Here are some common questions that all clients have so I will take this opportunity to give my take at it.
1.) How long does buying or selling a home take?
I can’t give you a definite time frame but on average with a mortgage loan it will take approximately 45 days from acceptance of your offer to close escrow.
National Association of Realtors® says that the average buyer previews 10 to 12 homes before buying. I know of a buyer that took 5 years before finally finding a home in Monterey Park that was right for her so it varies from buyer to buyer. I will say though that being realistic and knowing what you want will be the key factors to how long it will take.
Sellers on average have their home on the market for approximately 90 days before selling if everything goes according to plan. Price will be the crucial factor here.
2.) How do I know I am getting the best price?
As you probably already know, value is in the eye of the beholder so you may feel that a property is worth more or less than another person would. That is where my “Competitive” Market Analysis comes into play. It will allow us to gauge what other buyers are willing to pay for a similar home. This way you are seeing if you will be getting the right deal with a competitive price.
3.) What schools are nearby?
Many buyers plan to grow their family in the home they are buying and the school your children will be going to is definitely going to cross your mind. In fact, schools have a positive correlation with real estate prices. With good schools and more nerds in the area, the better the real estate prices are.
As a REALTOR®, one of the tools that clients always value is my detailed report of all the schools in the area along with ratings that I will provide to you. It also lists some on the local businesses nearby. With that in hand, buyers have another tool to determine if they are indeed buying the right home.
4.) What if something is wrong with the house?
Product defective? Too bad? Well, with real estate it is completely different. Laws governing real estate transactions protect the buyer. Sellers are required to disclose all known defects and anything that would affect the price. It even goes as far as requiring sellers to disclose any known deaths in the home within the last 3 years since you know, not all ghosts are going to behave like Casper the friendly ghost. Buyers have nothing to worry about because they have the right to continue doing inspections even after the offer is accepted.
What if something is wrong? Well then, the seller is not going to be too happy because the buyer has the right to back out and get their deposit back. That’s just the way it works so honesty upfront is very important in every transaction.
5.) But the news is saying home prices are going (up/down) and you are telling me otherwise?
Before you start thinking I am crazy, understand this, the real estate market is stratified. That means it is different in every market or neighborhood. What the media does is average out all the markets together and that doesn’t give you a realistic picture of the home we are discussing.
Info that I am giving you is market specific. I conduct detailed research and report back to you and of course it is different than what the newsman with the pretty background will be telling you.
Example: Let’s say home prices nationally are going up 15% every year. However, the City of Make Belief sits on the mountainside and have been hit by constant landslides. That will definitely affect the home prices for the City of Make Belief as you can imagine. The real estate market in the City of Make Belief will have depressed home prices while communities all around it will continue to have the rising prices.
Yes, it was far-fetched but it demonstrates the point.
Originally Posted On WEDNESDAY, JUNE 27, 2012
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