The majority of homebuyers today use a real estate agent. They should be able to locate the ideal house and bargain for the most favourable terms on your behalf. But what exactly should you inquire about with your agent? This article will provide five questions to ask your buyers agent to ensure you get the best bargain possible.
How much does the average home cost around here?
Knowing the local median house price is helpful if you consider investing in real estate. Look at the median price to get a feel for what is usual in your area. Half of the residences in a room are worth more than that, and half are worth less, and that median price is the median.
How much do mortgages cost on average in my area?
The first thing you should do when you’re ready to buy a property is to locate a buyers agent who will assist you in making the best possible choice.
Mortgage rates are not uniform across the country but tend to be lower and higher in some. Use our [mortgage calculators] to get a good idea of what mortgage rates are like in your area right now.
What’s the average amount of a down payment in my area?
This varies considerably from one place to another. It’s possible to put down as little as 1% in cities. In contrast, a 20% down payment may be necessary for some outlying locations. Hence, before beginning talks with your buyers agent, you should conduct preliminary research to see your area’s typical Down Payment Needs.
How long does it typically take to sell a house in my neighbourhood?
Depending on the market, selling a house might take a few days or weeks. This time range, however, is highly context and property dependent. Asking your agent the following questions can give you a better idea of how long it will take:
- How many homes are available in my area?
- How much do properties typically go for in my area?
- How many local homes have sold during the first week they were on the market?
- How many homes in my neighbourhood have sold within the first couple weeks on the market?
How Much Will Homeowner’s Insurance Typically Cost?
Having the proper insurance in place is crucial when looking to purchase a property. Home Depot reports state-by-state differences in homeowner’s insurance premiums to account for around a third of the total cost. On the other hand, you have some say in the matter by adjusting variables like your deductible and level of coverage.
Ask your buyers agent the following questions to help determine how much insurance coverage you need for your house and belongings:
- How much is the annual deductible? You must pay this very minimum before your insurance company begins paying for your losses.
- How much protection do I have access to at my most? This is the maximum amount your insurance policy will pay out in case of a loss to your house or property.
- What do I do if I need supplementary coverage (like earthquake coverage)?