Learn the language of home sales

Selling a home comes with its own vocabulary, something a lot of sellers learn in real time during the selling process. 1 in 6 sellers say they didn't fully understand the selling process, and more than 1 in 3 didn't budget for the cost of selling. So before you even sign with an agent, it's fair to want a solid (and plain-English) understanding of what you're getting into.

None of these terms are complicated once you've familiarized yourself. Knowing them early just means fewer surprises and a better shot at selling your home quickly for the price you want. Here are the terms you're most likely to hear, organized by where they fall in the selling process.

Phase I: Getting ready to sell

Listing agreement

A listing agreement is the contract that officially hires your agent to represent the sale. It sets the commission, the listing period, and each side's responsibilities.

Move-in ready

A move-in ready home is a house a buyer could live in without doing any immediate repairs or updates first, sometimes referred to as "turnkey" or "market-ready."

As-is sale

Selling your home as-is sale means you're not making repairs or updates before closing and expecting the buyer to take the home in its current condition.

Seller disclosure

A seller disclosure is a legally required document where you report known issues or defects with the home, such as a leaky roof, past water damage, or an aging HVAC system. Rules vary by state, but the standard is the same: disclose what you actually know.

Phase 2: Pricing & listing your home

Comparative Market Analysis (CMA)

A CMA is your agent's report estimating what your home should sell for, created by analyzing recently sold homes of similar condition, size, features, and age in your area.

Comps

Comps (short for "comparables") are the specific nearby homes that your agent uses to determine your home's value and help set your price.

List price

List price is the number your home is actually marketed at, informed by your CMA and current market conditions.

Phase 3: On the market

Buyer's market

A buyer's market means there are more homes for sale than buyers actively shopping, which shifts negotiating leverage toward buyers. This might result in lower accepted offers, more seller concessions, and longer negotiations.

Seller's market

A seller's market means buyer demand outpaces available homes, which shifts leverage toward sellers. That might mean higher prices, fewer concessions, and competing offers.

Days on market (DOM)

Days on market is how long your home has been actively listed.

Open house

An open house is a scheduled window where potential buyers can walk through without booking an individual showing.

Phase 4: Under contract

Earnest money

Earnest money is a deposit the buyer puts down to show they're serious about the offer. It's held in escrow and typically applied to the purchase at closing.

Escrow

Escrow is a neutral third party that holds funds (like earnest money) and documents until every condition of the sale is actually met.

Inspection contingency

An inspection contingency gives the buyer a time window to have the home professionally inspected, with the right to renegotiate or walk away based on what they find. Sellers can choose to do a pre-listing inspection to identify what they want to fix or update before putting their house on the market in order to maximize their home sale.

Market value

Market value is what a real buyer, in today's market, is realistically willing to pay for your home. Only an accepted offer actually sets market value, and it can still differ from your list price, your CMA, or the appraisal.

Appraised value

Appraised value is what a licensed, independent appraiser says your home is worth, ordered by the buyer's lender once you're under contract to confirm the home supports the loan amount.

Seller concessions

Seller concessions are costs you as the seller agree to cover for the buyer (commonly closing costs or specific repairs) to keep a sale moving.

Seller credit

A seller credit is a specific dollar amount you give the buyer at closing, often in place of making a repair yourself.

Phase 5: Closing the sale

Closing costs

Closing costs are the fees both buyer and seller pay to finalize the sale, including appraisal, home inspection, title fees, transfer taxes, prorated property taxes, and agent commissions.

Net sheet

A net sheet is an estimate your agent prepares showing what you'll actually walk away with after closing costs, mortgage payoff, and commissions are subtracted from the sale price.

The bottom line

However familiar these terms get, selling a home still costs money, from repairs to prep to potential concessions. Notable lets eligible sellers cover pre-listing prep and repairs with no upfront cost and no monthly payments. You'll repay what you used when the home closes.² You can keep your own agent, contractor, and timeline. Notable just removes the cash-flow problem standing between your home and "move-in ready."