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The top 10 most common questions we get asked as real estate agents

  1. What are your real estate agent fees?

Real estate agents get paid based on a commission. Typically, after the sale of your property is completed, your real estate agent will get 5 – 6% of the total property’s price; which is more than fair, in our opinion, considering the hassle having a good real estate agent saves you.

  1. Is that different from closing fees?

Yes, and no. Your real estate agent’s fees are usually covered in your closing costs. So, more than often, once you cover your closing costs (which includes other expenses like filing fees, escrows, recording fees, etcetera).

  1. Do I need all sign all the “formal stuff” during the buying process?

All the “formal stuff” we are referring to here are the documents that protect your interests as a buyer, and yes, it is absolutely necessary that you sign them. Failing to do so can have serious implications

  1. How long do houses stay on the market in Arizona?

Averagely, statistics report that it takes houses averagely 30 days on the market to sell, (to get an offer, that is).

This, of course, is influenced by other factors such as the condition of the market, the area your home is situated and the condition it is in, and how good your real estate agent is at marketing your property. Real estate agents with better marketing skills sell houses faster.

  1. Why does my home’s assessed value differ from the market value?

The assessed value of a property is determined by the public tax assessor’s office, while the market value is agreed upon between a buyer and seller. This, however, also means that if your property values go up, so do the amount you have to pay in taxes.

  1. Should I negotiate?

Often, there is room to negotiate in a real estate transaction. The better you know a seller, the more effectively you will be able to negotiate with them.

  1. Do I need to sell my current home before I buy another one?

Whether you should sell your current home before you purchase a new one depends on a number of factors. First, do you have the means to maintain two mortgages, and two, can you close another deal almost as simultaneously as you sell your home? If the answer to both these questions is yes, then you can probably handle selling your home before buying a new one.

There are other savvy methods to help you achieve this more seamlessly. For example, you can transfer your mortgage to another buyer in your selling agreement to avoid having to deal with things like debt consolidation, which may significantly increase the amount of interest that you have to pay on a debt.

  1. What kind of markets exist and what is the market like now?

Generally, there is are buyer’s and seller’s markets. A buyer’s market is a market where availability trumps the demand for houses, leading to buyers gaining the upper hand, as there will be more houses available than there are buyers to purchase.

A seller’s market is just the direct opposite of a buyer’s market. Here, there are more buyers than there are houses available, leading sellers to gain the upper hand.

All of 2021, and the part of 2022 that we have experienced has been a seller’s market. Due to the Covid-19 pandemic and a lot of other related factors, there has been a shortage of houses on the market, leading sellers to gain the upper hand.

  1. Explain the concept of earnest money to me

Earnest money is the money you put down in “good faith,” when you are interested in a home. You pay this to the seller to indicate that you are interested in buying a home, sort of like a deposit to indicate your interest before you put down the official down payment.

  1. 0. What happens if I find a better house when I have already put down payment on a previous one in “good faith”.

If you have already put down earnest payment on a property and you will like to reconsider your investment, it is possible to get your money back from the seller. That is why you absolutely need a contingency clause, to protect your interests in instances like this.

Did we answer your questions? Are there any other areas that confuse you about home-buying or selling? Then you should talk to one of the best real estate agents around by calling (480)-848-7173. 

Tammy is smart, knowledgable, experienced, and attentive, and she will put all these to work on your behalf. Give her a call now.

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