Jargon used in the world of real estate can become quickly dizzying, especially for first-time homebuyers. With the housing market becoming increasingly competitive and expensive—Austin Board of Realtors May data shows home sales and median prices climbing year over year—gaining a better understanding of market terms could potentially save both buyers and sellers money. Kevin P. Scanlan, who serves on the board of directors at ABoR, spoke with Community Impact Newspaper to help define a handful of important real estate buzz words.