Buying and selling real estate can be a daunting task. From choosing the right property to negotiating the right price and ultimately closing on the deal, there are many potential pitfalls along the way.
We explore four of the most common questions we get asked about real estate transactions to help answer your burning questions.
Are you ready to dive in?
#1 How Long Will It Take To Sell My Home?
The average time it takes to sell a house depends on several factors such as location, condition, number and size of rooms, age of the property, type of neighborhood, and whether you’re buying or selling.
While there isn’t one magic formula that works every single time, here are some general guidelines to help you estimate how long it might take to sell your home:
- If you live in a popular area, it could take on average anywhere from 3 to 10 months to sell your home.
- Homes that are well maintained and show pride of ownership usually sell much quicker than those that aren’t.
- Homes that require major repairs typically take longer to sell than homes that don’t.
- Homes in good shape that are priced appropriately usually sell faster than older properties that need work.
#2 How Long Does It Take To Buy A Home?
The average amount of time it takes to purchase a home varies depending on where you live. In some areas, buyers can move into their homes in less than three months.
However, in other markets, it can take up to 12 months. This article looks at how long it takes to buy a home based on the current market conditions in each state.
In general, there are four main factors that influence how quickly a buyer can complete his/her transaction:
1. Market Conditions – Where do you want to live? If you’re looking for a specific neighborhood, school district, or type of property, you’ll need to consider what’s happening in the local real estate market.
For example, if you’re interested in buying a condo near downtown San Francisco, you’ll probably have better luck finding one now.
On the flip side, during the period of 2020-2021, the market supply was lower but demand was soaring. It was a bit tougher to find a house without paying over the market price.
2. Location – Is the city center located near public transportation? Do you prefer living in a quiet suburb or a bustling urban environment? What about proximity to work?
You’ll want to make sure that you choose a location that fits your lifestyle. Finding the right combinations is really about your own preference.
3. Price Range – How much money do you have to spend? Depending on your budget, you may be able to afford a smaller home or a larger one.
Also, keep in mind that the price range you’ve chosen will affect whether you can find something suitable in the timeframe you’ve set.
4. Financing Options – Are you willing to pay cash or finance your mortgage?
There are pros and cons to both options. Cash buyers typically save money upfront, yet finance buyers often end up paying interest over the life of the loan.
With financing, you’ still have to come up with a down payment in most cases.
To learn more about the different types of mortgages offered today, ask your local mortgage center for more information.
#3 How Many Homes Should I View Before Buying One?
Homebuyers often ask me how many homes they should see before deciding where to buy. This question is hard to answer because there are several factors involved.
For example, you want to make sure that you like the neighborhood, that it fits your lifestyle needs, and that the home you choose meets your budget. You also want to make sure that the house you choose is in a good school district.
It is recommend to look at least 5-10 homes before making your final decision. If you find yourself drawn to a particular property, go ahead and schedule a showing.
However, don’t feel pressured to purchase immediately. Take some time to think about what you’re looking for in a home and whether or not you’ll be happy living there.
#4 Are Real Estate Prices Negotiable?
There is always a difference between how much you spend on buying a house versus selling one. But negotiating a property’s value isn’t just about haggling over the price tag.
You must consider many factors, including location, size, age, condition, and even the number of bedrooms and bathrooms.
Negotiating a property’s price is an art form. And while some people are natural bargainers, others prefer to play hardball.
If you don’t know where to start, here are 2 tips to help you negotiate like a pro.
Know Your Market
The best way to determine whether you can afford a particular property is to compare it to similar homes in your area. This helps you understand the market conditions and gives you insight into what buyers are willing to pay.
For example, if you live in a hot housing market, you might find yourself paying too much for a home because sellers aren’t competing against each other. On the flip side, if you live in an undervalued neighborhood, you might have trouble finding a buyer.
Be Prepared
Before you begin negotiations, make sure you have all the information you need to close the deal. Have your lender preapprove the loan amount, and prepare a list of questions for your realtor. Make sure you have a copy of your offer and a contract ready to go.
Why You Need to Work with an Experienced Realtor
Realtors are experts at helping people buy homes. They know what it takes to make sure you get the best deal possible. And they know how to navigate the complex world of home buying.
The National Association of REALTORS® says there are three main reasons why working with a real estate professional makes sense.
First, a realtor knows the local housing market well. Second, he or she can help you avoid costly mistakes. Third, a realtor can negotiate on your behalf to get you the best price possible.
If you ever need an experienced real estate agent in the Naperville, IL, give Tony Ciancanelli a call. You can find my contact information at https://homesnow-tonyciancanelli.com/.
