Like any other industry, the real estate industry has certain terms that are commonly used but not always understood. Below I have compiled a small list of real estate terms that are sometimes mistaken. For fun I’ve added my definition if the word is commonly used for the wrong purposes.
Diamond in the Rough
This is one of my favorite real estate terms, because it indicates a real upside to an otherwise run down property.
Executive
The word executive always conjures up images of ‘better’ or more sophisticated. It is commonly used to describe a property, such as Executive Town House, or Executive Home. Keep in mind that the real estate term executive is subjective, meaning that people and agents can use it freely based on their observation… I’ve seen my fair share of 40 year old, run down “executive town homes!” One final note- executive usually has an Executive (higher) price tag.
Potential
As in, “the stunning home has tons of potential!” In reply to that I have five words: Get out your cheque book!
Charming
If you believe every MLS description you read, you would think we have a million charming houses in Mississauga! Most of the time it means small.
Unspoiled
A nice way to say that nothing has been done by the previous owner. Good examples are, “unspoiled basement” or “unspoiled backyard.”
Rent with option to buy
This is usually code for, “I can’t sell this house any other way!”
Below market
Either the home is priced artificially low to attract a bidding war or Nobody wants it!
ELF’s
You may see this in the description on a real estate listing and no, it’s not Santa’s helpers. It means electrical light fixtures.
Fluffer
A slang term for a home stager. (Side note: they don’t like be referred to this way, I know because I am married to one…)
Real Estate Porn
Get your mind out of the gutter! It refers to looking at and drooling over the best, most outrageous properties.
There you have it, a few real estate terms that are commonly misunderstood by both the consumer and the person using the word. If you have any questions about real estate terms feel free to get in touch with me!
