Here are the top 10 questions about purchasing and selling Boise homes that our professionals receive. Need assistance with selling Boise homes? The housing market can be confusing for individuals particularly those who don’t have much real estate experience.
What Is the First Step in the Process?
Here, it is a very common issue. Many individuals just want to jump right in and start visiting homes or pricing out other homes in the city.
If you are buying a house, the first step you need to take is to get pre-approved for a mortgage. This is especially true in a tight market, where buyers will want to see proof that you are serious about their property, and some real estate agents can not even show you homes without making sure you are pre-approved for financing.
If you’re selling, finding a real estate agent experienced in selling houses in Boise should be your first step.
When you hire an agent-when to list, what steps to take to clean and build your home, how much to price it for and more-go through the process, you will get all the advice you need.
How Long Does It Take?
Yeah, that’s a loaded issue, and one that we hear a lot.
From start to finish, buying a house can take about 10 to 12 weeks. The process sometimes moves faster and sometimes it is slower, but it is normal to plan from start to finish for around three months.
In Boise, when selling homes, there are a variety of factors that go into how quickly a property sells. Where the house is located, how high it is priced and how hot the market is all play a role about what time of year.
Some houses can get up and on the market quickly, selling in a matter of days after being listed. In other neighborhoods, a house can sit for weeks or months on the market. The key is to prepare to be in it for the long haul and when selling a home, try not to get greedy.
How Much Do I Have to Pay an Agent?
An agent’s rate is very negotiable, but generally the commission is around 7 percent. The amount is split between the purchaser’s agent and the seller’s agent.
The customer doesn’t pay the agent at all, legally. The cash, instead, comes from the sale price of the house, with the agents’ fees being handed over at closing.
What Kind of Credit Score Do I Need?
Most loans require a 620 or better FICO ranking.
For borrowers who have better credit scores, the lender is less risky, also making it easier for them to obtain funding. However, if you have a lower credit score, you may still be eligible to get a home loan, but you will be expected to bring more cash to the table upfront, compensating for the lender’s danger.
How Much Do I Need for a Down Payment?
Depending on the type of loan you take out how much you’ll need as a down payment.
For a conventional loan, you would typically want to have 20 percent of the purchase price saved. There are other loan programs, however, such as VA loans and first-time buyer loans, that do not require anything upfront.
No matter what, it’s a smart idea to begin saving something for your home purchase once you decide to start the process. And if you don’t use it all for a down payment, you have certain tools to use for moving costs, improvements, or other items you can need.
Should I Sell My Home Before Buying One?
If you plan to use the built-up equity on your current home as a down payment on a new home, then you will need to sell your Boise home before closing on a new one.
Some homeowners, however, plan to use their current home as a rental Boise property until they pass, or they already have a down payment saved for their new home. Whenever you’re happy, if you’re not reliant on the selling of your current home to buy a new one you can start the buying process!
How Many Homes Should I Look at?
That number is completely up to you!
Before coming up with a shortlist to view in person, some individuals spend days pouring over their computer screens, filtering through dozens of potential properties. Others however, prefer to really get a feel for them inside a bunch of properties.
The number of homes you should see totally depends on how much time you have to find the right one and how long it takes you.
How Long Can I Take to Respond to Offers?
Purchasers and sellers typically give each other 24 hours to respond to offers and counter-offers. If there is a situation, however that requires you to need more time to respond, make sure you are upfront about it so that it is possible to prepare the other party.
Should I Order an Inspection?
You may want to consider a pre-listing inspection if you’re selling your home. This home inspection will point out things in the sale of your Boise home, big and small, that could be problematic.
While getting an inspection before you list your home may seem counterintuitive, especially since you are legally required to disclose major defects, it is better to prepare yourself for the process. Getting this inspection out of the way early either prepares you to negotiate them or repair them before you list the home during the sales process. In any event, it’s a good idea to get a pre-listing inspection when selling Boise homes.
As a buyer, it’s always recommended that you get a Boise property inspection before you buy. Your lender will require an inspection in many instances.
Who Pays Closing Costs?
In general, both sides pay some closing costs when it comes to selling houses in Boise, although buyers usually pay more than sellers.
This is negotiable, however, and as a buyer, you can negotiate to have the seller pay the closing costs in return for a slightly higher final price being paid by you.
Professional Guidance When Buying and Selling Houses in Boise
When buying and selling homes in Boise, we make it our mission to help you get the best deal, so contact us today!