Common Real Estate Terms Explained

Credit: Unsplash/Getty Images   Whether you are buying or selling a property, it is essential to have a basic understanding of the common terms and abbreviations you often hear in real estate. At Lysi Bishop Real Estate, we strive to ensure buyers and sellers are educated and prepared so they can navigate the process with confidence. Here’s a list of some of the most commonly used terms we see in the industry:   Intermountain Multiple Listing Service (IMLS) The Intermountain Multiple Listing Service (IMLS) (also often referred to as “MLS”) is a secure database of properties for sale that is used by real estate agents in the Intermountain West region of the United States. You can use the public-facing search portion of their website to find homes for sale, and members (agents) can use the full IMLS access to conduct detailed property searches for their clients and to list properties for sale.   Listing A listing is simply a property that is for sale and is often represented by a “listing agent” or “seller’s agent.” When browsing real estate websites such as IMLS, or a real estate team, you are looking at listings of properties for sale. View Listings on the Lysi Bishop Real Estate search page here   Live VS On Market VS Active “Live”, “On Market”, and “ Active” are all terms used when a property is for sale on the market.   CMA  A Comparative Market Analysis (CMA) is a detailed report that is prepared by a real estate agent or team that provides an estimate of a property's value based on recent sales of comparable properties in the area. This is NOT the same as an appraisal or an instant “home estimate” that many websites provide using an algorithm. Request a Complimentary CMA on your property here   Pending or Sale Pending When a property is listed as pending, it means that the seller has accepted an offer from a buyer. This does not mean the property has been sold. During this period, the buyer is finalizing inspections and financing. Depending on the contractual agreement between the buyer and seller, the buyer can terminate the sale during the pending process and the seller can put the house back on the market as an active listing. The property may continue to be marketed during this time. Other interchangeable terms are “Under Contract” or “Offer Accepted.”   Contingency A contingency often refers to a clause in the purchase and sale agreement (PSA) that specifies terms that must be met before the sale can be completed. They protect the buyer and seller by giving them the right to terminate the contract if the terms are not met without penalty.  We advise all of our clients to discuss with their agent what contingencies are available to them before signing a contract.   Appraisal VS Inspection Appraisals and inspections are commonly mistaken for each other when actually they are both very different: Appraisal: A process by which a certified appraiser determines the value of a property based on location, condition, size, recent upgrades, and recent sales of comparable properties in the area also known as ‘comps’. Inspection : An examination of a property's physical condition by a licensed inspector. This inspector will evaluate the condition of the property's working systems and structure. A quality inspector will provide a detailed report and feedback on every area of the property (including electrical, plumbing, and foundation). Some agents have a list of inspectors in their contacts, but it’s always good to conduct your own research to select a qualified inspector when selling or buying a home.   Lien According to Idaho law, a lien is a legal claim or right or charge against a property that is used as security (collateral) for a creditor or lender who expects payment from the seller. For example, if a homeowner has not paid their property taxes, a lien may be placed on the property to secure payment.  There are many different kinds of liens, but be aware that most mortgage lenders will not approve a mortgage if a property has any outstanding liens. Most often, properties cannot be sold until the lien(s) have been paid.  In the State of Idaho, liens are public information, if you aren’t sure if your property has a lien on it, you can search on the Secretary of State Office website.   Earnest Money Also called a “good faith deposit,” earnest money is a deposit of money from the buyer made in earnest to demonstrate their commitment to purchasing a property. It is often due within days of an accepted offer. It is typically held in escrow and will often be applied to the purchase price at closing. Who Keeps the Earnest Money? : If the buyer backs out of a signed and accepted offer, the seller keeps the earnest money. However, if the seller backs out of the offer, the money returns to the buyer. Having clear contingencies in place will help protect the seller and buyer in these situations.   Escrow Escrow is where a neutral third party holds funds and documents related to a real estate transaction. This often includes the buyer's earnest money deposit, purchase and sale agreement, and title documents. These funds and documents are held in escrow (typically set up by a lender) until the sale is completed.   Title Insurance Title insurance is a policy that protects the buyer and lender against issues that might come up with the property's title. The State of Idaho does not require title insurance, but your lender may require you to purchase title insurance to protect the buyer and the lender’s own interests from liens or disputes over ownership. For example, if there is a claim against the property the title insurance will often defend the buyer and pay for covered losses. If you have any additional questions or unique concerns not found here, please contact your real estate agent today. Find Me a Real Estate Agent  

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Most Popular Exterior House Colors of 2023

