Whether you are selling a home or buying a home, a ranch, a waterfront property, or even just a lot with a homesite the real estate process can feel daunting and intimidating. It’s only normal to have questions during your real estate journey. In this Real Estate FAQ page, we’re outlining the most common real estate questions to help you better understand your own selling and buying journey. If you’re looking for farms and ranches for sale or a house on land for sale then you can also search our team listings here.
If you still have questions after this guide, we highly recommend connecting with a professional real estate agent to get the answers you need. Our real estate agents can answer questions specifically about the Southern Oregon real estate market and property for sale in Oregon. We’ll work with you to give answers to some of the most google real estate questions in 2022.
Common Real Estate Questions 2022 When Selling Property
Real Estate FAQ #1: How do I prepare my property to sell it?
If you plan to sell your property, the first thing you need to do is clean it up. If you’re selling a home, this means a thorough cleaning in addition to making small repairs. Scrub the bathrooms, deep clean the carpets, and get rid of the grime on the tiles, to start.
You need to do more than clean, though. Consider patching little holes in the walls, change out broken light bulbs, and repair broken appliances. Painting your walls to a neutral color can help sell your home much faster. You should also declutter your home before putting it on the market. This means getting rid of excess furniture, clothes, and other items that make your home look cluttered. You can either donate these items to charity or have a garage sale.
You should also consider increasing the curb appeal of your home. This means doing things like power washing your siding, trimming your lawn, and planting flowers. These little things can make a big difference when it comes to selling your home.
Real Estate FAQ #2: How long will it take to sell my property?
In last year’s market, a home for sale in Medford Oregon or a home for sale in Ashland Oregon took between 55 to 70 days to sell, on average. That meant around 25 days on the market and 30 to 45 days for closing. This year the market is changing quickly and homes are taking longer to sell. This is another reason this real estate FAQ will advise you to should work with the best team of Medford real estate agents possible so you have a great experience and get the results you need.
The exact time it takes to sell depends on the following factors:
- Conditions in your local housing market. The Southern Oregon housing market, for example, can be extremely competitive and homes may sell faster than average.
- The time of year you’re listing. Spring and early fall are the best times, generally speaking.
- The condition of your home. Small repairs like adding new carpet or repainting the interior can increase the chances of selling quickly.
- How the buyer plans to finance. A mortgage can slow down the process.
Martin Outdoor Properties is a leader in Southern Oregon in real estate sales, and we can help you sell your home or rural land faster.
Real Estate FAQ #3: What should the list price be?
Before deciding on a price, you will need to partner with a real estate agent to get a comparative market analysis (CMA). Your agent will find similar homes or properties in the neighborhood. The real estate agent will see what the homes listed and sold for, and use this as a starting point for your own list price.
You should look to partner with an expert in the area, whether that’s homes for sale in Medford, Oregon, hunting land for sale in Oregon or Oregon luxury homes. By partnering with a local expert, they will be able to price your home to sell – without undermining the hard-earned equity. If you need help with Oregon real estate, feel free to drop us a line.
Real Estate FAQ #4: What happens when my home’s assessed value differs from the market value?
The market value of your home and the assessed value are determined by different factors. One big factor: buyers and sellers.
In a seller’s market, your property’s market value may be higher than the assessed value because people are willing to pay more. This is especially true if there is low inventory.
In a buyer’s market, you’ll face competition from other sellers. Buyers may put in a lower offer because there are plenty of other options available.
Real Estate FAQ #5: Can I negotiate my real estate commission?
Real estate agent’s fees are absolutely negotiable. Typical fees are around 6%, and that fee is split between the buyer’s agent and listing agent. Some agents may be willing to work for less, and others might not. Keep in mind that a lower fee may mean a reduction of services and you might expect less help along the way.
Real Estate FAQ # 6: When is the best time to sell property?
Some say the best time to sell property is the spring and fall but that is also when you have the most competition from other sellers. Research from the National Association of Realtors shows that home sales in May, June, July and August account for 40% of the total annual sale volume which also tells you the other nine months of the year can also be a great time to buy and sell.
