt.
Teaser rate : An low, short-term rate offered on a mortgage to entice the borrower.
Tenancy by the entirety : When a married couple owns a home, it is usually considered tenancy by the entirety If the property must be sold to pay the debts of one spouse, both must agree.
Tenants in common : Two or more owners who share interest in a specific property.
Terrace : A terrace can be several things: an unroofed paved area right next to a house; a roofed balcony; a veranda; or a raised bed of earth constructed to enhance a landscape.
The 72-hour clause : When a buyer has a house to sell before they can purchase another home, most sellers insist on a 72-hour clause. In the event of a better offer coming in before the contingency is settled, this clause entitles the seller to give the buyer 72 hours to remo
Third-party origination : In a third-party origination transaction, the lender has another institution originate all or part of a mortgage.
Timeshare : Ownership that involves the acquisition of a specific period of time, or that percentage of interest, in a vacation home or resort.
Title : The actual legal document conferring ownership of a piece of real estate.
Title company : Firms that ensure that the title to a piece of property is clear and provide title insurance.
Title insurance : A policy issued to lenders and buyers to protect any losses because of a dispute over the ownership of a piece of property.
Title risk : Possible impediments to the transfer of a title from one owner to another.
Title search : A check of public title records to ascertain that the seller is the legal owner and that there are no claims or liens against the property.
Top producer : A real state industry term that refers to agents and brokers who sell a high volume of homes.
Top soil : The top layer of soil that is removed when lots are graded in preparation for construction.
Total expense ratio : The percentage of monthly debt obligations relative to gross monthly income.
Townhouse : An attached home that is not a condominium.
Tract home : Another term for a production home, a mass-produced house constructed by one builder in a project.
Trade equity : Other real estate or assets a buyer gives to a seller as part of the down payment.
Trading down : A reference to buyers who purchase a home that is less expensive than their current house.
Trading up : A reference to buyers who purchase a home that is more expensive home than their current house.
Transfer of ownership : Any legal means by which a piece of real estate changes hands.
Transfer tax : An assessment by state or local authorities at the time a piece of property changes hands.
Transom : A small hinged window directly above a door.
Trans-Union : Trans-Union Corp. is one of the "Big Three" credit-reporting bureaus that operate nationwide. Address: 760 Sproul Road, P.O. Box 390, Springfield, PA 19064-0390. Phone: (312) 408-1400.
Tray ceiling : A tray ceiling has edges that slant toward the middle from the walls.
Treasury bills : Securities issued by the Treasury Department that have the full backing of the U.S. government.
Treasury index : An index used to determine interest rate changes for adjustable rate mortgages.
Trellis : A decorative landscape structure made of thin strips of wood or plastic.
Trim work : The finishing of doors, doorways, window frames and floors.
Truss : A prefabricated framework of girders, struts and other items used to support a roof or other load-bearing elements.
Trust account : Special accounts used by brokers and escrow agents to safeguard funds for a buyer or seller.
Trustee : A legally empowered person who holds or controls a piece of property for another person.
Truth-in-Lending Act : A federal law that protects consumers in a variety of ways. One of its key provisions allows a consumer to cancel a home-improvement loan, second mortgage or other loan if the home was pledged as security (except for a first mortgage or first trust deed)
Tuck-point : The process of removing old mortar from between bricks and replacing it with new mortar.
Two-step mortgage : An adjustable mortgage with two interest rates, one for the first five or seven years of the loan, and the other for the remainder of the loan term.
Two- to four-family property : A piece of property that is owned by one person but provides housing for up to four households.
Real Estate Glossary - S
Sale-leaseback : A transaction in which the buyer leases back the property to the seller for a specified period of time.
Sales contract : A contract signed by the buyer and sellerthat details the terms of a home purchase.
Saltbox style : A design that dates to colonial times and takes its name from the shape of saltboxes.
Sanitary sewer : The drain line in a house that carries away food and human wastewater to a municipal sewer system or a septic system.
Sash : One of two windows in a double-hung window.
Schematic designs : Renderings of floor plans and the exterior of a house.
Second mortgage : Another loan placed upon a piece of property.
Secondary mortgage market : A market of packaged home loans that are resold as securities to investors. Major players are Fannie Mae and Freddie Mac.
Secured loan : Any loan backed by collateral.
Security : Apiece of property designated as collateral.
Seller broker : A seller broker represents the interest of the seller.
Seller carry-back : An agreement in which the seller provides financing for a home purchase.
Seller take-back : An agreement in which the seller provides financing for a home purchase.
Seller's market : A hot real estate market in which sellers have the advantage and multiple offers are common.
