One of the best ways to ensure your path to homeownership is not overwhelming is to be educated and informed. The real estate industry is ever-changing, so whether you are buying your first home or you consider yourself a pro, you can count on your Styer Real Estate agent to be up to date on all real estate trends and ready to help you successfully purchase your next investment. Here are some of the questions we hear most often.
When should I talk to an experienced local REALTOR?
RIGHT NOW! It is never too soon to begin interviewing agents and making sure you have a reliable REALTOR that is ready to work for you! Even if you are just beginning the process, they may be able to connect you with a trusted lender and other resources to help you begin your journey!
Should I buy now or continue to rent?
The short answer is IT DEPENDS. How long are you planning on staying in your next home? What are the local market conditions? How much cash do you have on hand for down payments, closing costs, maintenance, and repairs? We offer no-pressure individual buyer seminars that can help you decide if buying is right for you!
Do I need to be pre-qualified for a mortgage?
Absolutely! Many people think that you need to be 100% ready to buy before you speak with a lender, but oftentimes the lender can give you tips and advice that can help you improve your credit so you have a better interest rate when you go to buy. In order to submit an offer on a property, you will have to have a pre-qualification letter from a lender, so if you are already starting to get the home-buying itch, the time to talk to a lender is now!
How much can I afford?
A local lender will be able to provide valuable guidance here. The amount you pre-qualify for may be higher than what you are comfortable spending. Remember to account for the costs of homeownership outside of your monthly mortgage payment like maintenance and repairs. Your Styer Real Estate agent will be able to provide valuable guidance and estimates for closing costs and monthly payments.
What do I pay for buyer agent representation?
In most cases, NOTHING. Your buyer agent gets paid from the commission paid by the seller at settlement, and Styer Real Estate does not charge any additional fees to buyers.
What costs do I pay out of pocket and what gets paid at closing?
You will need funds on hand to pay for your earnest money deposit, appraisal, and inspections. At closing, you will have lender fees, escrows, title and homeowners insurance premiums, and some other ancillary fees. Your agent will provide you with estimates prior to submitting an offer, so you know what is in store down the line.