Updated: Boston Real Estate Blog 2024
Byline – John Ford Boston Condo Broker
Boston condo terms you should know
Boston Condos for Sale and Apartments for Rent
Boston condo terms you should know
You ever wanted to know what Boston condo for sale terms really mean? Today, I shall with you some trade secret insights
“Curb Appeal” = The art of making your house look so good from the outside that potential buyers forget they can’t afford it.
“Cozy” = It means you can touch both walls at the same time.
“Open Floor Plan” = Good luck finding a place to hide from your family.
“Ocean View” = You might see water if you stand on your tiptoes and squint really hard.
“Panoramic Ocean View” = Less squinting needed.
“Low-Maintenance Yard” = Prepare to embrace the beauty of gravel and succulents. Your dog will hate it.
“Charming” = The real estate version of “it has a great personality.”
“Improved Pricing” = It’s less of a ripoff now.
“Off-Market” = Everyone has passed on it already.
“Seller Will Carry” = No bank will touch this.
“Bring All Offers” = My seller is nuts, so lowball me.
“Perfect For 1031” = Perfect if you want to overpay.
“Trophy Property” = Overpriced.
“Generational Property” = Way overpriced.
“Call For Price” = We’re embarrassed to publish it.
“Distressed” = Not distressed.
“For Sale By Owner” = For sale by ego.
“Below Replacement Cost” = Meaningless filler words.
“Leasehold Interest” = You’re not buying real estate.
“Fixer-Upper” = A polite term for a house that’s about to be condemned.
“Needs some love” = You might need therapy after seeing the kitchen.
“Rustic Charm” = No Wi-Fi, but plenty of cobwebs to keep you company.
“Open Concept” = No place to hide your junk.
“Vintage Décor” = Previous owners thought you’d enjoy their 1970s design choices as a timeless gift.
“Quaint Neighborhood” = The only exciting thing that happens is the occasional squirrel chase.
“Up-and-Coming Area” = It’s not great now, but just wait until someone opens an artisanal kombucha shop.
Where is Ford Realty Located?
Ford Realty is located in 137 Charles Street in Beacon Hill
________________________________________________________________________________________________________________________________________
Boston condo terms you should know
The old saying “Knowledge is power” is especially important when it comes to the Boston condo for sale market. Whether you’re a Boston condo for sale buyer, of placing your home for sale, its important to have the basic understanding of the terms you will encounter with a sale.
In the video below the host walks through the key real estate definitions that will be helpful for you to know on the Boston condo for sale process.
Updated: Boston condo for sale website 2023
______________________________________________________________________________________________________________________________________________________________
As a newcomer to the world of Boston condo buying, you will likely notice real estate and mortgage professionals use quite a few unfamiliar terms. As one of the most important sectors of the American economy, real estate overlaps the fields of law, finance, and compliance. For this reason, it is important to understand some of the vocabulary used by realtors, lenders, and title insurance agents. When searching for Boston condos for sale don’t hesitate to ask your real estate agent about terms that are new to you. Here are a few terms to get you started.
Assessed Boston Condo Value
Assessed value is not the sales price or even the appraised value of the property. It is the determination made by the Boston County assessor for taxation purposes, and it is often lower than you expect.
A Boston Condo – Back on the Market (BOM)
A BOM property should be approached with a certain degree of caution and with advice from a Boston condo professional. Something happened the first time around and the sale was not completed.
Boston Condo Closing Costs
You will find out there are many items you are expected to pay before taking possession of your new home. These items are known as closing costs, and they can be negotiated to a certain extent with your mortgage loan officer. Payment of these costs is settled at the closing table.
Multiple Listing Service (MLS)
You will hear MLS mentioned quite a few times during your home search. This centralized digital service provides accurate information about available Boston condos for sale on the market.
Principal and Interest
When you get to the closing table, a title agent will tell you how much you are expected to pay each month for your mortgage, and part of this payment will be the principal amount you borrowed plus the interest you agreed to. In some cases, you may only pay interest for a few years.
Title Insurance
This policy protects the lender from errors related to the conveyance of title to your name. You pay the cost of insuring your lender, but you can also get an owner’s title insurance policy for your own peace of mind.
Boston condominium vocabulary can be challenging to understand no matter what type of property you’re looking for. Whether your tastes lean more toward condos in a high rise tower or you’re partial to a Beacon Hill condo is a wonderful place to live. If you’re interested in seeing the latest properties on the market in the downtown Boston area, get in touch with Ford Realty at 617-595-3712.
Boston condos for sale
Back Bay Boston condos for sale
Beacon Hill Boston condos for sale
Charlestown Boston condos for sale
Navy Yard Charlestown Boston condos
Dorchester Boston condos for sale
Fenway Boston condos for sale
Jamaica Plain Boston condos for sale
Leather District Boston condos for sale
Midtown/Downtown Boston condos for sale
Seaport District Boston condos for sale
South Boston condos for sale
South End Boston condos for sale
Waterfront condos for sale
North End condos for sale
West End condos for sale
East Boston condos for sale
