4 minute read
REAL ESTATE WITH STEPHANIE
{ REAL ESTATE WITH STEPHANIE } INTRODUCING REAL ESTATE TIPS WITH STEPHANIE
BY STEPHANIE IDE I PHOTOS BY BRODY WHEELER
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What is the most asked question in real estate right now?
How long will it remain a seller’s market? That’s the question that I hear the most. It is impossible to answer…just like how no one can predict what will happen to the stock market. I wish I had a better answer but if you have a home to sell…SELL it! I have close family that wants to relocate in 2 years. I suggested they sell it ASAP in case the market dips.
They decided to sell. Now they have lots of money in the bank, they don’t have to worry about a dip happening and they can rent somewhere fun until they are ready to make the big move to another state. I have another set a clients that decided to sell and go live on the lake until its time to relocate. People are getting creative and having fun with selling. The buyers are frustrated and ready for the market to have more inventory and cool down.
How long does it take to buy a home in the current market?
It can take many months to buy a home in this current seller’s market. That’s because there could be 5 homes for sale and 60 buyers. For example, I can do the research and suggest offering $60k over on a specific home in order to be the highest bid. Many buyers have to fall in love with a home and lose repeatedly before they start offering their max. It is very competitive out there…most sellers would take cash over an FHA loan. So if you are an FHA buyer then it can be very tough in this market.
What is a seller’s market?
A seller’s market is when the demand for homes is greater than the supply. We will have low inventory during this time. When this happens, a lot of buyers will be competing for the
same home. Homes will sell quickly and for over asking (if priced right). This is an ideal time to sell your home.
What is a buyer’s market?
A buyer’s market is when the inventory of homes is greater than the demand. This is the best time to get that “deal” on a home. Prices will drop and homes might sit and not sell as fast.
How much do I have to pay an agent to help me buy a house?
You pay nothing when you have a real estate agent help you buy a home. The seller pays the commission to the agent for bringing a buyer to their home. It is in the buyer’s best interest to use an agent to look out for them while purchasing and negotiating the price of a home.
What kind of credit score do I need to buy a home?
In general you want to have a 600 and up score.
How many homes should I view before buying one?
This is tricky. It’s the same advice you could tell a friend…how many people should you date before you get married? Some people marry the first person they date and others date many. When you know, you know. I keep in mind what my buyers say they are looking for in a home and make sure what they fall in love with meets their needs.
What if my offer is rejected?
Getting your offer rejected is something that can happen a lot. I always find out why we lost or roughly by how much so we can learn for the next time.
What should I look for when choosing a real estate agent?
Make sure you find a real estate agent that truly cares and is genuine.
Purchasing and selling your home can be emotional and you also need someone that is a fierce negotiator. However, the best agent in the world can’t help you if they never have time for you. Make sure your agent has the availability to help you buy or sell your home.
What is the difference between a real estate agent and a realtor?
Real estate agents have a professional license to help people buy, sell, and rent real estate. ... A Realtor is a licensed real estate agent or broker (or other real estate professional) who is a member of the National Association of Realtors (NAR). NAR holds agents to a higher set of standards and code of ethics.
