Real estate agents are known for employing euphemisms to make an outdated house seem charming, or a cramped apartment feel cozy.
Here are some other buzzwords: “bargain,” “under-valued,” and “deal.” In nearly half the largest 100 U.S. metros, those phrases probably mean absolutely nothing.
The obvious answer is to use a buyer’s representative who owes his loyalties to you, not the seller. Not that there aren’t agents out there whose sole allegiance is to their own mortgage payments and kids’ private school tuition, but use some care and you’ll find good ones. Trulia’s study is good for a general market view, but there are certainly houses out there which, because of mispricing at the beginning or a pending federal indictment, can be had at a discount. Trust me : )