This is a tricky question, and the answer primarily depends on one’s funds and ability to find temporary housing. If a client needs more equity to purchase a new home or meet a mortgage plan, then it is best to sell one’s current home before purchasing their next one. That being said, they will most likely need temporary housing at a friend or relatives, or by arranging a short-term rental elsewhere.

Earnest money is similar to a deposit when renting a place. It is made in good faith to demonstrate to the seller that the buyer’s offer is legitimate. A seller ask for the earnest money as a deposit in the form of a check or cash. The amount is usually 1-2% of the selling price and essentially takes the property off the market. The money also gives the buyer extra time to conduct a title search, get an inspection and property appraisal, and financing.

The absolute first step for you is to get approved for a mortgage. Without being approved for a mortgage it will be quite difficult, if not impossible, to purchase a new home. We will connect you with a reputable lender who will guide you through the qualifying process, who you trust.

A mortgage is a type of loan to finance a property. The majority of people are not wealthy enough to purchase a house in total. Thus, a mortgage serves as a secure loan that comes with a fixed interest rate and gets paid off over 15 or 30 years. If need be, your client can refinance their mortgage and payments in the future.

If your buyer gets cold feet about a property that is okay. Sometimes, they have second thoughts or want to go in a different direction. Know that your client will have to forfeit the earnest money, which again, is around 1–2% of the home’s sale price.

Yes, almost everything in real estate is negotiable. Typically, there is a difference between a home’s list price and how much it actually sells for. The current market’s saturation will determine how much wiggle room there is for negotiation. If you’re on the buyer’s side, expect the house to be able to be purchased for less if there is a lower demand than supply in the market. Vice versa, if you’re on the seller’s side expect it to usually sell for less. That being said, you never know who else is house hunting. Sometimes people will swoop in and offer the exact asking price.

In a real estate transaction, the agent is usually paid by the seller via commission as opposed to a flat free. Typically, a real estate commission fee is 5–6% of the home’s final sale price. In many cases, both the buyer’s agent and the seller’s agent split the commission fee 50/50. Both receiving 2.5–3%. As a broker or agent, Also, know that some real estate agencies will work at a discounted rate of around 4% or for a flat service fee. The discounted rate and flat fee can be cheaper, but can also result in a lower quality of service.

First impressions matter in business, but especially in real estate. Anyone walking through a house or touring it virtually will be looking for ways to pass or negotiate down on the price. You must help buyers, make sure that the HVAC, plumbing, and electrical system all work properly. Each room should look clean and decluttered with no overt damage insight.

The selling price of a house fluctuates depending on multiple factors. The most common ones are the neighborhood and what similar-sized houses are currently selling for. Also, look at the age and condition. Do major repairs need to be done? If so, that might lower the property. And again, the market matters. Like everything else, home prices vary depending on supply and demand. Our job as your agent is to best inform you about these different factors and accurately list their house.

Once the house is on the market, it may take anywhere from four to six weeks to sell. However, if the market is fairly hot, a seller could see their house off the market within a week. On the flip side, if there is a lull in the market or issues arise such as interest rates, negotiation, lack of exposure, or house conditions then the property can sit on the market for months.