Buying your first home can be an overwhelming process. You need to navigate listings, pinpoint your budget, and negotiate on your offer. Fortunately, a quality real estate agent can help you through these steps until you finally buy a house. The following are some of the most common questions that home buyers ask their agents.
Frequently Asked Questions About Real Estate
How long will it take to buy a home?
While a home usually sells in about one month to 45 days, this time frame varies for every buyer. If the real estate market in your area is saturated with buyers and sellers, this process might take longer. This is because the sellers will need to schedule more home inspections and showings, and they may need to sift through more offers.
Do you need to sell your current home before buying?
This situation is different for everyone. If you want to use some of your home equity to put a down payment on a new home, you will likely sell yours first. However, some buyers enjoy the security of having another home lined up before they sell their current house, especially if they’re moving out of state. Your real estate agent can recommend the best approach for you.
How do you determine your budget?
You need to know what you can afford before you look at any homes. To do this, consider getting preapproved for a loan. This way, you can determine how much money you’ll need to put down, and you’ll have an idea which homes are in your range.
What is a buyer’s/seller’s market?
You likely hear the terms “buyer’s market” and “seller’s market” when reading about local real estate. A buyer’s market means there are more properties than there are buyers. This means buyers can be choosier, and home prices generally drop. A seller’s market means buyers outnumber the available properties, so the competition allows sellers to increase prices.
Do you actually need a real estate agent?
While some buyers may be tempted to navigate the market on their own, it’s always best to have a real estate agent on your side. These professionals set up showings, answer questions, keep you updated on the local market, and expedite the home-buying process. When you find a home that fits your needs, their expertise is invaluable.
Looking for a new home in Chillicothe, OH? Expect the best from Coldwell Banker Realty Champions — expert realtors with over 30 years of experience helping local buyers navigate the market and find their dream home. If you’re selling a house, their real estate agents work with you on listing, staging, and showings. To learn more about buying or selling a home, visit them online or call (740) 775-8500 today.