How to Read a Home Listing: Terms, Figures, and FAQs

Buying a home can be an exciting experience–and a confusing one.

As you learn how to buy your first home, you might feel like you’re also learning a new language: the language of real estate. There are many legal, financial, and real estate terms you’ll need to understand.

That confusion can also extend to the home-searching process. Photos in a home listing can tell you something, but they’re usually combined with unfamiliar words and acronyms. Home listings are short, so realtors often use abbreviations to include as much information as possible.

Choosing the right home requires understanding some key listing terms and their usual abbreviations.

Is This Home a Possible Fit? 

Each home listing should provide the following information:

• The type of property (condo, townhouse, duplex, single family home)
• The full address of the property
• The asking price
• Square footage of the house
• Lot size

With this information, you can evaluate the home’s neighborhood and its proximity to your work, schools, shopping, etc. You can also see if the home and property are big enough for your needs and if the price fits your budget. If so, you will want to know more!

Key Features 

The listing may also describe specific features of the home and property:

• Br and Ba: Number of bedrooms and bathrooms (3br, 2ba, or simply 3/2)
• Built-ins: Cabinets or shelves that are a permanent part of the home’s construction
• Dk: Deck
• DR: Dining room
• FDR: Formal dining room
• EIK: Eat-in kitchen (space for a table and chairs)
• Frplc, fplc, FP: Fireplace
• LR: Living room
• Full-bath: A full bathroom, including toilet, sink, and bathtub
• Three-quarter bath: A partial bathroom, including toilet, sink, and shower (but no bathtub)
• Half-bath: A partial bathroom, including toilet and sink only
• Gar: Garage
• Pkg: Parking area (or driveway)
• Gard: Garden
• HDW, HWF, Hdwd: Hardwood floors
• Nr schls: Near schools
• Expansion potential (exp pot’l): The home and property have enough space to add onto in the future

Descriptive Terms

You may also see words that describe the condition of the home or refer to other important information about the property:

• Cozy, charming, cottage: Often indicates small size or older construction
• Lives large: The home may be physically small but feels more spacious
• Turn-key (or move-in ready): No repairs are needed before you can move in
• Great potential (pot’l): The home has a good layout but needs updating or more extensive remodeling
• Rustic: Might indicate the home feels “cabin like,” or it could hint at poor quality construction or upkeep
• Needs TLC (“tender loving care”): The home needs minor repairs or cosmetic improvements, such as painting
• As-is, fixer, fixer-upper, handyman special: The home needs extensive repair (not a good choice for first-time buyers)
• CMA (comparable market analysis): A report that shows prices of similar homes currently for sale and recently sold

Selling and Purchasing Terms

The home listing’s status will tell you if it’s currently on the market or if another buyer has claim to it. It may also include information about the seller’s motivation and any financial contingencies:

• Coming soon: The home isn’t yet available for sale but likely will be within a few days or weeks.
• New: The home has been made available for sale within the last three days.
• Active: The home is available for sale and is open to showings and offers.
• Active with contract: The seller has accepted an offer but is looking for backup offers.
• Contingent: The seller has accepted an offer that is contingent on meeting certain criteria (usually a home inspection or the buyer obtaining a mortgage approval). 
• Under contract/agreement: The seller and buyer have agreed to terms, though with a few remaining requirements (for example, required repairs after an inspection).
• Pending: The offer is approved and contingencies have been met, but the seller may still accept other offers in case the first deal falls through.
• Closed: The home has been sold and is no longer available.
• Back on market (BOM): The home is back on the market after a pending status, likely because of issues with the original offer.
• Temporarily off market (TOM): The home is off the market for an indefinite period, possibly to make additional repairs or adjustments. It may return to the market later.
• Temporarily not available for showing (TNAS): A seller will use this if an active listing is unavailable for showings for more than 24 hours so buyers don’t try to schedule showing appointments during that time.

Habitat Property Listings

If you're participating in Twin Cities Habitat's Homeownership Program, you may have viewed our Property Listings page, which outlines the Habitat-developed and open market homes available. We use a few terms that are specific to our program:

• Minimum Borrower Income Required - Habitat Homebuyer: The minimum annual income a Habitat program participant needs to make in order to afford the home.
• Minimum Borrower Income Required - SPCP Participant: The minimum annual income a Special Purpose Credit Program program participant needs to make in order to afford the home. Some Habitat clients qualify for another assistance program called a Special Purpose Credit Program (SPCP). Our SPCP has a separate set of requirements and is currently only available to Foundational Black Americans.
• Maximum AMI: AMI means Area Median Income. AMI is calculated by the U.S. Department of Housing and Urban Development (HUD). Different housing programs use different percentages of AMI as maximum income limits.
• Estimated Fair Market Value: This is the estimated price the home would sell for on the open market on a site like Zillow or Homes.com. 

Start by Making a Checklist

As you begin to search home listings, make sure to list all the features you want to look for using these three categories:

1. Things you must have (minimum number of bedrooms or a fenced yard)
2. Things you would like to have, if possible (a fireplace or an extra-large garage)
3. Things that are not acceptable (a busy street)

If the home listing includes anything on your #3 list, consider rejecting it. If the listing includes everything on your #1 list, it might be the one for you. 

Summary

Learning how to buy your first home can feel daunting. However, the more you understand the process and the language of real estate, the smarter you’ll be as a buyer–-and the happier you will be with the first home that is truly yours!

If you’re navigating the homebuying process for the first time, check out our First-Time Homebuyer Guide for guidance on proper preparation and knowledge of what you can afford.