In this article, I will share ten common real estate questions that most clients ask their agents. If they can not get a quality answer, they might not trust the agent to deliver the deal, and you will lose the lead. That is why you must know all the answers before vising any client.
An average seller asks questions like the worth of their house, how long it will take to sell it, and how much they can expect in return. And the buyer will also ask how much it will cost me, when is the best time to buy a house, and what requirements I must meet to buy a house. Have answers to these real estate questions.
Ten Real Estate Questions to Answer
Now just answering those common real estate questions might not convince them totally. You need to show them data claiming that what you are saying about the house is not an assumption but is based on your calculation and market condition.
If necessary, take some time and then answer those buyer and seller questions. Remember that a fake answer will break their trust. Be honest and help them, not just try to make the deal. So here are those common real estate questions for you.
Table of Contents
1. What are the Common Steps to Buying a House?
If you have the money to buy the house, that is wonderful. But if you don’t have it right now, you need financial help from the bank. Bank will only help you if your credit score is good enough. A 500 to 700 credit score is considered good for borrowing money from the bank.
But why do I need a good credit score? It tells about your financial habits and whether you are cable of monthly payments if they give you the money. If you make all your payments on time, your credit score will always remain high, close to 700. If you always delay your payments, your score will go down, and the bank will never allow you to borrow money.
You can check your credit score online. There are many websites that will tell you your score. But if you do not match their credit requirement, you can approach other private lenders or small financial banks with a bit more interest rate to buy your house. You have that option.
2. How Long Does It Take to Buy a House?
On average, it takes five months to find, choose and make an offer to the seller. But there are many things that can affect the time it may take, and some are as follows.
- The location of the house
- Your demand for the house
- Amenities the house offers
- The negotiation time
- New laws in the area
- Home inspection time
- Finalizing borrowing from the bank with details
- Checking all the legal documents
- Reanalyzing the terms and conditions
- The appraisal value
- And other market variables.
Buying a house is not easy. It will take time. Be patient, check everything thoroughly, and after understanding the pros and cons, then sign the document.
3. When is the Best Time to Buy a House, according to You?
It depends on your choice. What you are looking for. Are you looking for a low-priced house or a house with many options? A perfect time can help you to get the house at a lower price or loaded with many amenities.
Research says to buy a house between Fall and Winter. Here are the season data.
- Winter: It is the time when the real estate market will start to cool down. Home prices may be lower with more discounts.
- Spring: It is the time when more homes will be available to agents. The demand for new homes will start to pick up.
- Summer: During this time you will see high inventory and high competition, and it is probably not a time to buy the house.
- Fall: It is the best time to buy a house. This time sellers are more eager to sell at a lower price than in other seasons.
Although all these data may not be applicable to you if you are in hurry. It follows supply and demand and predicts the market condition based on the average home price. You are free to buy it at any time. Now move to the seller real estate questions.
4. How to Prepare the House Before Selling?
Focus most of your energy on the First Impressions, and make them presentable to a home buyer. Research says people take just 15 seconds to decide whether to buy a house or leave it.
If your lawn is not in good condition, the paint has faded, and the house does not have any good airflow, people will try to get out of there. Here are the top things you can do to improve your first impression.
- Do all the cleaning the house needs.
- Make small repairs.
- Put a new paint.
- Patch holes in the wall.
- Change burnt-out light bulbs.
- Repair broken appliances.
- Mop the floors.
- Scrub the bathroom.
- Get rid of all the grime in the kitchen.
- Use live plants to make the air clean.
- Use white and grey colors to make your room larger.
- Depersonalize and de-clutter the house.
- Remove your family photos and other personal items.
- Transfer all the unnecessary items to your storage room.
5. How Long Does It Take to Sell a House?
In short, it takes about 90 days to sell. Although the time may depend on many things, you will see when selling it. Some of the important ones are as follows.
- The time: When you are listing it. Homes sell faster in the early fall.
- Market condition: Homes sell faster in a market where the inventory is low and the demand is high.
- Physical condition: Homes in good condition sells faster than a rehab house.
- Financing: Cash deals take only one to one month, but if the buyer is borrowing money from the bank, it may take more time, about 50 days.
The longer your house is on the agent’s listing, the less money you will be offered, as most buyers will think there is a problem with the house. And if the house does not sell within the due time, the agent will remove it from their list. So your house must be ready all way before you list it.
6. When is the Best Time to Sell a House
It’s probably one of the most asked real estate questions. It’s again demand and supply. The time to sell reflects the time to buy. But especially in selling, research says early spring and summer is a great time to sell as it will take time to list and get noticed by people.
Although you can list them in early fall. The market is slow for the seller, but it will do the work. You can sell your house during this period. In winter, you will see a big drop in home sales which is not ideal for you.
7. What Should be the Asking Price of my House?
You cant select that. The market decides the value, not you. You can hire an estimator to know the market value of your house, or the agent can also help you. You can look at your neighborhood and find similar homes sold recently. If a house with almost the same amenities has sold for $90,000, you can expect the same for yours.
If you charge a higher price than the market, your house will not sell. You can visit online home valuation websites to know the value of your house by filling out some details. But hiring a professional is the best solution for it.
8. Should I Buy a New House Before Selling It?
It is a personal choice. Although having a home lined up can give you peace of mind when selling. You can move out on your own time. But don’t be stuck in bank payments for both houses. Buy a new house if it suits your budget. If not, wait to sell it.
9. How Much are the Closing Costs?
Sellers pay about 10 percent of the total sale price in closing costs. But here are many small expenses with closing costs that you need to know.
- Title search: It can cost you around $200.
- Escrow fee: 0.5 percent of the final sale price
- Taxes: Depends on the state
These fees are a must. But the cost may vary in every house.
10. Do I Need a Home Inspector?
Yes, you do need a home inspector as a buyer or seller. As a seller, you will have the chance to discover and repair the problems before listing, which could increase the value of your home.
And for the buyer, you may find something that may cost extra money to repair, and you can negotiate that with the seller. So for both parties, a home inspection is required whether you want to sell it or buy it.
Last Words
So these are the ten common real estate questions that most buyers and sellers ask the real estate agent. If you answer them correctly with proper data, they will start to trust you and probably give you the deal to find their dream house or sell it for a good price. It all depends on the quality of your answer.
