RE/MAX Property Specialists
Frequently Asked Questions
Buying a Home? We Have Answers
How much can I afford to spend on a home?
To determine your home-buying budget, get pre-approved for a mortgage by contacting a local mortgage lender or consulting with a financial advisor. This is the first step in the home buying process.
What’s the difference between pre-qualification and pre-approval?
Pre-qualification is a quick estimate based on unverified information and may include a credit check. Pre-approval is more detailed, requiring financial documents and offering a stronger position when making an offer on a house.
How much should I put down for a down payment?
Most buyers put down around 20% of the home price, though some loan programs allow for less. Your mortgage lender can advise based on your financial situation.
What are the hidden costs of buying a home?
Hidden costs of homeownership can include closing costs, HOA fees, property taxes, and homeowner’s insurance. Your real estate agent can provide an estimated cost breakdown based on the property.
Should I buy an existing home or build a new one?
It depends on your needs. Buying an existing home is usually faster, while building a new home gives you customization options. Your real estate agent can help weigh the pros and cons.
What should I look for during a home tour?
Focus on key home features such as layout, natural light, appliance condition, foundation, roof, and potential repair needs. Bring a checklist to evaluate each home for sale thoroughly.
How do I know if a home is priced fairly?
Ask your agent to run a comparative market analysis (CMA) to assess whether the listing price aligns with market value.
What happens after I make an offer?
Your agent will submit the offer to the listing agent. The seller may accept, reject, or counter. Be ready to negotiate terms and move quickly during this stage of the home purchase process.
Should I get a home inspection?
Yes, a professional home inspection can uncover issues that may affect your purchase decision. It’s a vital step in protecting your investment.
How does earnest money work?
Earnest money is a deposit (usually up to 5% of the home price) that shows you’re serious. It’s held in escrow and applied to your closing costs or down payment.
Can I back out of a deal if something goes wrong?
Yes, but only if contract contingencies (like financing or inspection) allow it. Real estate contracts are legally binding, so consult your buyer’s agent before canceling.
What is title insurance and do I need it?
Title insurance protects you or your lender from future claims on the property title. It’s a critical part of the closing process.
What should I expect on closing day?
You’ll do a final walk-through and then sign documents, including the deed. Bring two IDs and certified funds. Once complete, you’ll receive your house keys and become a homeowner.
Common questions for sellers
What is my home worth?
Your agent will assess your property and use a comparative market analysis (CMA) to determine the current market value of your home.
When is the best time to sell my house?
While spring and summer are traditionally strong, homes sell year-round. Your local market conditions and timing goals will influence the best strategy.
What should I do to prepare my home for sale?
Clean, declutter, make repairs, and consider home staging. A well-presented home shows better in real estate listings and during showings.
How do I choose the right listing price?
Your agent will recommend a competitive listing price using local data. Pricing correctly helps you sell your home faster and for more money.
Should I renovate before selling?
Focus on cost-effective upgrades and necessary repairs. Your agent can advise whether renovations will boost your home’s resale value.
How long will it take to sell my home?
Ask your agent about average days on market (DOM) in your area. Market conditions, pricing, and home condition all influence the timeline.
How do showings work, and do I need to be there?
Showings are scheduled through apps like ShowingTime. It’s best if you’re not home—buyers will feel more comfortable exploring the space.
What happens if I get multiple offers?
You can accept the best offer or ask for highest and best from all buyers. Your agent will help you compare offers strategically.
What costs do I have to pay as a seller?
Typical home selling costs include real estate commissions, transfer taxes, title fees, and deed preparation.
Can I sell my home while I still live in it?
Yes, but keep it clean and “show ready” at all times. This improves your chances of getting higher offers from buyers.
What disclosures do I need to make?
You’ll complete a seller disclosure form detailing any known issues. Transparency helps avoid legal trouble and builds trust with buyers.
What happens if the appraisal comes in low?
The buyer may ask for a price reduction. You can accept, negotiate, or the deal may fall through if no agreement is reached.
Do I need a real estate agent to sell my home?
While not legally required, working with a licensed real estate agent helps you price accurately, market effectively, and avoid legal pitfalls.
