Frequently Asked Questions
Question about selling
In real estate, a broker is a licensed professional who has undergone additional education and licensing requirements beyond those of a real estate agent. Brokers can work independently or oversee a team of agents within a brokerage firm. They have the authority to represent clients in real estate transactions, negotiate deals, and handle legal and financial aspects of the process. Brokers often have more experience and expertise in the industry and play a key role in facilitating successful real estate transactions. Contact Carol Strom, our expert Real Estate Broker, now!
To maximize the sale price of your home, consider pricing it competitively based on current market conditions, enhancing its appeal through staging and minor renovations, and implementing effective marketing strategies to attract potential buyers.
Essential documents for selling a home include the deed, property tax records, mortgage documents, homeowners association (HOA) information, and any relevant permits or inspection reports. Your real estate agent can guide you through the necessary paperwork.
The time it takes to sell a home can vary based on factors such as location, price, condition, and market demand. On average, homes in active markets sell within 30 to 60 days of listing, but the timeline can be shorter or longer depending on individual circumstances.
Making necessary repairs and improvements before listing your home can enhance its appeal to buyers and potentially increase its sale price. However, consult with your real estate agent to prioritize repairs and focus on those that offer the highest return on investment.
Question about buying
Consider factors like location, proximity to work, schools, amenities, safety, property values, and future development plans. Visit neighborhoods at different times of the day to get a feel for the community.
Down payment requirements vary based on the type of mortgage and lender. Conventional loans typically require 5% to 20% down, while FHA loans may require as little as 3.5%. VA and USDA loans offer zero-down payment options for eligible borrowers.
Pre-qualification is an informal assessment of your financial situation based on self-reported information. Pre-approval involves a thorough review of your finances by a lender, resulting in a conditional commitment for a specific loan amount.
Beyond the purchase price, budget for closing costs, which typically range from 2% to 5% of the purchase price. Additional expenses may include property taxes, homeowner’s insurance, homeowner association (HOA) fees, utilities, and maintenance.
A home inspection is a thorough examination of a property’s condition, including its structural, mechanical, and safety aspects. It helps identify potential issues or defects that may not be apparent during a visual inspection, allowing buyers to make informed decisions about the purchase.
Question about renting
Benefits of investing in rental properties include steady rental income, potential property appreciation, tax advantages such as deductions for mortgage interest and property taxes, portfolio diversification, and wealth accumulation through real estate.
Properties that make good rental investments typically have desirable features such as location, amenities, good school districts, low vacancy rates, and potential for rental income growth. Single-family homes, multi-family units, condominiums, and townhouses are common options.
Financing options for rental property investments include conventional mortgages, Federal Housing Administration (FHA) loans, portfolio loans, and private financing. Investors may also use cash, home equity lines of credit (HELOCs), or retirement account funds to purchase properties.
A lease is a binding contract for a fixed term, typically 6 to 12 months, outlining the terms and conditions of the rental arrangement. A rental agreement, also known as a month-to-month agreement, renews automatically each month until terminated by either party.
Common upfront costs may include first and last month’s rent, security deposit, application fees, and possibly pet deposits or fees. Some landlords may also require renters insurance.