Real Estate Jargon for the First Time Buyer
For a first time buyer looking to purchase a home, it can be quite confusing to understand the real estate terms and lingo when searching for property. This is where the Altamuras come in handy! Our blog for today will focus on basic real estate terms and some useful jargon to help the novice buyer comprehend the real estate vocabulary.
We will start with the different types of baths. A 1/4 bath implies the bathroom only has a toilet. A 1/2 bath, also known as a “powder room” refers to a bathroom with a toilet and sink. Powder rooms can be found next to the kitchen, living room, and family room for guests. A 3/4 bath refers to a toilet, sink and a shower, which is common in all bathrooms of a home. A (1) full bath, which is commonly found in the master bedroom, contains a toilet, sink, shower, and a bath tub.
All Tonwhomes are Condos, but down here in the South bay we have a slight difference between the two. A Townhome is a multi-level condo with direct garage access. A Condo has subterranean parking with no direct garage access. When you purchase either a Townhome or a Condo, they are always a part of an association called the Homeowners Association (HOA). 
The HOA is a legal association that collects monthly fees from each property owner. The fees pay for day to day maintenance of exteriors and common areas as well as utilities and insurance.
Lastly, we will explain DOM v. CDOM. Days on Market (DOM) refers to the amount of days a property has been active on the market. Cumulative Days on Market (CDOM) indicates the total days on the market should the property have been removed temporarily from the market and put back on. In other words, it keeps a running tally of the DOM while on and off the market.
For example: A property was on the market for 30 days, then taken off the market for 2 weeks and was re-listed for another 30 days before selling, the DOM market statistic would be 30 days, while the CDOM statistic would show the full 60 days the property was on the market. To reset CDM to zero, the property needs to be taken off the market for 90 days. CDOM will make it clearer to perspective buyers and agents how “fresh” a listing is and it will also give a better indication of average marketing times when used to analyze the market as a whole.
