Let’s be honest, talking real estate is like talking in a foreign language. There are many terms and phrases that are important to the business! Here are ten of the most popular terms to help you get more familiar with real estate and how it works.

Image from ucrepropertyandauctions.com
1. ADJUSTABLE-RATE MORTGAGE (ARM)

A mortgage with an interest rate that has the ability to change throughout the period of time the loan is due.

Why is this helpful? If there is a period of low interest rates, it could be helpful to have an ARM so the interest rate can continue to be adjusted instead of being stuck in one spot.

2. AMORTIZATION

The process of paying off debt over the course of time. This usually refers to the payment which includes the principal and interest.

Why is this helpful? Instead of a buyer having to pay an enormous amount of money to buy a property, this process allows for the home to be paid off in portions in order to be more affordable.

3. APPRAISA ...

Quarantine, social distancing, working from home…
All of these can leave us a lot of extra free time. So why not use this new extra time to add some new decor to your living room?
Here are 3 “hip” and easy ideas that are cheap, and can be done within an hour to add something new to your home.

1. PHOTO LUMINARIES (By Hometalk on Pinterest)

Materials: Lantern, paint and brushes, double sided tape, flameless tea light, photos
 
Step 1: Prepare the lantern
Take the glass door out of the front part of the lantern.
Step 2: Paint
Paint the lantern the color that best matches your room or wall.
Step 3: Tape
Put double sided tape on the top and bottom of the glass door.
Step 4: Get the picture
Print out a picture the size of the door and shape it. Tape it on with the double sided tape.
Step 5: Replace
Put the photo and glass back in the lantern when the paint is dry.
Step 6: Add light!
Put an electric/flameless tea inside.


2. HULA HOOP SHELVES ...

It’s no secret that with the corona virus still making headlines around the world that it is affecting our lives every day. But what does this mean for buying or selling a home? Is it a smart move to buy a new house with all that’s going on?
The short answer is: YES!! There has never been a better time to buy a home and make it your own.


(Graphic from Keeping Current Matters)

This graphic shows the interest rate throughout the past several decades. With today’s interest rate at an all time low of 2.99%, there is a fantastic opportunity for homebuyers. 

Looking Forward

“The real estate market is forecasted to finish 2020 with growing strength.” 

Even with all of the chaos and hurdles in the country right now, homeownership rates have actually risen. Despite Covid-19, the housing market is continuing to improve as Americans work towards buying and selling homes.

Along with that, Freddie Mac, Fannie Mae, NAR and the MBA all pred ...