FAQ: Buyers

It’s A Buyers Market, and We Have Buyers

Our team can answer your questions when you need them the most. If one team member can’t pick up the phone, there will be someone else that can be there to help. This extra flexibility can streamline your entire real estate timeline. Working with a team, you have more access to a pool of knowledge than any one individual can provide on their own. While it’s true that “too many cooks can spoil the broth,” We feel a second opinion can only offer benefits to the client when it comes to a real estate transaction. Having a team on your side ensures that nothing gets lost in the shuffle. Being able to debate, discuss, and bounce ideas once another allows us to reach the best possible decision for our buyers. When it comes to making an offer or plotting the necessary steps for a successful transaction, our team has seen it all, and we have 20 years of combined experience to help.

Frequently Asked Questions from Buyers

Should I Speak With A Bank Before Starting My Home Search?
Yes! Yes! Yes! The decision to speak to a bank or mortgage broker is not only pivotal before starting the home searching process, but it’s also necessary since this will help you understand how much you can afford. You will also be able to understand the cost associated with buying a home ( down-payment, prepaid items, escrows, etc.). These terms can be explained by your local mortgage professional. If you need a referral to a few mortgage brokers, we would be more than happy to assist.

Who pays the Realtor fees when buying a home?

Great question! In most cases, the seller pays the fees.

How many Homes Should I look at before putting in an offer?
There is no specific number of homes you should look at before putting in an offer for a home. Home-Buying is a personal experience as well as an important; you should never feel rushed to purchase the first home you see, Don’t think that if you were to buy the first home you looked at, you are making a mistake. The same goes if you are looking at 25 homes, the same can be said.

How much should I offer the sellers?
You are the only one who can determine how much you should offer the sellers. Your realtor can give you advice, but at the end of the day, you are the final decision maker.

What happens if my offer for purchase is rejected?
There are four possible scenarios in any real estate transaction. The first being an accepted offer (congrats!). The second is a counter-offer where a seller can request a higher offer than what was initially offered by the buyer. The third is a rejected offer meaning the seller says no and doesn’t counter-offer; however, you have the right to place another offer. It isn’t typical for an offer to be rejected or not responded to unless a seller is offended by a low-ball price. Your realtor can assist you in determining a reasonable offer in this market and can go over your options with you.

Do I have the option to have inspections done for a home?
Yes, and you absolutely should! The purchase offer you write can be contingent upon a satisfactory home inspection, pest inspections, chimney inspections, radon tests, and many others. At the bare minimum, make sure to have at least the home as a whole inspected for peace of mind.

No question is a dumb question if you’re unsure of something in the home-buying process.

Fast Facts about The Market Nationwide

• On average, 98% of final sale prices matched the original asking price of a property in 2019 (Redfin, 2019).
• Staged homes sell 25% faster than non-staged homes (Coldwell Banker, 2019).
• The median number of days that a property was on the market before an offer was accepted is 40 days. (Redfin, 2019).
• As of April 2019, there have been roughly 673,000 houses sold in the U.S. this year, which is 12.4 percent more than last year (U.S. Census Bureau, 2019).
• The average home buyer took 73 days to close on a property after the first initial visit to the home (Redfin, 2019).
• Ten weeks was the average amount of time buyers spent searching for a home in 2018. (NAR Home Buyers and Sellers Generational Trends Report, 2019)

At the Faifman Group, we are passionate about the work we do and plan to be with you every step of the buyer’s process.