Semi-custom home : The buyer of a semi-custom home is free to make some design changes but not to the home's structural plan.
Septic system : A self-contained sewage treatment system that distributes wastewater to an underground storage area and relies on bacterial action to decompose solid waste matter.
Servicer : A firm that collects mortgage payments and manages borrowers' escrow accounts.
Setback : The minimum distance a house or buildings must be from the lot line.
Settlement statement : A document that details who has paid what to whom.
Shared-appreciation mortgage : A loan that allows a lender or other party to share in the borrower's profits when the home is sold.
Shared-equity transaction : A transaction in which two buyers purchase a property, one as a resident co-owner and the other as an investor co-owner.
Shed ceiling : A shed ceiling pitches upward at one end.
Shed roof : A shed roof pitches up longer on one side than the other.
Shingle style : An alternative style of Victorian homes that evolved in the late 19th century to simplify the complexity of the traditional Victorian house.
Shingles : Thin, wedge-shaped pieces of wood or flat rectangular pieces of slate, mineral fiber, glass fiber or composition asphalt installed on a roof to prevent water seepage.
Shoe molding : An unobtrusive finish trim between the floor and the baseboard designed to hide any irregularities in the seam between the floor and wall or baseboard.
Sill plate : A horizontal piece of wood placed on top of the foundation.
Sill cock : An exterior threaded faucet connection for garden hoses that provides water outside a home.
Skylight : A window in a roof that allows natural light to illuminate a room.
Slab foundation : A foundation built directly on soil with no basement or crawl space.
Slider window : A window that is composed of two windows, or sashes, that glide open and closed on a metal track.
Soffit : An external area under the overhang of a roof.
Soils test : A test of the subsoil to ensure that foundations can be safely constructed.
Spanish Mission style : A design that is derived from the original missions established by the Spanish in the Southwest.
Special assessment : When a homeowners' association needs or wants extra funds, it levies a special assessment upon the owners.
Special deposit account : Rehabilitation mortgages require a special deposit account from which restoration and remodeling funds included in the loan are disbursed to the appropriate contractors as work is completed.
Specifications : The written requirements for materials, equipment, construction systems and standards.
Speculation home : A home that has been built without a buyer.
Splash block : A slanted block used to divert runoff water from a downspout away from the foundation.
Split-level style : A home that is a ranch-style house stacked to fit on a smaller lot and perhaps to accommodate a garage.
Square footage : The number of square feet of livable space in a home or building.
Standard Metropolitan Statistical Area : Areas designated by the U.S. Office of Management and Budget that contain a city of 50,000 or more.
Standard payment calculation : A calculation that is used to determine the monthly payment necessary to repay the balance of a home loan in equal installments.
Starter home : Homes that fall within the lower price range of a typical first-time buyer.
Steel framing : A construction method used by commercial and residential builders.
Step-rate mortgage : A loan that allows a gradual increase in the interest rate during the first few years of the loan.
Storm sewer : A drain line, which is not connected to the sewer line, removes all other wastewater from a home.
Storm windows : Sets of windows and screens that are installed on older double-hung windows.
Strike plate : The metal part of a lock that is anchored to the doorframe and holds the door closed.
Straight purchase : A transaction in which the buyer gives a new-home builder a deposit to begin building and the balance when the sale of the house closes.
Stucco : A mixture of sand and cement used to cover the exterior surface or interior walls of a home or building.
Studs : The upright pieces of lumber or steel in a wall to which panels, siding, drywall or other coverings are attached.
Subagent : When an agent brings a buyer to a property, they in effect act as a subagent to the listing agent.
Subcontractor : Specialty construction companies hired by the general contractor to perform certain tasks.
Subdivision : The process in which the owner of a large piece of property divides it into smaller parcels.
Sub-flooring : The sheathing, usually made of plywood, placed on top of floor joists and covered by flooring.
Subordinate loan : A second or third mortgage.
Sump pump : A pump that moves water from a basement sump pit.
Survey : A precise measurement of a piece of property by a licensed surveyor.
Sweat equity : The non-cash value put into a piece of property by the owner, such as do-it-yourself home improvements.
Sales contract : A contract signed by the buyer and sellerthat details the terms of a home purchase.
Saltbox style : A design that dates to colonial times and takes its name from the shape of saltboxes.
Sanitary sewer : The drain line in a house that carries away food and human wastewater to a municipal sewer system or a septic system.
Sash : One of two windows in a double-hung window.
Schematic designs : Renderings of floor plans and the exterior of a house.
Second mortgage : Another loan placed upon a piece of property.