Real Estate FAQ #7: How much of the sale price do I get?
When selling property, the amount you receive will depend on several factors. In general, though, you should expect between 90% to 92% of the sales price before your mortgage is paid off. That includes 5-6% in realtor commissions and 2-4% in taxes and fees.
However, if you still have a mortgage, that will influence how much money you get back. You will also get back less than expected if you agreed to take on the buyer’s closing costs (another 2-5% of the sales price), negotiated repairs, or incur any unexpected costs.
Real Estate FAQ # 8: Do I need a home inspection?
Yes. It is the buyer’s responsibility to get a home inspection. An inspection will cost anywhere from $300 to $500. A pre-listing inspection, however, can be beneficial to some sellers. It can help you discover major problems before listing, allow you to pick your own inspector, and even list the price for much more if your home is in good shape. It can also help you waive the inspection later, giving you far fewer chances for the deal to fall through.
Real Estate FAQ # 9: How can a real estate agent help me sell?
A real estate agent is a crucial part of the selling process. They bring to the table expertise on the market and the property area. This is especially beneficial for ranch lands, lands and farm properties as well as houses for sale in Oregon.
A Medford real estate agent can help you understand how your home or property compares to others on the market. When it’s time to list, they can help price the property and handle the marketing, paperwork, open houses, and more. Real estate agents also help refer professionals throughout the entire process.
If you need an expert on Oregon land, feel free to drop us a line – we are always around to answer any questions.
Top real estate questions to ask when buying property
Real Estate FAQ # 10: What’s the first step when buying property?
Before you can buy any property, you need to figure out the financial side of things. If you need a mortgage, you should start with your credit score. Potential buyers with credit scores over 700 reassure lenders that you can be trusted to repay – but you can have a credit score lower than that and find a mortgage, too.
When you’re ready, you will need to shop around for different mortgage lenders to learn about the types of loans you pre-qualify for. In a competitive market, prequalifying for a loan will help you move faster. When you understand what type of loans you are eligible for, you can build a budget and start searching for property.
Real Estate FAQ # 11: How long will it take to complete a home purchase?
In 2019, it took buyers an average of 4.5 months to choose a home and make an offer, according to Zillow’s research. The actual buying process begins once the offer is accepted, and it takes around 30 to 45 days to finalize.
Several factors can affect the buying process, including the property location, buyer demand, and other variables. Before closing, you will need to:
- Get a home inspection
- Get an appraisal
- Conduct a title search
- Finalize mortgage details
- Review closing documents
To speed up this process, it’s always good to connect with top real estate agents in your area. If you need help with Oregon real estate, we can help. Our expert real estate agents can help narrow down your options and negotiate with sellers.
Real Estate FAQ # 12: Can I back out?
You can back out of buying property, but you may lose earnest money. Earnest money is basically a security deposit given to the seller when you sign the contract.
Additionally, you may face legal consequences if you back out of the agreement for reasons outside of the purchase agreement.
But there are situations where breaking the purchase agreement is completely fine. For example: losing your job, inability to sell your current home, or inability to get approved for a mortgage. Failed home inspections, unrepaired problems, or difficulty transferring the title all count as reasons as well.
Real Estate FAQ # 13: Can I negotiate real estate prices?
Of course! To negotiate any real estate price, you need to understand the market, the seller’s needs, and the situation at hand. The next point we’ll cover in this real estate FAQ is negotiating the price.
If it’s a seller’s market, for example, homes will be in high demand. The seller will likely receive several offers. If you put in an offer that comes in too low, you may lose the home. During the first three months of 2021, the average cost of a home in the U.S. was $403,600. But for some markets, including the Southern Oregon real estate market, prices were far greater. If you want to buy a home in areas like Medford, Jacksonville, and Ashland you’ll find that other buyers will also be interested in the same homes in highly sought-after neighborhoods.
