A buyer's market is an economic situation where the supply of goods or assets exceeds demand, giving buyers an upper hand in negotiations over sellers. This term is widely used in the real estate sector to describe conditions where property buyers have an abundance of choices and leverage to negotiate lower prices.
Presale refers to the sale of proposed properties, such as condominiums, before construction begins. It is a common practice used by developers to secure funds and gauge market interest in their projects.
A purchase money mortgage is a loan provided by the seller of a property to the buyer as an alternative to traditional mortgage financing. This option facilitates property sales in scenarios where obtaining a conventional loan is challenging.
A real estate agent is a licensed professional who represents buyers and sellers in real estate transactions.
A professional in real estate who subscribes to a strict code of ethics as a member of the local and state boards and the National Association of Realtors.
