Huge sites like Zillow and Realtor.com make some feel that they can find or sell their home on their own. But think about it, if you were in court with a potential judgment hanging over your head of several hundred thousand dollars you probably wouldn’t try to represent yourself.
A good real estate agent is an expert guide who can protect you from costly mistakes, represent your interests and be on your team. And that’s what we do.
We know buying and selling properties like the back of our hand. If you do too, no need to hire a real estate agent. But if you don’t, do yourself a favor and get in touch!
Your debt-to-income (DTI) ratio measures the percentage of your monthly income that goes to debt payments (in this case, to paying off your house.) A DTI of 43% is typically the highest ratio that a borrower can have and still get qualified for a mortgage, but lenders usually look for ratios of no more than 36%.
Purchasing a home is all about budgeting and working out what fits your specific circumstances- and seeking advice from experts and people you trust.
In our opinion? Send us a message. 🙂 Tell us about your needs and trust us to guide you through the whole process.
Not ready to hire a real estate agent? Then technically the first step would be to get pre-approved for a mortgage. This is because you need to know how much money you can borrow. The loan estimate will also show you how much money is required for the down payment and closing costs.
We are home experts. That’s what.
We’ve been renovating full homes, our own homes and clients’ homes since 2015. We know the bones of a house, can identify potential problems and advise on possible renovations.
We are also vacation rental experts who have run our own Airbnbs for many years and advised others on their Airbnb journey. So we can help you invest in a space for renters or guests.
Also we’re a small company who love to do things personally. And if you sign on with us, you can expect an annual gift from us to you on the birthday of your house settlement.
Check out our testimonials to hear what our clients have to say about us.
Finding a home can take anywhere from three weeks to six months. Once a home is selected and the offer is accepted, the average time between signing the contract and closing (also called the escrow period) is 45-60 days. But this period can be as little as two weeks if you are a cash buyer.
The majority of loan programs typically require a FICO score of 620 or higher. Individuals with higher credit scores pose a lower risk to the lender, leading to benefits like a reduced down payment and more favorable interest rates. On the other hand, those with lower credit scores may be required to contribute a larger upfront amount (or contend with a higher interest rate) to mitigate the lender’s perceived risks.
A mortgage agreement outlines the terms and conditions, the loan amount, interest rate, repayment period and other relevant details. The homebuyer makes a down payment and repays the loan over a specified period, usually 15 to 30 years. If the borrower fails to make payments, the lender has the right to foreclose on the property.
In most cases the seller (not the buyer) pays the commission to both the buyer’s and the seller’s agents, however this is negotiable and is not always the case. So it’s always good to clarify what is expected in your given situation.
While the broad down payment average is 11%, first time homebuyers usually only put down 3 to 5% on a home. That’s because many first-time home buyer programs don’t require big down payments.
When you make an offer on a home it should be accompanied with a check of 1-2% of the purchase price. This is to show to the seller that your offer is genuine. It essentially takes the home off the market and reserves it for you. If the deal is struck, the earnest money applies to the down payment. If the deal falls through, the money is returned to the buyer.
Beware though, if the terms of a deal are agreed upon by both parties, but then the buyer backs out, the earnest money may not be returned to the buyer. We know ways to protect your earnest money deposit just in case something like this happens.
Written offers should stipulate the timeframe in which the seller should respond. We’ve found that giving them twenty-four hours should be sufficient.
Both. In Pennsylvania buyers pay lender-related fees, appraisal, homeowners insurance, title costs, home inspection, attorney fees and prepaid interest. This is usually 2-5% of the home’s purchase price.
The seller pays the realtor commission, title fees, transfer taxes, property taxes and HOA fees. Their closing costs usually come to about 6-10% of the home’s price.
However, who pays what is open to negotiation (which is why it’s great to have a real estate agent representing your interest.)
Home inspections are not required, but they are a smart thing to do. For just a few hundred dollars, you can get a detailed look at the house you want to buy and know exactly what you’re getting into.
Small caveat, home inspections are required if you plan on financing your home with an FHA or VA loan.
Sellers can flat-out accept or reject an initial offer or they can counteroffer. If a seller counteroffers, you and your agent review it to determine whether the counteroffer is acceptable. If so, then approving it closes the deal immediately.
Keep in mind, offers and counteroffers can go back-and-forth many times; this is not unusual and negotiations are a part of what real estate agents do as a matter of routine. Each revision should bring both parties closer together on the terms of the deal.
In seller’s markets, increasing demand for homes drives up prices. An inflow of new residents, interest rates trending downward, a short-term spike in interest rates or low inventory on the market can cause a seller’s market.
A buyer’s market is characterized by declining home prices and reduced demand. This can be caused by economic disruption, higher interest rates, a short-term drop in interest rates, high inventory or even natural disasters which lower the value of properties in a given area.
In order to determine what you should do before selling your home you will want to determine who your ideal buyer will be and then prepare the home as best you can for that buyer.
If your home needs a lot of work, it will most likely be bought by an investor. Putting more money into your home will require you to set the purchase price higher. Homes that appeal to younger audiences should be as simple and uncluttered as possible. Homes that appeal to older generations should ideally not require any major maintenance or repairs.
As experts in home renovation, we are able to give our clients advice on what to invest in and what not to invest in to prepare their home for selling.
In Pennsylvania the real estate commission is paid by the seller and is typically between 5% and 6% of the cost of the house. The commission is typically split evenly between the listing agent and the buyer’s agent. However it’s also good to know that commissions for both buyers and sellers are negotiable between the agents and their clients. If you’re not comfortable negotiating, make sure to hire a real estate agent you trust.
As of Summer 2024, homes that are priced correctly and have no major maintenance items are under contract about 7 days after being listed. However what is normal can easily change as the market ebbs and flows.
The best window for sellers is usually March-May. Once school is out for the year people start thinking about vacations and less about home buying. September and October have often been nearly as good as Spring. December and January on the other hand remain the worst months to list a home.
This depends on the number of buyers in your market and the number of homes available similar to yours. The bank determines the value of your home by sending out a licensed appraiser to do an assessment and then calculate the value of your home. The maximum appraisal value will limit these buyers to how much they can offer for your home. The only way to get around this is to find a cash buyer who does not need a mortgage to purchase.
