Nicole Weiss REALTOR® LoKation Real Estate

A seller’s market occurs when there are more interested home buyers than available properties on the market. In other words, the demand exceeds the supply, putting sellers at an advantage. Some factors that may drive the market to a seller's market are low interest rates, low inventory, growth in the local labor market it drives more people to an area and that can cause an increase of buyers. Any of the following might signal a seller’s market: properties sell quickly; time on market is low, properties consistently sell above asking price, bidding wars among interested home buyers.

A buyer’s market occurs when there are more houses on the market than there are interested home buyers. In other words, the supply of homes exceeds the demand. A sudden, dramatic increase in homes for sale in a certain area or a decrease in interested buyers could create a buyer’s market. Any of the following might signal a buyer’s market: More for sale signs in the area, homes sitting on the market longer, overall drop in real estate prices, interest rates spike higher.

Earnest money is made in good faith to demonstrate - to the seller - that the buyer’s offer is legitimate. The amount of earnest money varies based on local markets and property type. The amount of earnest money that buyers deposit is usually around 5-10% of the purchase price. Earnest money essentially takes the home off the market to anyone else and reserves it for the buyer. A third party such as a title company will hold the earnest money deposit in an escrow account until closing.

This is not required, however it every buyer should do a final walk through before closing. This gives the buyer a chance to see the home before the closing of the home. If repairs were to be made as per terms of the contract this is when the buyer will verify they were completed. The buyer can also make sure that the home is in the same condition as it was in when the buyer first saw the home and put their offer in. The home will be cleaned out from the seller before a final walk through is conducted. A final walk through is beneficial to the buyer and the buyer and buyer agent will attend the walk through.

Yes! Home inspections are required if you plan on financing your home with an FHA or VA loan. Other mortgage programs don't require it however, home inspections are highly recommended because they can reveal defects in the home that are not easily detected. Home inspections are a vital step when purchasing a property. The buyers will order an inspection and the buyers agent will set up the home inspection with a professional licensed inspector. The buyers agent will be present during the inspection, buyers can also be present for the home inspection. A professional inspector will check for both structural and cosmetic issues, electrical work, plumbing issues, evidence of mold and the roof as well as any local building code issues.

A buyer’s agent can help you find homes within your budget, schedule visits to houses you like, and negotiate with sellers and sellers agents. Real estate agents have in-depth knowledge about the area and market and can save you time and money by narrowing down your best possible options. Real estate agents also have access to the multiple listing service (MLS) database, which can help you find homes in popular locations before other buyers. MLS is much more reliable then an internet search since these sites don't have accurate information. Since agents know their local market well they may even know of properties going to market before it is even listed. Buying a home can seem overwhelming and confusing, but an experienced real estate agent can put your mind at ease and do much of the heavy lifting and negotiating for you.

The amount you may need for a down payment will depend on the type of mortgage loan you are getting as well as type of home. If buying a condo most condo associations require 25%-30% down no matter the type of loan you are receiving. A Conventional Mortgage Loan which is the most common type of loan has a minimum down payment requirement of 3–20%. Note: if you put less then 20% down you will have PMI (private mortgage insurance) added to the mortgage payment. VA Loan. This is a government-backed loan that’s available to former or current members of the National Guard and the Armed Forces. If you qualify for a VA loan, you can purchase the home with no money down. FHA Loan. This is a government-backed loan with a minimum down payment requirement that’s lower than that of conventional mortgages. If you can put down at least 3.5% at closing, you can get an FHA loan to purchase a house.