  Credit: Doug Petersen Photography   Thinking about repainting your home’s exterior soon? There are several variables to consider when selecting the right color for your home, including: homeowner’s association restrictions, neighboring property colors, and what’s on trend.  In the past few years, we saw the rise of more modern colors: dark grays and navys with bold accents on the door. This year, top trending colors for exteriors leans more towards tradition and neutrality. The rise in popularity of the Modern Farmhouse has no doubt influenced the classic white look, while materials cost could be an influencing factor for the subtle palette.  Here are this year’s Top 5 House Exterior Colors determined by a recent home study conducted by The Harris Poll and commissioned by Alside.   Credit: https://www.nar.realtor/     1) Off-White/Cream Off-white/cream colors are the most popular exterior home colors in America at the moment, almost doubling the percentage of the runner up color at 20% popularity from the survey. How can you go wrong with a subtle, neutral color? Credit: Ronnie George                                             2) White  White is the second most popular color in America coming in at 14% popularity. Credit: Doug Petersen Photography   3) Light Gray Light Gray ranks at 12% popularity Credit: Sieuwert Otterloo   4) Light Brown  Coming in right behind light gray is light brown at 11% popular vote. Credit: Nikolai Artamonov   5) Medium Blue Breaking the neutral palette trend, medium blue ranks 9% in popularity. Credit: Doug Petersen Photography   6) Light Blue Ranking 6% popularity Credit: Curtis Adams   7) Medium Brown Ranking at 6% Credit: Clay Elliot    8) Medium Gray Coming in at 5% Credit: Doug Petersen Photography   9) Green Ranking 4% popularity Credit: Doug Petersen Photography   10) Red Coming in towards the end at 3% Credit: Zac Gudakov   11) Dark Gray, Dark Blue & Dark Brown Dark Gray - 2% Dark Blue - 2% Dark Brown - 1%   Credit: Jens Mahnke  

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Outdoor Markets in the Treasure Valley

The crisp spring air calls for outdoor markets! There are plenty of opportunities to get fresh produce and goods right from local farms and artisans throughout the Treasure Valley on a weekly basis. Here’s a comprehensive list of open-air markets in the Treasure Valley: Capital City Public Market Credit: Capital City Public Market on Facebook The Capital City Public Market is Idaho’s largest outdoor market and is hosted right in the middle of Downtown Boise. Since 1994, dozens of vendors from all around the region have come to showcase their fresh products and arts. The variety of goods ranges from freshly-picked produce to hand-carved wood sculptures. This market is perfect for a morning outing, where you can savor the flavors of Idaho and purchase locally-made gifts all in one area. Location: The Grove Plaza, 827 W Main St, Boise Dates: Every Saturday April - December Time: 9:30 am - 1:30 pm Boise Farmers Market Credit:The Boise Farmers Market The Boise Farmers Market is a food-centric and agricultural based event hosting dozens of local farms, ranches, and other food artisans. You can’t get fresher than this, with goods picked and packaged nearby. This market is perfect for prepping gourmet meals with unique ingredients, and you can have peace of mind knowing where your food comes from. Location: 1500 Shoreline Drive, Boise Dates: Every Saturday April - October, Drive-Thru shopping Tues-Wed with pickup on Saturdays Time: 9 a.m. - 1 p.m. Eagle Saturday Market Credit: The Eagle Saturday Market on Facebook Located in the heart of downtown Eagle, this quaint and extra charming outdoor market has a classic small town feel. This market is centered around handmade goods with specialty foods, fresh produce, and live music.. making it a great activity for the whole family. Location: Heritage Park, 185 E State Street, Eagle Dates: Every Saturday May 6 - October  Time: 9 am - 2 pm *No market on 7/1 & 7/8 Meridian Main Street Market Credit: idahonews.com Meridian Main Street Market (formerly called the Meridian Youth Farmers Market) is a community event featuring local farmers, artisans, craters, and youth. Hosted on Main Street, this darling event feels like a trip to yesteryear alongside the historic buildings in downtown Meridian. Location: 33 E. Broadway Avenue, Meridian Dates: Every Saturday April 15 - October Time: 9 am - 1 pm Nampa Farmers Market Credit: Nampa Farmers Market Another small-town feel market is found in historic downtown Nampa. Local vendors, farmers, and artisans come together to provide goods. This direct to consumer market offers the freshest produce and foods. Location: Historic Downtown Nampa in Lloyd Square Park, 13th and Front St, Nampa Dates: Every Saturday April 1 - October Time: 9 am - 1 pm Farm to Fork Farmers Market Credit: cityofcaldwell.org Downtown Caldwell hosts a weekly Music on the Creek series in Indian Creek Plaza. In conjunction with live music, the Farm to Fork Farmers Market provides locally grown produce and locally made gifts right from the vendor. This event is perfect for an evening outing, grab a bite to eat, enjoy live music, and take home a hand-crafted gift! Location: Indian Creek Plaza, 120 S Kimball Avenue, Caldwell Dates: Every Tuesday May - September Time: 5pm - 9pm    

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