Every business has it’s jargon and residential real estate is no exception. Mark Nash author of 1001 Tips for Buying and Selling a Home shares commonly used terms with home buyers and sellers.

1031 exchange or Starker exchange: The delayed exchange of properties that qualifies for tax purposes as a tax-deferred exchange.

1099: The statement of income reported to the IRS for an independent contractor.

A/I: A contract that is pending with attorney and inspection contingencies.

Accompanied showings: Those showings where the listing agent must accompany an agent and his or her clients when viewing a listing.

Addendum: An addition to; a document.

Adjustable rate mortgage (ARM): A type of mortgage loan whose interest rate is tied to an economic index, which fluctuates with the market. Typical ARM periods are one, three, five, and seven years.

Agent: The licensed real estate salesperson or broker who represents buyers or sellers.

Annual percentage rate (APR): The total costs (interest rate, closing costs, fees, and so on) that are part of a borrower’s loan, expressed as a percentage rate of interest. The total costs are amortized over the term of the loan.

Application fees: Fees that mortgage companies charge buyers at the time of written application for a loan; for example, fees for running credit reports of borrowers, property appraisal fees, and lender-specific fees.

Appointments: Those times or time periods an agent shows properties to clients.

Appraisal: A document of opinion of property value at a specific point in time.

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Each, day thousands of real estate professionals go online to research real estate software. But what is real estate software, and how can it help you improve your real estate business? These are the questions we will address here.

What is Real Estate Software?

When we talk about real estate software, we’re actually covering a wide spectrum of software products. In general terms, real estate software is any software that helps you manage some aspect of your real estate business.

The “some aspect” part of that definition is important, because to date there is no real estate software that will help you manage all aspects of your business. Instead, most types of real estate software are designed to help you manage a certain element of your business, like contract preparation for example.

Various Types of Real Estate Software

Below, we look at some of the most popular types of real estate software. As you will see, each type of software is designed to help you perform a certain part of your real estate business. Please note that this list is not all-inclusive. There are more types of real estate software than I could possibly cover in this one resource. So at the end of this guide, I’ve listed some additional resources where you can find any type of real estate-related software imaginable.

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Sellers must know how to start and finish a home sale right. A perfectly marketed, staged and promoted property is bound to fail when you do not understand how to effectively negotiate with prospective buyers. It’s a skill every home seller must learn and be good at. The difference of a good and best deal relies heavily on the seller’s ability to negotiate.

The ultimate goal of negotiating is to arrive at a win-win situation for both you and the buyer. Its basic element is trust. In order to gain it, you must give it. The process should be allowed to move forward. Don’t hesitate to make or request for compromises when negotiating.

Be ready to negotiate

Negotiating with buyers requires sellers like you to prepare for it. First, you ought to determine your goals. They must be realistic. This will serve as a basis when it come to the compromises you will be making eventually. When you take time to prepare for this, you will be more apt to negotiate with potential buyers.

Know what’s negotiable

In negotiation, not every offer will be favourable to you. Thus, a compromise for both parties is expected. It’s essential for you to determine which aspects of your home sale are negotiable prior to negotiating with buyers. When buyers are aware of this, you’re saving them from making vain offers. This will make the negotiation easier and smooth sailing for both seller and buyer.

Adjustments can be made to accommodate either your preference or the buyer’s when negotiating. Of course, this has to be mutually agreed by both parties. You might allow for an extended settlement date in exchange for keeping pieces of furniture.

Identifying aspects of the home sale that are negotiable will help make negotiating easier. It’s a wise decision, for instance, to remove your dining table before viewing appointments if you don’t intend to sell it. On the other hand, you might want to leave your floor carpeted if you wish to up your home’s appeal.

Make counter offers as necessary

As mentioned earlier, a buyer’s offer doesn’t always give you what you want or expect. Thus, you must be prepared to make counter offers when you negotiate. Do not hesitate to ask for adjustments. But you must also be willing to make compromises as well. Making counter offers will allow buyers to understand what you’re capable of compromising. In doing such, you can exhaust every option or alternative you and the buyer have until you reach a mutually satisfying agreement.

An effective negotiation requires careful planning. It’s a lot of work but a definitely an enjoyable task. You just have to be ready for it, determine what you’re willing to negotiate and prepare to make counter offers. If you understand these, you’re on you way to negotiating effectively.

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In today’s over-saturated real estate market, sellers looking for ways to distinguish their properties are touting environmentally friendly and energy-saving features. Recent publications list numerous measures green builders are taking to attempt to capture this market advantage. While home sales remain flat or in decline, the ability to claim certification from the Environmental Protection Agency’s Energy Star program, the National Association of Home Builders, or the U.S. Green Building Council’s LEED for Homes program adds some credibility to green status and translates to increased marketability… or does it?

What do the green certifications really mean to buyers when there may be a lack of overarching standards for the certifying entities? To earn the Environmental Protection Agency’s Energy Star certification, a home needs to be at least 20 percent more efficient than the benchmark for a standard new home. The “bronze” level of certification from the National Association of Home Builders requires adding a few features, such as low-flow toilets, energy-efficient windows to block out heat and dust, and prefabricated roof trusses. These measures – in addition to state and federal tax credits that may also apply – certainly have merit, but how do they convey value to a potential buyer?

Some industry experts believe that the absence of a clear national standard leads to confusion, preventing easy comparisons for both new and existing homes.

Home sellers, and contractors specializing in green retrofits, would do well to focus on measures that enhance indoor environmental quality along with basic energy efficiency. So in addition to swapping conventional light bulbs for CFL’s, removing asbestos, using low VOC paints, and switching to Eco-friendly floor coverings, suggested practices include energy audits and working with qualified consultants to vet your green cred and tap into the possibility of enhanced marketing opportunities.

It is difficult to ascertain the connection between taking steps to green a home – either through new building or energy retrofits – and direct return on investments for these measures. A recent McGraw Hill study showed 81% of home buyers would prefer to buy a green home, even in this sluggish economy. However, buyers’ willingness to pay a premium for green features seems to be connected to how long it takes to recover their investment than environmental concerns. Rising utility rates could well provide the impetus to elevate this as a priority that might influence buying decisions. And even if consumers are unwilling to pay a premium for energy-efficient features, they may well be a distinction that helps move one property over another.
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With a population of over 23 million, Texas is the second largest state in the nation. The housing market in Texas has remained strong in most cities and counties, with Houston (population 2,144,000) being the largest and most active in the real estate and housing market, followed by San Antonio and Dallas. Texas homes for sale are remaining at their fair market value, with little or no loss in sales compared to some areas of the country. This can be attributed the diverse economic make up of the state and the lower than average unemployment rate.

Land sale in Texas are at an all time high with no significant reduction foreseen in the near future. Commercial retail property rentals have remained steady in spite of the overall national economic downturn.

Southeast Texas, (which includes Houston) having the larger portion of population density, is by far the most active in the housing market. New home sales were at an all-time high in the beginning of 2007, however it has since experienced a downturn with a high inventory of new unsold homes.

The Texas existing home market has remained strong with more of a ‘buyers market’ driving sales and is expected to remain steady throughout 2008 and early 2009.

For example, the Beaumont and Orange Texas area (southeast Texas) will be creating 13,000 plus new construction jobs in the oil and petrochemical industry over the next 4 years. This will create a severe housing and apartment shortage in this area. Housing is at a premium at this writing.

In conclusion: The overall outlook for Real Estate in Texas is good compared to other areas of the nation. With the diverse make up of various petro-chemical industries, Texas can maintain its share of steady housing market sales in the foreseeable future.