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Frequently Asked Questions
What the first step of the home buying process?
Typically getting pre-approved for a mortgage is the starting point of the home buying process. Your lender will provide you with a pre-approval letter.
How long does the home buying process take?
Buying a home usually takes between 10 and 12 weeks. First, you find the perfect home; then, you make an offer. Once the offer is accepted, it typically takes another 30 to 45 days before closing.
What is a seller's market?
Increasing demand for homes creates a sellers' market by driving up home prices. Several things drive demand, including economic factors, spoke in interest rates, and low inventory.
What is a buyer's market?
Declining home prices and reduced demand creates a buyer's market. Higher interest rates can make a buyer's market because the amount of money people can borrow is reduced, reducing the number of potential buyers.
What does an agent charge to help me buy a house?
Homebuyers typically pay little or no fees to an agent in the buying process. Sellers pay the agents to represent them and market the property.
Should I sell my current home before buying a new one?
If buyers need to use the equity on their current home for the down payment on the new house, they will need to sell their existing home first.
How long can the seller take to respond to my offer?
The written offer should specify the timeframe in which the seller should respond. Typically they are given 24 hours.