Frequently Asked Questions
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Our team of real estate experts sat down and made a list of areas that we’re most asked about. Here is where you reap the benefits of all their knowledge.
What do the terms Buyer’s Market and Seller’s Market really mean?
They are maybe the most over-used terms in Real Estate, but not that complicated.
Buyer’s – When lots of people are moving from a particular neighborhood, community, or area, the high number of homes for sale gives buyers more options to choose from and tends to drive prices down.
Seller’s – If that same neighborhood, community, or area is very popular, fewer people will be moving. With fewer homes to choose from, the increased demand allows homeowners to ask (and get!) a higher price for the same property.
Am I better off buying or renting?
The short answer: It depends. Everyone has different expectations, goals, and needs in their home. Each has its own benefits; rent is often a lower monthly cost than a mortgage, and rentals don’t require down payment, taxes, or maintenance. On the flip side, a mortgage offers stability, tax benefits, and the chance to build cash equity with each payment. If you’re not sure which option is right for you, talk to us.
30-year vs. 15-year mortgages – Which is right for me?
Most Real Estate questions come down to this: What do you want, and how much are you willing (and able!) to pay to get it? A 15-year mortgage is a great option if you have increasing income potential and are sure you can afford the higher monthly payment. If so, you’ll potentially save many thousands of dollars in interest payments as compared to a 30-year.
Ready to Go? What repairs should I do before selling my house?
Generally speaking, most big remodeling projects won’t earn you a dollar-for-dollar increase in the selling price of your home. However, there are a few basics that should always be addressed before listing:
- Repair damaged flooring
- Fill/cover holes, cracks, and stains on walls and ceilings
- Update cracked/peeling grout around tile areas
- Fix or replace any torn screens or broken glass
- Paint! A little fresh color goes a LONG way
Price per Square Foot – Real Estate’s Biggest Misconception
Contrary to what HGTV hosts might lead you to believe, homes in our region are sold based mainly on their quality. Two houses can be roughly the same size, yet one has outdated countertops and sunflower-yellow appliances. The price per square foot will obviously be less than a property with fully updated interiors and premium appliances. The question you have to ask yourself: Is this home a bargain, or is it just cheap?