FAQ

Unlike shopping for a car where your credit score takes a hard hit at every dealership that pulls your credit -  when you are shopping for a mortgage or best interest rate you can have several mortgage lenders pull your credit and as long as it is within the same month it counts as just 1 total soft  hit to your credit score. At the worst, this could temporarily lower your score by a few points. In my opinion, if you would like to buy a home in the next year I would recommend you go ahead and have a lender look at your credit sooner than later so that you have time to improve it if you need to. This way you are ready and able to buy a home when you want to.  

I want to have an experienced mortgage lender take a look at my credit.

Since 2020, housing prices have been at an incline. Just this past June of 2022 the average home price in Catawba County was $367,740 almost $50k higher than the average home price in June of 2021 which was $322,168. Of course, no one knows exactly the perfect time to sell before prices start to decrease but I would say with interests increasing and this slowing down the demand from buyers a bit - home prices can't go much higher than they are now. I believe now more than ever is a great time for sellers to take full advantage of their home equity and sell and cash out while they can. Especially if you are not planning on staying in your home for another 5-10 years. Now is as good a time as ever to sell.

Though it seems as there are not a lot of available rentals out there and you may not want to buy at the current interest rates - there are still options and I have helped dozens of sellers find other homes to buy or a temporary rental while they build or until they are comfortable buying again. I think it's also good to keep in mind if you buy now at say a 5 or 6 % interest rate - that doesn't mean you are stuck with that for the next 15 or 30 years. When the interest rates come back down you can refinance but then at least you will have a home and aren't fighting with the masses of buyers that will come out of the woodwork as soon as interest rates go back down.

Typically sellers are expected to pay both their listing agent's commission and the commission for the buyer's agent. This comes out to be most commonly (but not always) 6% of the total purchase price which is split between the listing agent and buyer's agent. This ends up being the largest closing expense for the seller. 

3.5% minimum of the purchase price saved for a down payment + another $1,000-$1,500 for standard inspections and appraisal. If you have never bought a home before I would recommend speaking with a lender to see if you qualify for First Time Home Buyer Program which offers down payment assistance. It is income based so not everyone qualifies even if it is your first home you are buying. When I bought my first home I was able to use this program which allowed me to buy my home with almost no money out of pocket. When buying a home you can expect to pay $300-$500 for a home inspection (not required but strongly recommended). Another $400-500 for an appraisal (required by lender). Additional inspections that are not required but you may want to consider  would be if the home has a septic tank vs being on city sewer you may consider getting a septic inspection done. If the home has a pool you may consider getting a pool inspection done. If you are using a VA loan you will be required to get a pest/termite inspection done. This is why I give a range of $1,000 - $1,500 for inspections which is pretty generous as I have had buyers get a standard home inspection and appraisal for $700 total. 

No you are not required to make any repairs or remodel before selling your home. You can sell your home AS IS and offer no repairs to potential buyers. As far as does making repairs or remodeling before selling make a huge difference in the total price you can sell for? Usually it does. However, this can differ drastically with homes. It would all depend on the current condition it is in, what remodeling is or isn't done, the area of the home, what your remodel budget is, etc. If you aren't sure what to do I would be more than happy to come take a look at your home in person or over a video call and give you a professional opinion. I have seen sellers make a few minor changes that really made their home more desirable to a larger pool of buyers and I have seen sellers do remodeling projects that added no value to their home and even decreased the overall home's desirability to buyers.

Personally, I prefer to have a one week minimum but 2 weeks is more preferable from the time we decide to work together in selling your home and the day it actually goes live on the MLS for showings. I pay a professional photographer to take photos of your home, a professional videographer to create some captivating videos, and I pay a licensed appraiser to come out and measure sq footage of your home to ensure it is accurate for your listing. These are all included in my listing fees but it does take time to get these people out and get photos and video back. Having a 1-2 week window gives me time to get all my marketing materials created, printed, and mailed out and get all photos, video, and sq footage back so that I can market and list your home with excellence. I understand sometimes things happen and I have also moved a lot faster than that if my client is in a pinch and needs to get their house on the market ASAP. 

As far as closing - from the day an offer is accepted on your home and you officially go under contract to the closing table is typically 30-45 days. 30 days is about the fastest closing attorneys can get title work done and lenders can have a loan package completed but I have seen closings in 3 weeks if it was a cash closing.