Buyer / Seller FAQ’s
Is HusVar Real Estate a full-service broker?
Yes. Every buyer receives a full-service experience. Whether you are independent during the search phase or need hand-holding, every customer receives the same professional service for the selected property including a pricing analysis, bidding advice and expert negotiations.
What is The First Step to Buying a Home?
Congratulations! You have decided it’s time to own a home. The first step is finding a professional that is experienced in guiding you through the process. At HusVar Real Estate our agents are highly trained to explain the process. It all starts at HusVarRE.com. When you sign up for a free account you will receive a link to download our free buyers guide
What is a seller’s market?
In sellers’ markets, increasing demand for homes drives up prices. Things that influence this can be Economic factors, Interest rates trending downward, A short-term spike in interest rates, and Low inventory.
What is a buyer’s market?
A buyer’s market is characterized by declining home prices and reduced demand. Several factors may affect long-term and short-term buyer demand, like Interest rates trending higher, Short-term drop in interest rates, High inventory, and unfortunately Natural disasters.
What is a stratified market?
A stratified market happens where supply and demand characteristics differ by price point, in the same area (typically by city). For example, home sales for properties above $1.5M may be brisk (seller’s market) while homes under $750k may be sluggish (buyer’s market).
What kind of credit score do I need to buy a home?
There is no minimum score required to buy a home. Borrowers with higher credit scores represent less risk to the lender, often resulting in a lower the down payment requirement and better interest rate. Conversely, home shoppers with lower credit scores may need to bring more money to the table (or accept a higher interest rate) to offset the lender’s risk.
Should I Sell My Home Before Purchasing A New One?
Everyone’s situation is different. Having your home under contract makes your offer to purchase your new home more competitive than if you still need to sell your home. There are times where you may want to list your home after you have time to move into your new home. It all starts with knowing your current homes worth and one of our highly trained agents will reach out to you to explain your options.
How do I find out what my home is worth?
A Comparative Market Analysis (CMA), which is an informal estimate of value based on the recent selling price of similar neighborhood properties. And an Appraisal are the two most common and reliable ways to determine a home’s value. Click here to find a current valuation of your home.
When should I sell my home?
Generally, the best time to sell is when you are ready. There are advantages to selling in every season. Spring is undoubtedly considered most ideal, but that does not mean you can’t get great results in summer, winter, and fall. You just need an agent who knows how to sell year-round.
What improvements will help sell my home?
Before spending months and thousands upgrading your place—or just throwing up your hands and giving up before you begin—have a professional, proven successful real estate agent take a look at your property in order to provide you feedback. You might be pleasantly surprised by your current sales prospects.
Why should I use a REALTOR® to sell my home?
A REALTOR® is a licensed real estate professional belonging to the National Association of REALTORS® (NAR). NAR is a real estate trade association that requires all of its members to follow a 17-article Code of Ethics. This means that your REALTOR® is required to have your best interests in mind.
When is the best time of year to sell?
This varies depending on the housing market. In general, house hunting typically picks up in the warmer months of the year, making it a great time for sellers to put their home on the market. In the colder months, it’s typically a buyer’s market. This can vary by city and even neighborhood, so be sure to ask your REALTOR® what they recommend.
What should I expect when I put my house on the market?
Once your home has been listed, the best piece of advice is to have realistic expectations. Keep an open line of communication with your REALTOR® and be patient. Your REALTOR® will handle the marketing for your home and guide you through the process of showing your home. They will also help you with the negotiation process and make sure your home closing goes as smoothly as possible.
How many homes should I view before buying one?
The ability to search for homes online and see pictures, even before setting a foot outside the comfort of your living room, has completely changed the home buying game. Convenience is at an all-time high. But, nothing beats visiting a home to see how it looks and ‘feels’ in person.
Are there any safety tips I should keep in mind when putting my home on the market?
Opening your home up to strangers naturally raises some safety concerns, especially for new home sellers. While your REALTOR® will help protect you from these risks, we recommend:
• Never give home tours by yourself. A REALTOR® should always be present.
• Hide valuables and all electronics prior to any home visits or open houses.
• Remove mail, bills, and personal checks from places where they can be seen by those touring your home.
• Take stock of the state of your home after an open house to make sure everything is locked and in place.
If the buyer does not have a broker, do sellers typically reduce the purchase price to reflect the savings of not having to pay a commission to the buyer’s broker?
If the buyer does not have a broker, the seller’s broker will take the entire commission. Buyers without representation are generally unable to reduce the purchase price.
How long does it take to buy a home?
From start (searching online) to finish (closing escrow), buying a home takes about 10 to 12 weeks. Once a home is selected an the offer is accepted, the average time to complete the escrow period on a home is 45 to 60 days (under normal market conditions). Though, well-prepared home buyers who pay cash have been known to purchase properties faster than that.
How much do I need for a down payment?
The national average for down payments is 11%. But that figure includes first time and repeat buyers. Let’s take a closer look.
While the broad down payment average is 11%, first time homebuyers usually only put down 3 to 5% on a home. That’s because several first-time home buyer programs don’t require big down payments. A longtime favorite, the FHA loan, requires 3.5% down. What’s more, some programs allow down payment contributions from family members in the form of a gift.
Some programs require even less. VA loans and USDA loans can be made with zero down. However, these programs are more restrictive. VA loans are only made to former or current military servicemembers. USDA loans are only available to low to-middle income buyers in USDA-eligible rural areas.
For many years, conventional loans required a 20% down payment. These types of loans were typically taken out by repeat buyers who could use equity from their existing home as a source of down payment funds. However, some newer conventional loan programs are available with 3% down if the borrower carries private mortgage insurance (PMI).
What is earnest money?
When you make an offer on a home, your agent will ask for a check to accompany it (checks are the same as cash, and the deposit is typically 1% to 2% of the purchase price). Earnest money is made in good faith to demonstrate – to the seller – that the buyer’s offer is genuine. Earnest money essentially takes the home off the market to anyone else and reserves it for you.
How long can the seller take to respond to my offer?
Written offers should stipulate the time-frame in which the seller should respond. Giving them twenty-four hours should be sufficient.
What if my offer is rejected?
Sellers can flat-out accept or reject an initial offer. But there a third path that is quite common, sellers can initiate a counteroffer. Remember this: a deal isn’t dead until it’s dead. So, if a counteroffer is proffered by the seller, you’re still in the game. You and your agent just need to review it determine whether the counteroffer is acceptable.
Should I order a home inspection?
Home inspections are highly recommended because they can reveal defects in the home that are not easily detected.
Do I need to do a final walk-through?
It’s not required, but it’s a darn good idea! Final walk-throughs give buyers a chance to make sure nothing had changed since their first visit. If repairs were requested, as part of the offer, a follow-up visit ensures that everything is squared-away, as expected, per the terms of the contract.