Appreciation
The increase in a property’s value over time, driven by market conditions, location desirability, and improvements.
Due Diligence
The buyer’s research and investigation process before completing a purchase, including reviewing HOA documents, loan terms, and title information.
HOA Disclosure
Documentation provided to buyers detailing HOA governing documents, current dues, budget, reserve fund status, and any pending special assessments. Required by Minnesota law before closing.
Seller’s Market
A market condition where demand exceeds supply, typically favoring sellers with faster sales and higher prices.
Buyer’s Market
A market condition where supply exceeds demand, giving buyers more negotiating power and choice.
Inventory
The number of homes available for sale in a given market at a given time. Limited inventory in the Twin Cities supports sustained demand for Ron Clark’s new construction.
Right of First Refusal
A contractual provision granting a party, often an HOA, the right to purchase a property before it can be sold to an outside buyer.
Neighborhood Covenant
Recorded restrictions applying to all properties within a subdivision, governing land use, architectural standards, and property maintenance.
Lot Premium
An additional charge for a home site with superior characteristics, such as a corner lot, wooded view, end unit, or premium location within the neighborhood.
Equity
The portion of a home’s value truly owned by the homeowner, equal to the difference between current market value and outstanding mortgage balance.