The first Code of Ethics for real estate was written in 1913 and was adopted by real estate agents in an effort to legitimize the profession. It just means costly in New Orleans. Trulia Former Contributor. The problem with these “code words” is that people who don’t work in the industry don’t have a clear picture. When you’re house-hunting, it can be overwhelming to sort through all the properties in your price range — especially if you’ve taken time to visit homes that look divine online but fall far short of your expectations in person. Proceed accordingly. This sounds so innocuous, right? 3/2: Anytime you see numbers like this: it’s ALWAYS bedroom amounts first then bathrooms. If it’s a 4/3.5, that means 4 bedrooms and 3 and a half baths. This seems like a good thing but is actually kind of a bad thing. Local Real Estate Keywords. Don’t let code words in real estate fool you! Up and Coming: The neighborhood is not super desirable right now but will possibly be in 6 to 12 months! Want to find your perfect New Orleans neighborhood? “Hot” is not the same as “popular” or “coveted.” When listings refer to a neighborhood as “hot,” that usually means the neighborhood has yet to establish itself. Jacuzzi or spa tub: It has jets. Holy moly, where’s the checkbook? But more often than not, this descriptor means that the property is in serious need of a new bathroom or kitchen or more — stuff that’s well beyond remedy with a quick run to a home decor shop. Why Zestimates aren’t accurate in New Orleans, Posted by Leslie Heindel - Community, Lifestyle, Posted by Leslie Heindel - Community, New Orleans Home Buying, New Orleans Home Selling, As licensed Realtors in the state of Louisiana, we have rules about what we can and cannot say. Unauthorized use is prohibited. An impeccably maintained relic is still a home you’ll probably want to gut the minute you step inside. What phrases do you look for in online listings? Calling all investors or handyman special: The house needs A LOT of work done to it. Team Be New Orleans is going to decipher the hieroglyphics that real estate can prove to be sometimes. Also keep in mind that buying into a hot neighborhood today is a gamble — there’s no actual guarantee the neighborhood will still be hot in five years. Use this list of keywords to gain traffic from leads within your area. Work with experienced and savvy real estate agents to help you navigate through the noise. Privacy Policy & Terms of Use. Hold up, cowboy. A 3/2 would be a 3 bedroom and 2 baths. So we're here to help you understand what certain terms and catch phrases really mean in real estate … Charming: It means small. Read: yard jungle. Code words in real estate are all too common. It could mean that they just added some new countertops. Lifestyle Old. Must-See: Typically means the outside is not great, but the inside is much better! Sounds great, right? Beware These 9 Real Estate Code Words. "Spacious" homes, meanwhile, are often decrepit or impractical. Get it?! This warning also means that you have absolutely zero negotiating power. Whether you’re searching homes for sale in Athens, GA, or Sioux Falls, SD, here are nine commonly used code phrases. It could also mean it has some original features but still little. Another variation of this term is “up-and-coming neighborhood”: Maybe someday it’ll be the most desired location in your area, but for the immediate future, it’s not. The listing might as well read “Stay away, average homebuyer.” A write-up that includes this line is basically admitting that only a savvy developer can save the property. “New” Bywater/Marigny/Any other neighborhood: It’s not actually in that neighborhood. Luxury: Expensive. (Which gets me pumped!). Motivated Seller: The seller needs to get rid of this ASAP. Because clients trust real estate agents with the largest financial decisions of their lives, agents at that time — and … New Orleans Real Estate & Neighborhood Guide, Click to share on Facebook (Opens in new window), Click to share on Twitter (Opens in new window), Click to email this to a friend (Opens in new window). A renovation that was abandoned halfway through? And if they work now, they won’t work longer than a year from now. Share your tips in the comments below! We’ve compiled an ever-growing list of 52 real estate terms you should know to help you better understand the process and plan your move. Whether you’re buying or selling a home, we created this resource to help you learn the vocabulary. Our code of ethics is in place to keep other Realtors from redlining, steering, and blockbusting. Potential and Good Bones: They are prepping you for renovations. A 3/2 would be a 3 bedroom and 2 baths. 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