What Does It Mean to be Pre-Approved for a Loan?

When you are pre-approved for a loan, it means that the entity giving the loan–usually, the bank–has already approved to loan you a specific amount of money. You will get a letter indicating your pre-approval status and that may convince sellers you consider you a serious buyer.

How Long Does It Take To Buy a Home?

The answer to this question depends on the situation and the market, but on average, it takes about 10-12 weeks between finding a home you like and closing on it to make it yours. There are several steps involved in the process, including making an offer, signing a contract, doing an inspection, getting your loan from the bank, and closing with the sellers.

How Do I Know How Much to Sell My Home For?

By assessing the market value of a home like yours, I can help you determine a fair but profitable price. The selling price of your home is based on a few factors. I look at the selling prices of comparable homes in your area, focusing on the number of bedrooms and bathrooms, the square footage of your home, and your property size. I will also consider the location of your home–whether it is on a busy or private street, whether it is near certain amenities, parks, or good schools, and other conveniences or bonuses that come with purchasing your home.

When’s the best time to buy?

Yesterday… Right now, appreciation is in the double digits year over year and going up fast. If you have the means, it is pivotal to get a game plan with a professional to make home ownership come to fruition.

What is a Bidding War?

A bidding war usually occurs during a seller’s market, when there is low inventory available but many people are looking to buy. As a result, a single home will likely get many offers, or bids, from buyers, causing the homeowner to be able to pick the most desirable bid. Interested buyers may keep increasing their bids to compete with the other offers; this is a bidding war. Having an experienced real estate agent is pivotal here to winning a bid. This does not necessarily mean offering the highest dollar, and we can get creative on dates and deadlines to win in a competitive market.

What is a Buyer’s Market?

Low demand to high inventory. A buyer’s market means many homes are available for sale, causing housing prices to become more competitive. In a buyer’s market, the buyers have an advantage and competition is among the sellers.

What is a Seller’s Market?

High demand to low inventory. In a seller’s market, there are more people looking to buy homes than there are homes available to buy. Housing prices tend to increase as competition among buyers rise, with many homes selling for above asking price.

What is the Advantage of Renting a Home?

Renting a home has many benefits, whether you are looking to rent for only a short while or more long-term. If you move to a new neighborhood, it’s a good idea to rent for a year or two while you get a feel for the different areas of town and decide where you might like to eventually buy. Renting is also a good option for those who are not financially ready to buy a home, and you have the benefit of a landlord to take care of certain common household-living issues that crop up rather than need to deal with (and pay for) them yourself.

What is the Advantage of Buying A Home?

EQUITY IN A REAL ASSET. There are many advantages to buying a home, but here’s a big one. When you buy a home, it is proven to be one of the best investments. The value of your home is guaranteed to go up, and quickly, in our in-demand market. Unlike with renting, you get more than just the ability to live somewhere when you pay your mortgage each month; you gain greater ownership of your property. The longer you pay your mortgage, the more of your house you own, which means the more money you make as your home’s value increases. When you own your home, you also have more freedom to customize it to your needs and taste through construction and interior design, whereas a rental property usually has rules against any permanent changes.

How much do I need to put down to purchase a home?

A VERY common misconception is that you need to put 20% down to buy a home. That is false and you can get away with as little as 3% down or less.