Being a home buyer is a thrilling and exciting time in someone's life. You may think you already know what style home you want, what your price point is, and what you can get for that price, but you end up overwhelmed by everything you have to take into account. With the help of a qualified REALTOR®, you won’t have to go through the process alone and it can end up being a great experience!
We’ve put together some frequently asked questions from home buyers that you may want to ask the REALTOR® that you choose to work with!
Should I talk to a lender before or after finding the home I want?
Talking to a lender before you’ve found a home is always best. The lender will tell you what you can afford and how much your monthly payment will be.
Are there any locations that I should look for?
Finding an ideal location for you might be based on a number of factors. Proximity to work, shopping centers, restaurants, & water are all things to think about when considering buying.
Once you have determined the location requirements that suit your needs, your agent can narrow down what areas and neighborhoods that will fulfill what you’re looking for.
If we’re buying, who pays the buyer agent’s fees?
Good news for you, in most cases, the seller pays the fees!
What should we look for when looking at a house?
When touring a home, you and your REALTOR® can together point out areas of concern that are deeper than just paint colors. Water damage, cracks in the ceiling or foundation, or insect damage can be expensive to repair, so if you like the house, it is always highly recommended to hire a professional home inspector to check for major damages to the house.
How much are closing costs for a house?
For a more accurate depiction of what closing costs may be, it is a good idea to talk to your lender, but typically closing costs range from 2% - 3% of the home price! If you’re looking at a foreclosure, expect to pay more, closer to 4% of the purchase price.
Is there anything that looks desirable when putting in an offer on a house?
In today’s current market, it is more competitive than ever when looking to buy. Since we are currently in a seller’s market, offering the asking price or above asking price will look more desirable. Even though the house may seem like it is every you want and need, make sure to not offer anything above what you can afford.
I’m a first time home buyer, are there any incentives?
Actually there are! Being a first time home buyer in Maryland means that you don’t have to pay your portion of the state transfer tax, which usually equates to about (0.25%) of the sale price!
What is an earnest money deposit? Is it applied to my closing costs or down-payment?
An earnest money deposit is part of your offer to show the seller you are serious about purchasing their home. In most cases, the larger the deposit, the stronger a purchase offer looks to a seller, especially in a seller’s market. The amount that is deposited is subtracted from the final figure that a buyer pays at the closing table.
What might the resale value on the house be when we eventually want to sell?
Your REALTOR® will be able to give you some idea of what you might get for your home in a couple years based on the current market and previous market trends. Buying a home in an area where value tends to always be going up is a good sign for the future!
How quickly can we close on the house?
On average, the time it takes to actually close on the house is around 30-45 days, but depending on the urgency or needs of the seller, the time frame may differ.
If there are any other questions that were not answered here, be sure to reach out to us at Diane & Crew and we would be happy to answer them!
Stay with us for more tips on home decor, real estate market updates, & local biz. Keep reading the D&C Blog and reach out to email@example.com with all of your questions! We love consulting with you prior to buying/ listing your home to help simplify the process, it’s one of our joys!