Home Buying & Selling FAQs and Answers

Buying

How Many Homes Should I View Before I Submit An Offer?

Making a wish list before you start looking for a house will help you to find the one you want, but you may not figure that out until you start looking. Looking at more houses may help you to get a better feeling about the neighborhoods you like, but there is no formula for how many houses you need to see before you make an offer. If the first house you visit turns out to be your dream home, then you've saved yourself a lot of time and leg work.

Why Should I Hire a Professional Home Inspector?

Obtaining a home inspection makes you an educated home buyer. Home inspections reveal issues of concern, problems, safety hazards, as well as needed repairs. Hiring an inspector can save you from costly repairs after you move in, and is a smart way to protect your possible investment.

What is an ARM, or an Adjustable-rate mortgage?

An ARM is an Adjustable Rate Mortgage. Unlike fixed rate mortgages that have an interest rate that remains the same for the life of the loan, the interest rate on an ARM will change periodically. The initial interest rate of an ARM is lower than that of a fixed rate mortgage, consequently, an ARM may be a good option to consider if you plan to own your home for only a few years; you expect an increase in future earnings; or, the prevailing interest rate for a fixed rate mortgage is too high.

What is Private Mortgage Insurance (PMI)?

Private Mortgage Insurance enables buyers to borrow more than 80% of the home's value, it protects the lending institution if the borrower defaults on their loan.

Selling

 

For How Much Should I Sell My House?

The single most important factor to consider when selling a house is the home price tag: how much your house is worth. You don't want to overprice the house because you will lose the freshness of the home's appeal after the first two to three weeks of showings. After 21 days, demand and interest wane. On the other hand, don't worry about pricing it too low because homes priced below market value often will receive multiple offers, which will then drive up the price to market. Pricing is all about supply and demand. It's part art and part science, and no two agents price property the same way. You can work with your realtor to set a realistic price for your house, click here to request a free home valuation.

How Long Will it Take for My House to Sell?

There are many factors that determine how long it will take to sell your house.

  • The current market in your area. If there are many buyers in your neighborhood, it could create a sellers market. If more people are selling, you would be looking at a buyer's market, which would mean it would be harder to sell.
  • The local business climate and changes in interest rates
  • The condition of your house and neighborhood
  • Your selling price

Your listing agent can provide you with a Competitive Market Analysis (CMA) to help you understand the market conditions in your area. Click here for a free market analysis

What sells a house?

Some of the aspects that sell a house, you cannot control. You can't control how many bathrooms, parking, neighborhood, or other aspects of your house, but there are some things you can do. Make small spaces look bigger, fix broken things, don't necessarily find the cheapest fix to a problem, take care of any issues with your roof, compensate for shortcomings in your property by overcompensating in other areas.

What is the best time of the year to sell my house?

You can sell your house any time of the year, winter buyers are more serious than summer buyers, but there are relatively predictable cyclical fluctuations in the market. Spring is one of the best times to put a house on the market, the weather is improving, and buyers start to look. Summer is the most active, more people are out looking than any other time of the year. If you put your house on the market in the fall, it is recommended that you aggressively price your house to sell before the winter months. Bargain hunters look during the winter, the prices are lower and most of the houses are ones that didn't sell in the spring and summer.