FREQUENTLY ASKED QUESTIONS:
What is the difference between a REALTOR and a real estate agent?
By law all real estate agents are licensed. Not all agents are REALTORS. Licensed agents who
belong to the National Association of Realtors are held to a higher standard. REALTORS must
adhere to a Code of Ethics.
Do I need a real estate agent when buying/selling a property?
I say absolutely! Plus, it is highly recommended. You will have a licensed professional
REALTOR representing your interest throughout the process. The risk of doing this on your own
far outweighs the benefits of having an agent. Not having the expertise to manage all the details
of buying or selling property will put you at a disadvantage. There is no reason to risk a lawsuit
when you can hire a professional.
How much money will I need for my down payment?
That will depend on the type of loan you obtain. However, keep in mind that the more money
you put down, the lower your monthly payment will be. A larger down payment could also
remove the mandatory mortgage insurance tacked on monthly that protects the lender should
you default on your loan. The list below are some loan programs and their down payment
requirements.
What is a buyer’s market?
High Inventory + Low Demand = A Buyer’s Market
What is a seller’s market?
Low Inventory + High Demand = A Seller’s Market
How much do homebuyers pay their real estate agents?
Buyers typically do NOT pay fees to the agent helping them secure a home.
What is earnest money/good faith deposit?
Earnest money is a monetary deposit that demonstrates your interest to purchase a property. It
is generally 1-2% of your total offer price.
How long will it take to get the keys to my new home?
From contract to keys in hand, can take anywhere from 21-45 days depending on the type of
loan you acquire. Cash buyers can close in as little as 14 days.
How do I get my home ready to sell?
This is the time to put your best foot forward. Your home should be thoroughly cleaned. Small
repairs should be made. Declutter as much as possible. Neutral paint colors are best and make
rooms appear larger. It is also a good idea to depersonalize your home by putting away family
pictures. Making your home pleasing to the eye will help it to stand out from the others.
How much should I list my home for?
A comparative market analysis (CMA) done by your Realtor is the first step in deciding on a list
price for your home. A CMA identifies recently sold homes in your neighborhood that are similar
to yours. Homes that are similar in size, age, acreage, and exterior build are used to determine
your home’s list price.
Are the Realtor fees paid by the seller negotiable?
Realtor fees paid by the seller are negotiable. Typically the fee is 6%.
When is the best time to sell my home?
Spring and summer are the best times to sell. 40% of homes are sold in May, June, July, and
August.
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