Whether it's your first time buying or selling a house or it's your fifth, you'll likely have lots of questions about the process. We understand that, which is why we're answering some of the most frequently asked questions about the home-buying and home-selling process. Read on to get the answers you seek!
Buying a Home
Should I work with an agent?
Yes! When searching for a home, it's important to know what you want. The right agent will help you determine must-haves and deal-breakers, as well as educate you on the communities you're interested in. Your agent will also help you navigate the complexities of the home-buying process. They're the expert, after all!
Should I go to the bank before starting my house search?
Getting pre-approved before starting your house search can be very helpful. By measuring factors like income, credit, and assets, a lender can determine what type of loan best suits your needs and how much home you can afford. Not only will you know your spending budget, it can also give you an upper hand as a buyer because it shows sellers you're serious about making a purchase.
How many houses should I tour?
As many as it takes until you find the perfect home for you. Everyone's needs, wants, and deal-breakers will be different, and you want to avoid settling for a house you'll dislike after a few months. Even if it takes time, it's worth the extra effort.
Do I need money for a big down payment?
Not necessarily. Today, more loan options and homebuying programs exist, giving buyers a larger variety of approaches to buying a house. While some people may still want to complete a large down payment, it is absolutely not vital to purchase a home. In fact, the average first-time buyer only puts 6% down, and many loans and programs available to first-time buyers require even less than that.
How long will closing last?
After negotiations have settled and your offer is accepted, the loan process and title work begin. Inspections and other walkthroughs will be completed as well. Most closings last 30 to 45 days.
Selling a Home
Should I sell on my own or with an agent?
You've probably heard from one person or another that going the For Sale By Owner (FSBO) route is optimal as it will save you money that you would otherwise spend on commission fees. However, the benefits of listing, marketing, and exposing your home to potential buyers an agent provides are often worth the commission fee.
What's more, you may end up spending less money by selling with an agent. A typical home sale process that requires lots of time and effort likely won't net you much savings at all if you go it alone.
When should I put my home on the market?
This is the first of many steps where an agent's expertise will help you make a decision. When there are fewer available homes to purchase to meet buyers' demands, you get a seller's market. Each home for sale becomes a hot commodity in this sort of market.
There's no truly bad time to sell, necessarily. Even in a buyer's market, your home will still draw attention so long as it's promoted properly.
Should I make any changes to my home before selling?
Definitely! Do a deep clean, make necessary repairs and replacements, organize cabinets and closets, declutter and depersonalize, and spruce up your home's curb appeal. Be careful about spending too much money on major repairs and renovations, however; you may not make back what you spent in the sale.
How should I price my home?
Determining your home's value can be tricky; setting an accurate sale price can be even tougher. Your agent will help you assess your home's value by analyzing other similar homes in the area that have sold. A home inspection will also help to paint the picture of your home's value.
Setting a sale price is a delicate art. Price it too high and you risk pushing buyers away. Price it too low and you might raise suspicions in buyers' minds. Again, your agent will help you find the sweet spot and price your home favorably.
Still have questions about the home-buying or selling process? Contact one of our expert agents to have your questions answered.