They say that language reflects the culture, and certainly, the difficulties in the real estate market the last few years are showing up in the list of new words added in the glossary this year. If you’re buying or selling Jupiter real estate, you may already have taken note of some of these new words.
Here are three most common ones for your consideration:
Water: Not Just For Swimming Anymore
According to the keepers of the language flame at Merriam Webster, “underwater” has a new definition. “Underwater” now officially means "a mortgage loan for which more is owed than the property securing the loan is worth."
Many people with underwater mortgages are choosing to delay selling until their home value comes back up. The good news is that values are indeed rising again, so waiting out the storm can be a good idea.
Risk: To Be Feared and Avoided
Perhaps not coincidentally, another new word at Merriam Webster is “systemic risk”. This means “the risk of failure of one financial institution (as a bank) affecting other interconnected ones, causing a chain reaction to the economy as a whole.”
Man Cave: Give Me Shelter
Many men probably took shelter in the now-officially-named “man cave.” This means “a place (as in a basement) made to the taste of the man of the house. It is supposed to be used for his hobbies and leisure activities.”
The good news is that the Jupiter real estate market is improving. Homeowners who were holding their breath while underwater are now coming up to the surface and enjoying the fresh air.
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