Top 10 Most Common Real Estate Questions Answered

By Richard Warner

I have been an investor and landlord for 5 years. When I got my official real estate license, I started as a First Time Homebuyer Specialist and have since received specialization certifications in Luxury Homes, Probate, and Divorce.

How are you keeping up with everything happening in real estate lately? Every day, I receive a lot of questions about our current market, which is why I’m here with a list of the 10 most common real estate questions to help you out. Whether it’s about buying, selling, or just curious about the market, I’m here to guide you.

1. How is the current real estate market? The best way to answer this is by saying, “Is it a buyer’s or a seller’s market?” Right now, there aren’t a lot of houses on the market. However, with the recent drop in interest rates, more sellers are interested in selling their property. So, it’s safe to say that it’s anybody’s market.

2. What’s the first step in buying a home? Getting pre-approved is the best first step when buying a home. It comes even before you start your home search because getting pre-approved will show you how much home you can afford. This helps you narrow down your options and negotiate confidently.

3. How much is my home worth? Selling your home depends on different factors, like recent sales in your area, the condition of your home, and current demand. Checking with your local real estate agent will give you a better idea of how much your home is worth.

4. What are closing costs, and who pays them? Real estate transactions are negotiable. Buyers usually cover loan fees and inspections, while sellers often pay agent commissions and title insurance. Overall, closing costs add up to about 2% to 5% of the home’s price.

5. How long does it take to buy or sell a home? Timing is everything in real estate. Buying a home takes 30 to 60 days while selling can take longer, depending on the market. Most of my contracts have moved in 30 to 45 days.

6. What should I look for in a real estate agent? Find an agent with experience, market knowledge, and someone who listens to your needs. A great agent will guide you from day one to closing, ensuring you’re always a priority.

7. What do I need to know about home inspections? Don’t skip home inspections because they reveal hidden issues in your home. For sellers, a pre-inspection can help you repair problems upfront, while for buyers, a home inspection can give you more negotiating power.

8. How much down payment do I need to buy a home? The down payment can vary, typically around 3% to 20%. There are also programs for first-time buyers that can help lower that amount. Many buyers participate in 0% down loans.

9. What is a contingency in a real estate contract? Contingencies are conditions that must be met for the sale to proceed. Typical contingencies include financing, home inspections, or selling another property.

10. Should I rent or buy a home? Renting offers flexibility, while buying builds equity. It all depends on your financial situation and your long-term plans. Don’t worry if you don’t have any long-term plans or are unfamiliar with equity; I’ll guide you through it.

If you have more questions, let me know and I’d be happy to elaborate and answer them. Feel free to contact me at (502) 338-2861 or richardbrianwarner@gmail.com. Let’s work on achieving your real estate goals.