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TOPICAL REAL ESTATE DICTIONARY Top 20 Terms Agents Buying Closing Contract Credit Inspection Law Financing Selling Taxes/Insurance Selling appreciation An increase in the value of a home or other property. comparative market analysis An estimate of the value of a property based on an analysis of sales of properties with similar characteristics. disclosure A statement to a potential buyer listing information relevant to a piece of property, such as the presence of radon or lead paint. market value The price that a piece of property sells for at a particular point in time. motivated buyer A buyer with a strong incentive to make a purchase. move-up buyer A buyer who has purchased a home before and is looking for a bigger or more expensive home. move-in condition A house that is ready for a new occupant. 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 listing A property given to a number of brokers to market at the same time. price range The upper and lower limit of what a buyer is willing to pay for a home. property value The value of a piece of property, based on the price a buyer will pay at a given time. real estate Land and anything permanently affixed to it, including buildings. resale value A property's future value, which can be affected by many factors including the surrounding neighborhood, school district scores, and economic and housing market conditions. seller's market A hot real estate market in which sellers have the advantage and multiple offers are common. trading down Buying a home that is less expensive than the one's current house. trading up Buying a home that is more expensive than one's current house.