For the outsider, understanding of the local nuances of the Southwest Florida real estate market can be tricky. When Realtors use terms like AWC, DOM, CMA and SRQ it is almost as if Sarasota real estate agents speak a different language. Well, real estate agents do have a local vocabulary and MS&C has decoded it for you so once you make a decision to buy, sell, or lease a home, you’ll be in the know.
We are sharing a short guide to real estate terminology that buyers and sellers may hear in Manatee, Charlotte and Sarasota real estate.
General Real Estate Terms
Listing
This is a contract between a real estate broker and a homeowner arranging for the sale of the owner’s property. Homes for sale are frequently referred to as listings.
744 N Manasota Key Rd, a listing on Manasota Key.
MLS
Multiple Listing Service – This is a private database that collects information from homes on the market. Realtors use it to gather details about listings you may be interested in buying. MLSs are local or regional. There is no MLS covering the entire country.
DOM
Days on Market – This number describes how long a home for sale has been on the market. And this gets broken down even further with CDOM and ADOM. CDOM, or Current Days on Market, is the time between when the home is listed and the present day. ADOM, or Accumulated Days on Market, also accounts for whether a listing was withdrawn or expired before being placed back on the market. (A CDOM may be 4 days while the ADOM is 154.) If a property is taken off the market for 60 days before it’s relisted, then ADOM goes back down to zero. A thorough Realtor® will study these differences and present a full picture to a buyer.
REALTOR®
According to the National Association of Realtors®, this is a “federally registered collective membership mark which identifies a real estate professional who is a member of the National Association of Realtors® and subscribes to its strict Code of Ethics.” Not all real estate agents are Realtors®.
AWC
Active With Contract – This means the buyer has a contract pending to purchase the property but since the sale may or may not go through to closing, back up offers are encouraged.
FSBO
For Sale By Owner – Owners sometimes opt for a direct sale without a broker because by avoiding a broker commission, the sale can carry a cheaper price. However, without the expertise of a sales agent, owners may be unrealistic about pricing due to personal attachment or lack of market insights. What’s more, the owner may not be familiar with current real estate law and the significance of full disclosure so important details and facts may be overlooked. Buyers also tend to prefer to look at homes without the seller present so they feel more at home and can visualize their own lives in the property. In addition, a Realtor can help you negotiate a contract to achieve an appropriate price for your home.
CMA
Comparative Market Analysis – A CMA is a report that shows prices of homes comparable to a subject home. This pulls from recently sold, on the market, and pending homes. Your sales agent should provide this to you when setting a list price for your home.
Regional Terms
Intracoastal
Pay close attention to the correct spelling (intra- as opposed to inter-), this refers to the waterways in between our barrier islands and the mainland. Some sections consist of natural inlets, bays, and canals. The waterways provide an easy to navigate route for boating without being on the open sea. Also a favorite for dolphins, manatees, and other coastal wildlife.
A scene from the Intracoastal in Charlotte County
West of the Trail
Part of the local lexicon, this refers to anything geographically located to the west of Tamiami Trail/U.S. Highway 41. This Florida corridor runs 275 miles from Tampa to Miami. Within Sarasota, Manatee, and Charlotte Counties, it marks the portion of land that is located closer to the waterfront and therefore, prices are often higher.
SRQ
SRQ was assigned to Sarasota as an airport code. Pre-World War II, two-letter codes were used and Sarasota’s was RS. In 1948, it was changed to SSO but pilots were misinterpreting this as SOS, the international distress code and it needed to be updated once more. By that time, less-used letters (Q,Z,X) were added as “filters” – ensuring each airport code was unique – for example, LAX in Los Angeles. By 1956, the letters were reassigned to SRQ. For a more detailed explanation, visit the SRQ Airport website.
LWR
Short for Lakewood Ranch, this area in Sarasota and Manatee County is now one of the top-selling master planned communities in the country.
LBK
An acronym for Longboat Key, this barrier island stretches eleven miles and rests off the coast of Sarasota. It is known for quiet beaches, an array of resort amenities, or breathtaking natural beauty. View our shore-to-shore guide for more.
Are there any other words or acronyms that give you pause? Talk to a Michael Saunders & Company real estate agent or give us your questions in the comments below!