appreciation
An increase in the value of a home or other property.

as-is condition
The purchase or sale of a property in its existing condition.

asking price
A seller's initial price for a property.

backup offer
A secondary bid for a property that the seller will accept if the first offer fails.

comparative market analysis
An estimate of the value of a property based on an analysis of sales of properties with similar characteristics.

condominium
Individual units in a building or development in which owners hold title to the interior space while common areas such as parking lots, community rooms, and recreational areas are owned by all the residents.

counteroffer
A response to an offer.

disclosure
A statement to a potential buyer listing information relevant to a piece of property, such as the presence of radon or lead paint.

fixer-upper
A house that needs refurbishment or remodeling and usually sells at a below-market price.

listing
A piece of property placed on the market by a listing agent.

market value
The price that a piece of property sells for at a particular point in time.

motivated seller
A seller with a strong incentive to make a deal.

move-up buyer
A buyer who has purchased a home before and is looking for a bigger or more expensive home.

multiple listing service (MLS)
A service that combines listings of all available homes in an area into one directory or database, with the exception of For Sale By Owner (FSBO) properties.

multiple offers
More than one purchase offer made on a property. Multiple offers commonly occur in seller's markets or hot neighborhoods.

open house
A marketing tool in which a listing agent opens a house to the public for viewing.

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.