Secondary mortgage market : A market of packaged home loans that are resold as securities to investors. Major players are Fannie Mae and Freddie Mac.
Secured loan : Any loan backed by collateral.
Security : Apiece of property designated as collateral.
Seller broker : A seller broker represents the interest of the seller.
Seller carry-back : An agreement in which the seller provides financing for a home purchase.
Seller take-back : An agreement in which the seller provides financing for a home purchase.
Seller's market : A hot real estate market in which sellers have the advantage and multiple offers are common.
Semi-custom home : The buyer of a semi-custom home is free to make some design changes but not to the home's structural plan.
Septic system : A self-contained sewage treatment system that distributes wastewater to an underground storage area and relies on bacterial action to decompose solid waste matter.
Servicer : A firm that collects mortgage payments and manages borrowers' escrow accounts.
Setback : The minimum distance a house or buildings must be from the lot line.
Settlement statement : A document that details who has paid what to whom.
Shared-appreciation mortgage : A loan that allows a lender or other party to share in the borrower's profits when the home is sold.
Shared-equity transaction : A transaction in which two buyers purchase a property, one as a resident co-owner and the other as an investor co-owner.
Shed ceiling : A shed ceiling pitches upward at one end.
Shed roof : A shed roof pitches up longer on one side than the other.
Shingle style : An alternative style of Victorian homes that evolved in the late 19th century to simplify the complexity of the traditional Victorian house.
Shingles : Thin, wedge-shaped pieces of wood or flat rectangular pieces of slate, mineral fiber, glass fiber or composition asphalt installed on a roof to prevent water seepage.
Shoe molding : An unobtrusive finish trim between the floor and the baseboard designed to hide any irregularities in the seam between the floor and wall or baseboard.
Sill plate : A horizontal piece of wood placed on top of the foundation.
Sill cock : An exterior threaded faucet connection for garden hoses that provides water outside a home.
Skylight : A window in a roof that allows natural light to illuminate a room.
Slab foundation : A foundation built directly on soil with no basement or crawl space.
Slider window : A window that is composed of two windows, or sashes, that glide open and closed on a metal track.
Soffit : An external area under the overhang of a roof.
Soils test : A test of the subsoil to ensure that foundations can be safely constructed.
Spanish Mission style : A design that is derived from the original missions established by the Spanish in the Southwest.
Special assessment : When a homeowners' association needs or wants extra funds, it levies a special assessment upon the owners.
Special deposit account : Rehabilitation mortgages require a special deposit account from which restoration and remodeling funds included in the loan are disbursed to the appropriate contractors as work is completed.
Specifications : The written requirements for materials, equipment, construction systems and standards.
Speculation home : A home that has been built without a buyer.
Splash block : A slanted block used to divert runoff water from a downspout away from the foundation.
Split-level style : A home that is a ranch-style house stacked to fit on a smaller lot and perhaps to accommodate a garage.
Square footage : The number of square feet of livable space in a home or building.
Standard Metropolitan Statistical Area : Areas designated by the U.S. Office of Management and Budget that contain a city of 50,000 or more.
Standard payment calculation : A calculation that is used to determine the monthly payment necessary to repay the balance of a home loan in equal installments.
Starter home : Homes that fall within the lower price range of a typical first-time buyer.
Steel framing : A construction method used by commercial and residential builders.
Step-rate mortgage : A loan that allows a gradual increase in the interest rate during the first few years of the loan.
Storm sewer : A drain line, which is not connected to the sewer line, removes all other wastewater from a home.
Storm windows : Sets of windows and screens that are installed on older double-hung windows.
Strike plate : The metal part of a lock that is anchored to the doorframe and holds the door closed.
Straight purchase : A transaction in which the buyer gives a new-home builder a deposit to begin building and the balance when the sale of the house closes.
Stucco : A mixture of sand and cement used to cover the exterior surface or interior walls of a home or building.
Studs : The upright pieces of lumber or steel in a wall to which panels, siding, drywall or other coverings are attached.
Subagent : When an agent brings a buyer to a property, they in effect act as a subagent to the listing agent.
Subcontractor : Specialty construction companies hired by the general contractor to perform certain tasks.
Subdivision : The process in which the owner of a large piece of property divides it into smaller parcels.
Sub-flooring : The sheathing, usually made of plywood, placed on top of floor joists and covered by flooring.
Subordinate loan : A second or third mortgage.
Sump pump : A pump that moves water from a basement sump pit.
Survey : A precise measurement of a piece of property by a licensed surveyor.
Sweat equity : The non-cash value put into a piece of property by the owner, such as do-it-yourself home improvements.
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