FAQ
Frequently Asked Questions
First Step in Home Buying?
Get pre-approved for a mortgage to determine your budget and show sellers you’re a serious buyer.
What's a Seller's Market?
High demand raises home prices, driven by economic factors, low interest rates, and low inventory.
What's a Stratified Market?
Varies by price point in the same area; for example, seller’s market for expensive homes, buyer’s market for mid-priced homes.
Sell Current Home Before Buying?
If using equity for a down payment, sell first; otherwise, assess risk and credit history with your loan advisor.
What if Offer is Rejected?
Sellers may accept, reject, or counteroffer; negotiations continue until a deal is reached or declared dead.
How Long to Buy a Home?
Typically 10-12 weeks from online search to closing; cash buyers may move faster.
What's a Buyer's Market?
Declining prices and reduced demand; influenced by economic disruption, high interest rates, or high inventory.
Agent Fees for Buyers?
Buyers usually pay no fees; the buyer’s agent is compensated by the listing broker.
How Many Homes to View?
Personal choice; online searches make it easier, but visiting in person provides a real feel.
Credit Score for Home Buying?
FICO score of 620 or better is generally required; higher scores may result in better terms.
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