How can you tell a house that piques your interest is good if you're house hunting? Simple: ask your realtor!
Purchasing a home is a significant financial investment. As an investment that could last for years, it is critical to be well-informed in order to make the best decision.
Even if you have the assistance of a real estate agent, you should ensure that you are doing your thorough research by having questions to ask your realtor when buying your home. Your relationship with your real estate agent could indeed make the home-buying process go more seamlessly if they guarantee your needs are met.
Here are seven top questions to ask your realtor before selecting them and while working with them.
While this may appear to be a simple task, selecting a neighborhood can be difficult. It's also perplexing, intimidating, and stressful. But this doesn't have to be that way!
It's simple to find the ideal location if you know what to look for. Here are a few things to think about, among others:
It can be difficult to find a location that meets all of your requirements. But your real estate agent has a better knowledge of your neighborhood. As a result, they can direct you to areas with most of the items on your wish list.
Without it, you might miss out on a great neighborhood you've never heard of or thought you'd like.
Sometimes, buyers and sellers need to be cautious when purchasing or selling a home. Things don't always add up.
When a buyer accepts the seller's offer, both parties must sign a legal and binding contract requiring them to execute the transaction. So, it would help if you determined how binding the agreement will be.
Some contracts have contingencies that allow buyers or sellers to walk away from the deal without penalty. Thus, it would be best to ask a realtor to guide you as you negotiate.
Remember, having too many contingencies can turn off sellers. Therefore, you need to ask your realtor how to strike the right balance.
If you purchase a home within a homeowners association, you will receive the HOA's financial documents containing essential information regarding reserve funds, among other details.
These documents could be hundreds of pages long and overwhelming to go through. It is thus essential you ask your real estate agent about HOA payments.
Is payment made periodically or a one-time fee?
Since HOA payments may affect your monthly housing expenses, you also need to know whether they may go up soon. It would be best to determine whether you can afford the costs together with your mortgage before purchasing a home.
Before you decide to make an offer, consider asking your realtor about the property sale history.
Other questions that should follow include:
For instance, if you find that the property has been on and off the market for years, it could indicate a problem with the home. It could also be about the location or the neighborhood.
Better, if a house has struggled to sell, it means you have better bargaining power.
A real estate agent is likely to point out issues you may overlook.
For instance, a realtor can determine whether the home price is reasonable by comparing it with about ten recently sold properties in the surrounding. A realtor may also help you know what is happening in the neighborhood that may affect home prices.
If you are looking for a realtor with experience, you must consider their expertise in a particular locale. Don't overlook the type of property the agent has sold in the past. An agent specializing in commercial property may not be suitable for a residential home sale.
Also, agent experience will help understand best the present and future needs regarding the neighborhood. For instance, if you have kids, you are likely looking for a community where you will find the best schools.
Real estate agents are experts in recognizing trends in the real estate market. They will take note of its growth and decline.
Ask your agent to explain whether the neighborhood where you consider purchasing a property is experiencing growth or decline.
You may assume that a neighborhood with many boarded homes means growth. However, a realtor may be able to note subtle clues like street maintenance and small businesses that may indicate growth.
A good realtor should tell whether you are making a sound investment based on what is happening in the neighborhood.
Though the federal fair housing laws prohibit realtors from making any comments regarding neighborhood demographics, your agent can still advise you regarding the value of the investment.
Having the right questions to ask your realtor will help you walk through the buying process. Your realtor should explain all your questions regarding the suitability of the neighborhood, possible drawbacks, and whether the price being offered is reasonable.
Are you purchasing or selling a home in Sioux Falls, South Dakota? Aaron Rietsema is at your disposal.
Since 2005, Aaron has been offering high-quality real estate services in the Sioux Falls area. He has been named a Local Best for the past nine years and a Local Best Realtor for the last three.
Contact Aaron today to book an appointment.