COMMON BUYER QUESTIONS
You’ve Got Questions - I’ve Got Answers
SHOULD I BUY INSTEAD OF RENT?
The benefits of buying a house rather than renting a house or apartment include:
Tax breaks
Financial gains
Appreciation in value
Equity
Capital gains
Freedom
Security
A sense of pride
AM I READY TO BUY?
Ask yourself the following questions when considering whether you’re ready to buy:
Do I have a steady job?
Have I been steadily employed for the last two to three years?
Is my current income reliable for the foreseeable future?
Do I have a positive bill-paying history?
Do I have few outstanding long-term debts, like car payments?
Have I saved for a down payment?
Can I afford to pay a mortgage, taxes, utilities, and insurance?
DOES MY CREDIT SCORE IMPACT MY ABILITY TO BUY?
A credit score numerically summarizes an individual’s credit history and gives a snapshot of their financial standing to a lender. Mortgage lenders use the score to decide who receives loans and at what interest rate. The higher the score means the better the chance of getting a loan with an attractive interest rate. If your score is low, it is not impossible to get a loan but it will take longer. These three different companies keep credit histories: Equifax, TransUnion, and Experian. Before applying for a loan, get reports from all three companies. Fix any errors you might see in order to improve your score and put your best foot forward with lenders.
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COMMON SELLER QUESTIONS
You’ve Got Questions - I’ve Got Answers
HOW IN-DEMAND IS REAL ESTATE IN MY AREA?
Is it a buyer’s market or a seller’s? You’ll maximize profits and minimize your home’s time on the market if you list it in a seller’s market.
HOW LONG WILL IT TAKE TO SELL MY HOUSE?
Time to sell really depends on where you’re located and the conditions of your local housing market. Your listing price, the condition of your home, and you (or your agent’s) marketing and staging prowess can also play a role.
HOW MUCH IS MY HOUSE WORTH?
There are two main factors that determine how much your home is worth: its condition and the level of demand for homes like it. To gauge what your home might command on the open market, your best bet is to look at comparable sales. Make sure they’re of similar size and condition to yours.
Also called “comps,” these are what a real estate agent would use to determine appropriate pricing for your house.
SHOULD I MAKE REPAIRS BEFORE LISTING THE HOUSE?
Many times, homebuyers want a “move-in ready” property — one that doesn’t require much work and elbow grease before moving in. This is especially true of younger buyers, 76% of whom say a move-in ready home is a must.
For this reason, you may want to consider making some repairs before putting your home on the market. Smaller, cosmetic repairs can be a good idea to make your home more marketable (and more valuable). On bigger, known issues, like a damaged roof or a broken AC unit, you have two options: make the repairs and foot the bill yourself, or adjust your price accordingly. Most buyers won’t pay top-dollar if they know there are big, expensive projects waiting in the wings.