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Monday, October 18, 2021

Real Estate Frequently Asked Questions (FAQs)

It seems clear that the opening Real Estate article would include an overall view of what people want to know about buying and selling your home. Many home buyers and sellers are clueless when it comes to the process. It is important for Real Estate professionals to provide information to the most basic, yet crucial questions.

SHOULD I BUY OR RENT A HOME?

One of the most common questions I’m asked is if renting or buying is the best option. While renting is often less expensive and less labor-intensive, buying a home provides more long term benefits. Weighing the benefits of each makes it easy to gauge what option is best for you. Buying gives you more long term advantages including investment rewards, equity, and payment stability.   

SHOULD I APPLY FOR A LOAN TO DETERMINE WHAT I CAN AFFORD?

Many homebuyers make the mistake of obtaining a mortgage pre-qualification only after they find their dream home. A mortgage pre-qualification letter shows a seller that the lender has pulled your credit report, reviewed, and verified your income and assets. After obtaining the pre-qualification letter, you’re ready to start shopping! Your Real Estate agent will be able to direct you to reputable lenders.

IS IT POSSIBLE TO BUY A HOME AND SELL MY CURRENT ONE AT THE SAME TIME?

While it is very possible to do both transactions at the same time, a homebuyer must first assess the risks of proceeding this way.  

The pros and cons of selling first:

When you sell your home before buying a new one, you know how much money you have to use toward a new home. Qualifying for a mortgage is easier when you’ve sold your home. You won’t have two mortgage payments counting against your income. Logistically, selling first is the best way to avoid having two payments.  

The pros and cons of buying first:

If you buy a home before you sell your old one, you have plenty of time to move. This gives you more time to get your home ready to sell and ease into the process. If your home doesn’t sell for a while, you could have two mortgage payments at once.  Again, it can be harder to qualify for a new mortgage if you have two payments.  Your Real Estate professional will be able to direct you to reputable lenders who can answer your questions in detail.  

HOW DO I PREPARE MY HOUSE FOR SALE?

Preparing your house for sale is a multi-step process. It is helpful to ask your agent for advice on navigating through the steps needed to sell your home. They will have suggestions for staging, lighting, decluttering, and depersonalizing. The next step is to determine what work needs to be done. A budget, not too large, will help to prioritize the most helpful repairs and improvements. This ensures the interior and exterior are in good shape to promote a quick, successful sale AND closing.

WHO DETERMINES THE SELLING PRICE?

The list price is determined by the seller and the Real Estate professional.  Sales price should be based on the prices of comparable and recently sold properties in the same area, current inventory, prevailing market trends, and other property-specific factors. Knowledge of local market information, trends, networking, and resources are critical in this step of the process.

DO I REALLY NEED A REAL ESTATE AGENT?  

Working with a Real Estate agent has huge advantages when helping a buyer/seller find their dream home or sell their current one. Agents should have the ability to connect with clients on a personal level. Your agent will set up home viewings, give you information on homes that pique your interest, and help you negotiate the best price. They provide information on reputable lenders, inspectors, and other service providers you’ll need. While you might find independence is possible during the process, when you’re ready to walk through a house, you will want an agent by your side. When you’re ready to sell, your sales associate will have access to neighborhood information. They will be able to help you negotiate the best price or get the most amount of money in the shortest time. Choose someone who is knowledgeable about the current market and will set realistic expectations when buying or selling a home.  For detailed information, there are an abundance of qualified professionals in the Enid area who have information and resources to guide you through the process

Molly Nicholas
Molly Nicholashttps://www.nicholasrres.com/
Enid Realtor and Long Time Resident providing Excellent Intergrity Based Customer Service. Home Staging and Listing Specialist.

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