Real estate is overwhelming and you have dozens of questions. Lucky for you, so does everyone else.
While a quick article can’t possibly answer every question you have; we’ve archived all of the top real
estate questions to get you further along in the buying process.
What’s the first step? / Where do I start?
Many people start in different stages when it comes to real estate. If you’re selling a house the first step is
to have your house appraised to understand the valuation. If you’re looking to buy a house, the first step
is to determine your budget and get pre-approved. For more information regarding first time home buying
check out this article.
What’s a typical down payment?
When buying a home, the majority of the cost will be financed. However, a down payment is typical when
purchasing a house. While down payments vary according to a variety of factors, a typical home buyer
can expect to fork over a down payment of 10%. Knowing this average is helpful in the buying process,
especially when taking into account budgeting and searching for financing.
What kind of commission will my real estate agent earn?
There’s a reason real estate agents do what they do. Working for flat-commission compensation is
definitely an appeal of the industry. Discussing an agent’s commission charge is a good conversation to
have before bringing them on. However, the average commission is roughly 8% of the selling price.
How do I determine a selling price? / How should I negotiate a buying price?
There’s a lot that goes into a selling price, but it all starts with an official appraisal. This process takes into
account the house structure, property, and market demand to determine a rough valuation of your house.
After receiving that information you can always ask for more or less depending on your personal
preference. When negotiating a price, take into account the appraisal price. If a house is listed way above
the value, try offering closer to the value amount. If you have a strict budget you’re working with but it’s
below the asking price, try explaining your situation to the buyer. Offering an exact amount can lead to a
quicker sale, and the seller may agree.