FAQ
Frequently Asked Questions
How much house can i afford?
Visit our mortgage calculator page and insert your values. Your home value will depend on a few factors such as the downpayment, interest rate, private mortgage insurance (PMI), term, home owners insurance, and HOA dues.
Should i buy or rent?
It might seriously be time to ditch the landlord, buy a home, and make your own rules. This quick 5-question quiz may help you know for sure.
1. Can you afford a down payment? You don’t need piles of cash, but you do need a little (say 3-10% of the home price) to qualify for a competitive interest rate.
2. Do you have regular income? Two years of employment history is preferred, but other factors, such as a high credit score and low debt-to-income ratio, can sub for less than two years.
3. Do you know where you want to live? If you’re new to the area, you might want to wait a few months and get your bearings. I promise you’ll know what areas feel like home after a while.
4. Do you plan on staying put for a while? No one knows the future, but sticking around for 2-5 years is ideal if you can make it work.
5. Are you comfortable with current home prices? Sure, they’re higher than you’d like, but when you run the numbers, you feel confident you can make the budget work.
Is 2023 the year you become a homeowner? Schedule a consultation and let’s talk about you and homeownership!
Should i wait for lower interest rates?
The biggest misconception I hear about buying right now is that it’s smart to wait for interest rates to come down.
You DON’T need to wait!
What DO you need? If you know you’re ready to buy, you need an agent who knows the market in your desired location and a trusted lender who can help you understand what you can afford.
The truth is if you buy at today’s rates, you can always refinance if rates drop. But if you wait with the hope of rates coming down, you can’t go back and borrow at today’s rates if that doesn’t happen.
So the next time you think to yourself, “Maybe I’ll wait.” Don’t do it! Let me at least show you homes in your price range so you can make a decision based on facts.
Is the above you? Have you been struggling to decide about buying now vs. waiting? Schedule a FREE consultation and let’s talk – no strings attached.
what are the first steps before i am ready to buy?
Before you start searching for homes online, it’s important to take the first step in house shopping: Getting Pre-approved for a mortgage. We have a list of lenders we know and trust to get you started.
What are current interest rates?
While interest rates are constantly changing, good place to start is by speaking to a licensed lender, here are some of our preferred lenders.
HERE is a link to the Feddie Mac webiste for recent interest rates.
What can you sell my home for? What is my home worth?
Determining your home’s market value is one very important reason to use a real estate agent. I will do a comparative market analysis (CMA) to help you set the correct listing price…I look at recent sales of comparable homes, similar homes that are under contract, and homes that are listed in the same price range of your home. Then I compare features of the homes including the size, style, number of rooms, age of the home, amenities, condition, lot size and placement, and the location or neighborhood.
If this sounds like something you are ready to start, then schedule a FREE consultation today to talk with one of our real estate agents.
Do I need to make any repairs before I list?
New paint is nice. So is fresh mulch, seasonal color, and some DIY staging. But those? They’re the gravy on the turkey, the bacon on the Brussels sprouts, the whipped cream on the pumpkin pie…
What’s NOT extra when it comes to selling your home?
– A roof in pristine condition
– Foundation, walls, and chimney free of cracks and separation.
– An electrical system void of short-circuiting and outdated wiring.
– Pipes and plumbing operate sans leaks, clogs, and drips.
– An HVAC humming along just as it should.
If you’re thinking of selling this winter or spring, first focus on the issues that would keep your home from passing inspection. Then, consider the extras.
What fees do i have to pay when buying a home?
Have you ever wondered what fees buyers pay besides a down payment? Well, here’s a starting point and estimated costs:
– Earnest money – 1-2% of the sale price.
– Closing costs – 3-6% of the home’s value
– Mortgage origination – 0.5-1% of the loan amount
– Appraisal and home inspection fee – $300-500 each
– Title search – $75-200
– Title insurance – 0.5-1% of the sale price.
If this post has given you a firmer grasp on what to expect, then you might be interested in a buyer consult — a non-committal discussion about your needs, wants, and timeline.
What does a buyer's agent do?
Buying a home is more than scrolling through listings one day and moving in the next. It’s often a months-long process with dozens of steps along the way.
So what does a buyer need most to ensure a smooth and enjoyable journey? A qualified and experienced buyer’s agent.
Here’s why. A buyer’s agent:
– Provides guidance during pre-approval.
– Tracks down listings (including foreclosures and FBSO) that meet your wish list.
– Networks with other agents to find soon-to-market listings that may be just right.
– Monitors market trends that affect any offers you make.
– Negotiates contingencies, closing timeline, and final contract price.
– Recommends home inspectors (and attends the home inspection on your behalf).
– Mediates questions regarding repairs in the home inspection.
– Communicates with the seller’s agent and your attorney all the way to closing.
Vocab words you should know as a buyer.
- Buyer’s agent: A professional real estate agent who guides a buyer through the process of purchasing a home.
- Earnest money: Funds sent from a buyer to a seller with an offer letter to express readiness and seriousness to purchase a home. The money is typically held in escrow (see below).
- Contingency: A contingency in an offer means there’s something the buyer has to do for the process to move forward, such as getting approved for a loan or selling a property they own.
- Escrow: A fund held by a neutral third party until the purchase transaction has been finalized.
- Closing costs: Expenses beyond the price of the home that must be paid to finalize the transaction.
What Should I Offer?
You’ve been scrolling homes for months, and BOOM, there it is! The home you know is destined to be yours. Now what!?
It’s time to build an offer the sellers can’t refuse — and in this market, that’s exactly what you’re gonna need! To help, here are some tips to get your seller’s attention and build an offer that’s sure to stand out:
1. Get pre-approved. Unless you’re making an all-cash offer, you must, must, must include a pre-approval letter for a loan. If you haven’t yet, start that process ASAP.
2. Set your purchase price in line with your agent’s recommendation. In this market, low-ball offers will simply be ignored and set aside.
3. Keep contingencies to a minimum. And consider waiving as many as you can to seal the deal.
4. Bump up your earnest money and be willing to close quickly. If your seller is anxious to get moving, an offer with a short closing window will jump to the head of the pack.
5. Look for ways to subtly connect with the seller. Do your homework about the market and the seller and give your agent permission to share bits and pieces of your story too.
What does a seller's consultation look like?
Wondering what happens during a seller consult? Simple – I’ll listen, learn, and strategize so we can get your house sold! Plan on lots of questions coming your way so I can get to know you and your property. Questions like:
1. Why are you moving? How soon will you need to move?
2. What do you love about your home? What would you change?
3. What is most important to you: getting the highest price or selling in the shortest amount of time? (I’m pretty sure we can both!)
4. What selling price would thrill you? Discourage you?
5. Are there any nuisances or fussy neighbors to note?
6. Any current or past problems with the home? Lead paint or other disclosures?
7. Have you completed major renovations or upgrades? When?
8. What agent services are most important to you?
We’ll also talk prep, staging, pricing, and marketing. If it sounds like a lot, don’t worry! You just show up, and I’ll handle the rest. Click HERE to schedule a FREE consultation to get started.
Love where you live
We would love to help you buy and sell your properties. We will provide valuable market insight, trusted vendors, and highly competitive buyer and listing agent’s. If you are thinking of buying or selling real estate, don’t hesitate to reach out and we will schedule a free consultation to answer any of your questions and provide real estate knowledge to your decisions.