Monthly Archives: February 2017

Real Estate Term of the Week

Absorption Rate: The rate at which homes sell in an area. The higher the absorption rate, the faster homes are selling. Absorption rate is calculated by taking the number of homes that sold in...

Real Estate Term of the Week

Building Codes: A series of ordinances enacted by a state or local governmental entity, establishing minimum requirements that must be met in the construction and maintenance of buildings. They are established to ensure that...

Real Estate Term of the Week

Assessed Value: An assessed value is the dollar value assigned to a property to measure applicable taxes. In general, the assessed value tends to be lower than the appraisal fair market value of a...

Real Estate Term of the Week

Right of First Refusal: A provision in an agreement that requires the owner of a property to give another party the first opportunity to purchase or lease the property before he or she offers...