Remember when we asked you for all of your real estate questions? The ART of Real Estate sifted through them and answered some of the top reader questions about buying, selling + everything in between. Because buying or selling a home is one of the biggest decisions you’ll make in your life, and you need an expert opinion.
See your questions below (shout out to the readers who sent them in), then watch the answers via quick videos made by The ART of Real Estate’s Brad Allen + Mary Lane Sloan:
Q: “What is the first step to move forward from just Zillow stalking?” -Grace B.
A: First, figure out how much money you can spend. Here’s how + what to do next (and why Zillow prices aren’t always accurate).
Q: “What’s the best formula to determine a realistic budget for purchasing a home?” -Laura L. 💸
A: There are some formulas out there (i.e. no more than ⅓ of your monthly income) but it depends on several factors – here’s how to figure it out.
Q: “First-time Homebuyer question: What is the suggested down payment amount? I’ve seen anything from 5% to 20% suggested online, but what is really required, and what is best?”
-Cierra S.
A: A lot of people think they have to put down 20% because of PMI, but there are different options for each person – more info here (like, ‘What is PMI?’).
Q: “Under what circumstances should I consider renting my home instead of selling it? What’s involved in that process?” -Mallory O.
A: First, get an idea of what the fair market rent is. Here’s what to determine next.
Q: “How long does the home buying process take on average?” -Laura L.
A: Most people look for 10 weeks – but tack on contract to closing time. Full answer here.
Q: “I’ve got a house under contract and have just done a home inspection. They have identified 2 pages of stuff ranging from supports in a foundation that needs to be reinforced to light bulbs being out. What is reasonable and normal to ask a seller to fix?” -Benjamin J. 🔨
A: Inspections help you identify anything that affects the value of the home so you can negotiate or renegotiate the price. See what would affect value (and what wouldn’t) here.
Watch more of our readers’ real estate questions + answers here. Ⓟ
