Select one of the frequently asked questions below to learn more about buying and selling real estate. Also, begin to think about important things to consider when diving into your real estate search.
Question about selling
How do I know what my home is worth?
Sources such as Zillow, Realtor.com and tax assessor records can be very unreliable. For accurate information on your home’s value call us for a free market analysis. We can give you a very accurate idea of value based on today’s market conditions.
What is the first step in home buying?
The first step is to contact a Realtor. They will help you find a lender for the financing approval, determine your wants and needs and show you homes that fit your criteria. We can show you homes listed by all companies-not just Edina Realty.
How much down payment do I need?
There are financing options that require as little as $0 down. There is a misconception a 20% down payment is required. There are several loan programs with 3-10% down payments and a VA loan for veterans with $0 down.
How can I avoid paying PMI?
To avoid paying monthly mortgage insurance (PMI) the lender will require the buyer to have a 20% equity in the house.
How long does it take to close?
Closing typically takes place 30-60 days after signing a purchase agreement.
Do I need an inspection?
Inspections are optional however it is a small price to pay for a lot of peace of mind. Inspections are done to find major structural or safety issues in a house. The time to find out there is a problem is prior to owning the home.
Older home vs. newer home?
There are pros and cons to older vs. newer homes. A newer home can be more energy efficient, are up to current codes, have warranties, have the current design trends and won’t need major work for many years. An older home can have a lot of character. They often cost less per square foot and are located in more established neighborhoods with mature trees. There is no right or wrong answer but rather personal preference should be the guide.
How are realtors paid?
Realtors are typically commission based. The seller generally pays the real estate commission and the fee is split between the agent representing the seller and the buyer’s agent.
Call us with any of your real estate questions. We are here to help!