Five Common Real Estate Questions

Dated: June 1 2022

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Being successful in the real estate business comes from being able to talk to people and answer their questions. Royal Canadian Realty knows some questions are often asked over and over. Let’s take a look at a few of these questions, and answer them for you.

What is the first step?

Getting preapproved is an important first step. This will show you how much you can spend and will save you from wasting time and money looking at homes you can’t afford. A pre-approval gives you a budget. You will be able to see how much you need for a downpayment and closing costs. You will be considered a serious buyer.

How long does it take to buy a home?

From the very start to finish, buying a home usually takes about 10 to 12 weeks. It takes 30 to 45 days alone from the time a home is chosen to an accepted offer and escrow period completed. If you pay cash, the process is obviously shorter. Remember, the market conditions also play a role in the speed of home buying. If there is a spike in home sales, this leads to increased demand for appraisals and inspections. The process can take longer during busy seasons.

Should I sell my house before buying a new one?

There are a few things to think about. If you are moving to a new city for a job, you probably won’t have a lot of time to sell before you need to be moved into your new place. It is a good idea to ask about relocation help to offset some costs. If you are considering renting your old home, you obviously won’t need to sell it. Now, if you are planning to use the equity of the first home to put towards a downpayment, then you will need to sell your first home before buying a new one.

How much do I need for a downpayment?

Conventional loans used by repeat buyers often look for 20%, but the average is around 11% for a downpayment. First-time buyers, however, often put down 3-5%, and there are first-time buyer programs that help by not requiring huge downpayments. Several programs allow family members to make downpayment contributions as gifts, or even allow zero down.

Do I need a Home Inspection?

The simple answer is yes. Home inspections are incredibly important, and often required when you are financing your home with a loan. Even if an inspection isn’t required, getting one will show any defect that can be hard to detect. Besides helping you discover more about your house, home inspections will also give you peace of mind

If you have any questions, never hesitate to contact your agent or realty. We are here to give you answers to all of your real estate inquiries. Royal Canadian Realty is ready to guide you through the process of selling, finding, and buying your new home today. Contact us today, and let any of our trained professionals take care of you.

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