General Questions
The best time to sell a house depends on the market in your area and your personal goals. Generally, spring and summer are popular times because buyers are more active. However, even during slower seasons, limited inventory can work in your favor if there’s less competition. Consulting a real estate professional can help you decide based on local trends.
It’s a good time to buy if your finances are in order and you’ve found a home that meets your needs. While interest rates and market conditions can impact affordability, your personal readiness—such as having stable income, a good credit score, and savings for a down payment—is more important.
The minimum credit score depends on the type of loan:
- FHA Loan: 500-580 (with a higher down payment for lower scores).
- Conventional Loan: 620 or higher.
- VA or USDA Loan: Typically 580-640.
A higher credit score can qualify you for better interest rates and loan terms.
You should talk to a lender as soon as you’re considering buying a house. A lender can help you understand your budget, get pre-approved for a loan, and identify any financial areas to improve before you start house hunting.
The process can take 30-60 days from offer acceptance to closing, depending on factors like inspections, appraisals, and loan processing. Adding the time spent searching for a home can extend the timeline to a few months.
On average, it takes about 30-45 days to close after accepting an offer, but the time to get an offer varies based on the market and the home's condition. Proper pricing and effective marketing can shorten the timeline.
- Declutter and depersonalize.
- Deep clean every room, especially kitchens and bathrooms.
- Improve curb appeal by tidying up landscaping and cleaning the exterior.
- Consider staging your home to help buyers envision living there.
Focus on upgrades that provide high ROI, such as:
- Repairs: Fix any obvious issues like leaky faucets, broken fixtures, or peeling paint.
- Upgrades: Update kitchens and bathrooms with small improvements like new hardware
or light fixtures. - Curb Appeal: Repaint the front door, update outdoor lighting, and refresh landscaping.
Avoid over-improving. Stick to changes that appeal to most buyers rather than personal
preferences.
Buyer Questions
This depends on your income, savings, credit score, and current debts. A lender can pre-approve you for a loan and give you a clear idea of your budget. A general rule is to aim for a monthly mortgage payment (including taxes and insurance) that’s about 25-30% of yourmonthly income.
Look for an agent with:
- Experience in your local market.
- Good reviews or referrals from people you trust.
- A personality and communication style that matches yours.
Interview a few agents to ensure they understand your goals and priorities.
Costs include:
- Down Payment: Typically 3-20% of the purchase price, depending on the loan.
- Closing Costs: Around 2-5% of the home price for fees like appraisals, inspections, and
lender fees. - Ongoing Costs: Home insurance, property taxes, and maintenance.
A home inspection helps uncover issues with the property, such as structural damage, plumbing or electrical problems, or pest infestations. It protects you from unexpected expenses after you buy.
The basic home inspection covers the structure, roof, plumbing, electrical, and HVAC systems. Additional inspections, like termite, mold, or sewer inspections, might be needed depending on the property and location.
Yes! After the inspection, you can negotiate with the seller to either make repairs or reduce the price to cover the costs. The seller isn’t obligated to agree, so this may involve negotiation.
Earnest money is a deposit you make to show the seller you’re serious about buying the home. It’s usually 1-3% of the home price and is held in escrow until closing.
It depends on why you cancel and the terms of your contract. If you back out for a reason allowed in the contract (like a failed inspection), you’ll usually get it back. If not, the seller may keep it.
Earnest money is typically paid to an escrow company or title company, not directly to the seller. This ensures it’s safely held until the transaction is completed.
Compare multiple lenders based on:
- Interest rates and loan terms.
- Closing costs and fees.
- Customer service and responsiveness.
Ask for referrals and read reviews. A good lender will explain your options clearly and guide you through the process.
Your real estate agent or lender can recommend reputable title companies. Look for one with a solid reputation, good customer service, and competitive fees. They’ll handle important tasks like title searches and ensuring a smooth closing.
Compensation is always negotiable. The seller typically pays the real estate commissions for both the seller’s and buyer’s agents. This is included in the seller’s closing costs.
ou’ll usually get your keys on closing day, after all documents are signed and the funds have been transferred. The exact timing can vary but is often later that same day.
Seller Questions
- Declutter and Depersonalize: Make your home appealing to buyers by removing personal items and excess clutter.
- Deep Clean: Clean all surfaces, carpets, and windows.
- Repairs: Fix obvious issues like leaky faucets or peeling paint.
- Curb Appeal: Tidy up landscaping, repaint the front door, and ensure the exterior looks inviting.
- Staging: Highlight your home’s best features with proper furniture placement and décor.
Yes, sellers typically pay real estate commissions, which are split between the buyer’s and seller’s agents. The commission is usually a percentage of the sale price and is paid at closing.
Yes, you can buy before selling, but it depends on your financial situation. Options include:
- Bridge Loan: Financing to cover the gap between buying and selling.
- Contingent Offer: Buying your new home with the condition that your current home sells first.
Talk to your lender and agent to determine the best strategy for you.
No, you’re not required to make repairs, but the buyer may request them as part of negotiations. You can agree to make the repairs, lower the sale price, or offer a credit to the buyer for the repairs.
Keep the utilities on until closing day, even if you’ve already moved out. This ensures the home is comfortable for buyer walkthroughs and inspections. Turn them off the day after closing.
Typically, sellers move out before closing or shortly after. If you need more time, you can negotiate a post-closing occupancy agreement with the buyer.
You may owe taxes on the sale, but many homeowners qualify for an exemption:
- Single Homeowners: Exempt up to $250,000 of the profit.
- Married Homeowners: Exempt up to $500,000 of the profit.
To qualify, you must have lived in the home as your primary residence for at least two of the last five years. Consult a tax advisor for your specific situation.
On average, homeowners stay in a house for about 8-13 years, depending on location and personal circumstances.
- Mortgage Interest Deduction: You can deduct interest paid on your mortgage.
- Property Tax Deduction: You may deduct state and local property taxes.
- Capital Gains Exemption: You can exclude a significant portion of your profit when selling, as mentioned above.
Check with a tax professional to maximize your benefits.
Your home’s value depends on location, size, condition, upgrades, and market trends. A real estate agent can provide a Comparative Market Analysis (CMA) to estimate its value, or you can hire an appraiser for a more precise valuation.