5 Tips to Know About Real Estate

November 29, 2023

5 Tips to Know About Real Estate

Sellers and Buyers ask me questions all the time about how real estate transactions work. Here are 5 things that you should be aware of if you're considering a move in the current market.


1. Information and home value sites are not always accurate! They're truly marketing platforms at their core; designed to sell the site traffic in one way or another. Many sites create more "sensational" content to get clicks, so be careful about the information you use to make financial decisions. 


2. Both Sellers and Buyers have their own closing costs. Many clients are surprised to see that both sides have their own individual cost/fees. In the current market, it’s traditional for each party to pay their own costs. However, that can change depending whether it's a Buyer/Seller market. 


3. Buyers don't have to put 20% down to purchase. There are loan programs with as little as 3% down. Some even allow Zero down, but keep in mind that sometimes the true cost of those low-down loan programs can be very expensive. 


4. Traditionally sellers pay commissions for both sides of a home sale. Many buyers have asked me how the commission is paid. In real estate, everything is negotiable, but traditionally the Seller pays the commissions for both the Seller's Agent and the Buyer's agent. 


5. List price is a starting point. The initial listing price doesn’t always indicated actual market value! Some seller choose to list their property higher, or lower, than the current market values. That can impact how fast a home sells, and how many offers it may have. 


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