The pandemic has brought about changes to the housing market across our nation and we have definitely felt it locally. For the month of July, the change in the number of units sold in Frederick
A Quick Guide To The Letters Behind The Name
Dated: November 9 2018
LOL! We live in a world of time-saving slang and acronyms...and the Real Estate Industry is no newcomer to such trends! Realtors and lenders alike are great about shortening a sentence or using a few extra letters at the end of their name or email signature to signify some important things! I think it's time to break down some barriers and give you the most common slang and acronyms definitions!
MLS - Multiple List System. This is the database Realtors use to list and search properties. Consumer sites (like realtor.com, zillow, and Trulia) use the MLS to build their sites
MRIS - Metropolitan Regional List System - this is synonymous with "MLS"...it is just a different way of referring to the database in the DC metro area.
Comp - short for "comparable properties" - your Realtor should be providing "comps" when you are looking to either sell or buy!
AVE or AVM - automated value estimate oro automated value model. This is the number (dare I say "zestimate") that the computer generates. Not nearly as accurate as an RVM or CMA
RVM or CMA - refined (or Realtor) value model or comparative market analysis. This is a more accurate estimate of a property's value based on more accurate, real time data and a human (Realtor) touch.
FHA (loan) - Federal House Administrative loan. This is a government backed loan available to all who qualify. This program has been around since the 1930's to help stimulate the housing market and affordability.
VA (loan) - This loan is backed by the Department of Veteran's Affairs. The premise of this loan is to help qualified veterans and those on active duty buy a home with no down payment.
USDA (loan) - United States Department of Agriculture loan. These loans, also backed by the government, help buyers qualify to stimulate more rural areas.
APR - Annual Percentage Rate. Also used with credit cards, this is a compilation of your loan's yearly interest rate with fees. This figure shows you the true cost of lending.
LTV Ratio - Loan To Value Ratio. This is the ration of debt you have income. This is a key component to your loan qualification.
NAR - National Association of Realtors. Be sure your Realtor is a member to this association! It is hard to be a Realtor if they aren't!
Your Realtor may have the following letters in their email signature and business cards. This signifies an agent's additional education to help better serve You!
ABR - Accredited Buyer's Representative.
MRP - Military Relocation Professional
SRES - Senior Representative Specialist
SRS - Seller Representative Specialist
PSA - Pricing Strategy Adviser
Of course, there are a ton more out there! Don't hesitate to contact me if you have any questions or want clarification on any of the above mentioned acronyms or others you see in the field!
Welcome Home Realty Group
Kat Royer is a graduate of Virginia Tech with a Bachelor’s degree in Hospitality and Tourism Management and minor in Real Estate. She worked for 7 years in operations and sales for a major internat....