seller's market

Definition

A real estate hellscape where buyers compete gladiaps-style for overpriced homes, waiving inspections and offering their firstborn as closing gifts. It's when sellers can list a 900-square-foot teardown for $800K and receive 15 all-cash offers.

Example Usage

In this seller's market, you'll need to offer $100K over asking, waive all contingencies, and write a heartfelt letter about why you deserve the house.

Source: Real estate market conditions

Related Terms

Beginner

quit claim deed

A deed transferring whatever interest the grantor has in property, if any, with zero warranties or guarantees. The 'I might own this, I might not, good luck!' document of real estate transfers.

🏠 Real Estate

Intermediate

blended rate

An averaged interest rate combining multiple loans or tranches of debt, making your actual cost of borrowing sound better than it is. Financial smoothie blending various percentages into one palatable number.

🏠 Real Estate

Advanced

REIT

A Real Estate Investment Trust that lets you invest in property without ever unclogging a toilet or dealing with a tenant who thinks rent is optional. It's landlording for people who prefer spreadsheets over plungers.

🏠 Real Estate

Beginner

principal residence

The home where you live most of the year, receiving favorable tax treatment including capital gains exclusions and mortgage interest deductions. The IRS cares deeply about distinguishing this from your 'vacation home' to prevent creative accounting.

🏠 Real Estate

Intermediate

buyer broker agreement

A contract binding a buyer to an agent for a specific period, ensuring the agent gets paid even if the buyer tries to ghost them after months of work. It's basically a pre-nup for the house-hunting relationship.

🏠 Real Estate

Beginner

exclusive listing

A contract giving one real estate agent the sole right to sell a property for a specified period, even if the owner finds a buyer independently. It's monogamy for real estate, and the agent gets paid regardless of who does the actual work.

🏠 Real Estate

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