Real Estate Terminology

by Kerry on October 8, 2012

Like every trade, Real Estate has it’s own lingo. While reading an article recently on the Real Estate Forecast for 2013 by a Forbes contributor, I noted after a couple paragraphs that some of the terminology may be outside the box for non-real estate readers.

So, here are a few definitions of words noted in the beginning of this article.

Short sales: This is when a real estate sale’s proceeds fall short of the balance of debts held against the property. The owner has to accept less than the amount owed in debt.

Shadow inventory:  This can be real estate that is in foreclosure and not yet sold or homes that the owner will put on the market when the prices improve.

Upside-down mortgages: When the value of an asset used to secure a loan is less than the outstanding balance on the loan and the security is real estate with a mortgage, you end up with negative equity and the assets are “underwater”, then the loan/borrower with this mortgage would have an “upside down mortgage”.

If you are interested in talking real estate, feel free to contact me.

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28 Church Street (Vineyard Haven) – $570,000

by Kerry on September 26, 2012

SOLD This week on Martha’s Vineyard. To discuss Real Estate on The Island contact Kerry Quinlan-Potter at Kerryqp@comcast.net

Sold This Week on MV : Church Street, VH

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We just wanted to say thanks to Katharine Q. Seelye at The New York Times for writing a lovely article on The Martha’s Vineyard Fishing Derby.

Surely no one could have done a better job. Excellent work Ms. Seelye.

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Real Estate Recovery

by Kerry on September 20, 2012

Reading this article this morning, it is obvious that things will not improve drastically overnight in the Real Estate world.

“Don’t let the data fool you, it’s going to be a long road back to anything like “normal” for the nation’s housing market.
With mortgage rates at the lowest levels in a half century, and falling, the housing market is crawling out of the worst recession since the Great Depression,” says the writer, John W. Schoen.

This article lists part of the problem being the lending institutions withholding finances due to the past mishap in the market.

Another possible negative could also be if Congress decides to “eliminate the deduction for home mortgage interest as part of a broad tax reform package”.

There is much to be watched in the current economic situation that will affect all of us in the Real Estate business as well as buyers and sellers.

What have you noticed in the news this week regarding Real Estate?

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7 Siloam Avenue (Oak Bluffs) – $339,000

by Kerry on September 19, 2012

SOLD This week on Martha’s Vineyard. To discuss Real Estate on The Island contact Kerry Quinlan-Potter at Kerryqp@comcast.net

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