.png)
The home buying and selling processes can be complicated and daunting at times, especially for first-timers. Since this is a big life investment, people will want to sort things out and be as clear as possible before making decisions. Whether you’re a buyer or a seller, we’re happy to answer some of the most common questions we get about real estate.
9 of the Most Common Questions We Get About Real Estate
1. Should I sell my home before buying a new one?
Homeowners have different reasons for selling their current home. Some are ready to downsize or move to a bigger place. Others might want to acquire an investment property by renting it out, which means a sale is not needed.
If the equity in your current home will used for the down payment or to secure good interest rates on your next mortgage, then selling is the right choice. If you can already afford the down payment or want to wait for better market rates, then you don’t have to sell your current place.
Essentially, it is possible to buy and sell a home simultaneously. But you must first assess the advantages and disadvantages of both situations before deciding. It also helps to discuss your options with your real estate agent or financial advisor.
2. When should I apply for a mortgage?
It is essential to get a pre-approved mortgage before you begin the house-hunting process.
This gives you an idea of how much you’re working with and how much you’ll have to pay in the upcoming years. This also helps you focus on properties you can afford. Likewise, it shows sellers that you can make an offer, giving you an advantage over other potential buyers.
3. Can I back out of buying a house?
Whether it’s the overwhelming build-up of costs or change of preferences, certain circumstances cause people to back out of purchasing a home.
Legally, you are allowed to do so. However, be prepared to shoulder some charges it might incur. In most cases, you may forfeit your earnest money deposit (EMD), which is usually around 1-2% of the sale price.
It’s best to keep in close contact with your real estate agent, so you’ll get expert advice on options or solutions.
4. Do I need an inspection and final walk-through?
Home inspections are in-depth checks of any property to reveal risks and defects that were not detected in the previous visits. If you’re financing your home with a loan, having one is required. If you want to have peace of mind or gain a better understanding of your prospective home, an inspection is beneficial.
Final walk-throughs are not required, but they’re definitely advantageous. It’s when you can ensure everything is squared away – repairs were made, clean-up was completed, agreed terms were implemented – prior to you moving in.
5. How can I figure out home much my home is worth?
Primarily, you may do some online research to see the value of properties within your area. However, keep in mind that online calculators are only rough estimates of the value and are not completely accurate.
The best way to know your home’s value is to consult your real estate agent or property appraiser. These industry experts can better assess the value of your home (and even provide a competitive market analysis).
6. How much of the sale price do I get?
When selling a home, be ready to give up at 10% of the sale price. These costs can include closing costs, inspections and pre-sale repairs, open house costs (home or room design, snacks, utilities), and real estate agent commissions or fees.
Also, keep in mind that some buyers may want to negotiate. Whether it’s the sale price, for renovation costs, or property checks, be prepared to shell out some amount for additional expenses.
7. When is the best time to sell my home?
A with all things in business, real estate prices increase when the market demand is high. This means sellers can get more money from selling their house. These factors can contribute to high demand:
- Economic factors like labor market or new offices opening within your area
- Low interest rates that improve home affordability
- Low inventory where fewer homes are up for sale
- Fluctuating interest rates, which compel hesitant buyers to purchase before another uphill trend
8. How long is the whole house buying process?
From searching online to closing escrow, the process can take about 10 to 12 weeks (or more) depending on market conditions.
In hot markets, a sale can be completed within a week if all goes well between both parties. Sellers who have the right exposure or have adequately prepared the condition of the home are more likely to close deals fast. Likewise, if home buyers have the money and requirements ready, the purchase process can be completed swiftly.
Other factors than can slow down the house buying process include a slow market, buyer-seller negotiation exchanges, lack of available appraisers and inspectors, and lender turn-around time.
9. How can a real estate agent help me?
Real estate agents have the connections, experience, and knowledge to help you buy or sell your home the best way possible.
Highly-qualified agents can:
- Answer buyers’ questions
- Arrange and fix your home for open houses
- Find houses within your budget
- Help you negotiate and choose the right sale price
- Offer professional advice about the housing market
- Put your house on relevant listings for more exposure
- Recommend other housing professionals (appraisers, contractors, inspectors, etc).
- Secure the best deals and save you money
The home buying and selling processes pose a lot of questions. And of course, you can do it alone. But why take the risk when you can have someone handle all the essential details for you?
That’s where The Brendan King Group comes in. We are a group of highly-qualified real estate agents who can assist you throughout your journey. Ready to find your dream home in Las Vegas? Contact us today, tell us what you’re looking for, and we’d be happy to help you.