That’s why it is so essential to have a good real estate agent on your side. Their knowledge of the market and buyer demand will help you negotiate a fair price. Another important point: after the home inspection you may be able to negotiate a lower price. If they find issues, you can ask for a reduced price – or ask the seller to fix the issues.
Real Estate FAQ # 14: When is the best time to buy?
Another common real estate FAQ is when is the best time to buy? Research from the National Association of Realtors shows that home sales in May, June, July, and August account for 40% of the total annual sale volume. If you want a good deal, consider shopping in the fall. In 2016, for example, 15.1% of sellers reduced their listing prices before autumn. Home sales drop significantly when winter hits and there’s less stock on the market.
Real Estate FAQ # 15: How can I save money when buying a property?
Another real estate FAQ is how can I save money when buying a property? Buying property in Southern Oregon’s Rogue Valley will always be an expensive ordeal. Land and homes for sale are always big savings goals for many individuals and families. But there are ways to save.
First, check to see if you are eligible for financial programs or loans available through the FHA (Federal Housing Administration) or the VA (U.S. Department of Veteran’s Affairs). First-time buyers, for example, qualify for FHA loans or a home buying program.
VA-backed loans can also be an incredible way to save, if you qualify. You may not have to make a down payment for a home. You also have access to better terms and interest rates.
If none of these apply to you, go old school. We recommend saving for a 20% down payment. This will ensure you do not have to pay for private mortgage insurance, which may cost anywhere from .3% to 1.2% of a loan’s principal balance every month (it adds up!)
Lastly, look into home buyer rebates, or commission rebates. In the Oregon real estate market, for example, first-time home buyers are allowed an income subtraction with qualified savings accounts in the state. This means qualified individuals can deduct up to $5,000 (single) or up to $10,000 (married filing jointly) from taxable income per year. The program ends in 2026. You must be an Oregon resident and first-time home buyer.
Real Estate FAQ # 16: What is title insurance?
Great question! Title insurance protects homeowners from claims against their homes that took place before the purchase date. This includes situations like a prior owner’s failure to pay taxes or compensate contractors. Title insurance covers legal fees and title disputes that may arise as well.
Real Estate FAQ # 17: How much should I save for the down payment?
There’s no denying property can be expensive, especially in the Southern Oregon real estate market. If you can afford it, a 20% down payment is ideal to avoid paying private mortgage insurance (PMI). However, in realistic situations, lenders will normally require a minimum of 3% for the sale to go through. Depending on where you live, though, you may need to put down 5%.
If you’re lucky, you may not need a down payment if you are a veteran, rural resident, or first-time buyer and qualify for special programs. While we can’t cover the topic of mortgage financing in-depth in this real estate FAQ, we can help you find an expert when you’re ready to buy.
Real Estate FAQ # 18: Do I need a mortgage before I buy?
When you’re buying, especially in a competitive real estate market, getting pre-approved for a loan is crucial. It helps speed up the buying process and gives you a leg up over everyone else.
Loan underwriters will look at three key factors to determine if you qualify:
- Credit history
- Capability to repay the loan
If you have a long history of making loan payments on time and a good credit score as well as a consistent income, you have nothing to worry about. Once your loan application is approved, you will be considered “clear to close.”
Real Estate FAQ # 19: How can a real estate agent help me buy?
A real estate agent is a crucial part of the buying process. They bring to the table expertise on the market and the property area. This is especially beneficial for luxury homes, waterfront homes, ranch lands, lands and farm properties as well as houses for sale in Oregon.
A real estate agent can help you understand how to price your offer, find someone to help conduct the inspection, and guide you through the entire process. Real estate agents also help refer professionals throughout the entire process.
If you need an expert on Oregon land and have questions not answered in our real estate FAQ, feel free to drop us a line – we are always around to answer any questions.
Martin Outdoor Properties
Martin Outdoor Properties is a leader in Southern Oregon for both video production and real estate sales. We are one of Oregon’s premier outdoor property real estate teams: a hand-selected group of full-time brokers who share a deep appreciation for rural properties. Learn more about us here.