Common Real Estate Questions
Real Estate Questions Answered
In this post we cover a few of the common real estate questions that we get asked!
Buyer’s Market or Seller’s Market – You’ve probably heard the terms “buyer’s market” and “sellers market” at least once when discussing real estate. While these may sound confusing, they are actually pretty basic terms! A Buyer’s Market is when the inventory of property exceeds the demand for property. This puts the buyer at an advantage because there are a lot of properties to choose from at competitive prices. A Seller’s Market is when the inventory of properties is low but the demand is up. This puts sellers at an advantage because there is less competition, so they can ask more for their property!
Build vs Buy – This question is a common one, especially in areas with many lots for sale, such as Pagosa Springs. Building a home can be a great option for a few reasons. You can choose where you want to build, how big you want your home, and exactly how you want it to look and function! New builds may have unexpected costs or complications that you must consider in the initial build cost. Buying a home already built may be a better route for many buyers. These homes are usually ready to move in much sooner, the prices are typically negotiable, and you don’t have the same upfront costs that come with a new build. The cons of buying a built home include older appliances and other things that may need maintenance sooner. You are also more likely to compromise on features you may want when purchasing a pre-built home. There are many pros and cons between building and buying a home; it really comes down to what you think will work best for you and your lifestyle!
Buying a Foreclosure – A foreclosure is a home that’s seized and put up for sale by the bank that gave the original owner a loan. When you see a home listed as “foreclosed,” it means that it’s owned by the bank. Foreclosures are usually less expensive, have fewer title concerns, and often have a great renovation potential. Foreclosures are usually sold “as-is” so there are maintenance concerns that you as the buyer would be responsible for fixing. There are many ways to get a loan for a foreclosure, and if you have a licensed agent helping you throughout the process, a foreclosure can be a great investment!
Should I Get Pre-Approved First? – The answer is YES! Pre-Approval should be the first step you take when preparing to buy a home. This is how you know how much you can afford, if you can afford a home. You don’t want to shop until you find the perfect home, only to realize you can’t quite afford it! If you have any questions on how to start this process, give us a call at (970) 507-8655.
Who Pays The Realtor Fees? – This question is pretty easy to answer! Typically in a home sale, the seller pays the realtor fees, as they are the ones making money on the transaction. The amount the seller pays is negotiable and may vary from deal to deal.
Common Closing Expenses – Typically, the home buyer will pay 2-5% of the purchase price of the home in closing fees. These fees will cover the cost of things like insurance, inspections, taxes, attorney fees if applicable, credit checks, etc. The average total closing cost in the United States is $3,700.
How To Prepare For Showings – Showing your home to strangers can be strange, especially when you are only getting little notice beforehand. You should be ready to show at all times; staying flexible is important as everyone has different schedules. That last minute-showing could be the one that sells your home! It is best to leave the property for showings as prospective buyers will be more comfortable talking about the property. If you have pets, be sure they are picked up after and make a plan of where to take them during showings! To see our post on home staging, click here!
If you have any further real estate questions, please feel free to give us a call at (970) 507-8655. You can see the homes we currently have listed for sale on our featured page. Let us help you find your Next Home!
JUST LISTED! 318 Grenadier
SPACIOUS 4 BEDROOM HOME IN LAKE HATCHER AREA WITH MOUNTAIN VIEWS! This home has great mountain views and plenty of yard for all activities or just to sit on the deck and enjoy the peacefulness. Lake Hatcher subdivision has so much to offer if you prefer to not be in the heart of tourism and traffic. Only 6 miles to the grocery store and access to the 5 stocked lakes and the Rec center which houses the indoor salt water pool, Jacuzzi, weight room and more. Hatcher lake being a trophy lake, this home would be a dream for the family fisherman. Views of Pagosa Peak. The upstairs is like a huge master suite with its own deck and family room. Downstairs are the other 3 bedrooms including the original master. Dual Masters! Both levels of the home have their own free standing stoves. Sellers are motivated to sell and are looking for a new family to enjoy their mountain home Pagosa.
We are here for you ! #HumansOver House ~ NextHomeRMR
Now Offering ~ Virtual Open House Tours
Come check out our Virtual Open House Tours! We are the first to offer this service in Pagosa Springs. We are very excited to be able to provide this opportunity to you. The first set of homes we will be showcasing, Twincreek Subdivision, Pagosa Trails & Aspen Springs. Facebook Live is where the action will be for the Virtual Open House Tours on Saturday & Sunday April 19 & 20th starting at 4pm .
It is always nice to hear from owners – it is especially nice to hear that they are happy with our services.
Can’t Decide on Buying or Renting?
We can help! Our team is dedicated to providing reliable information about your options, while keeping your best interest in mind. We are here to discuss everything from loan options to the right time to buy. We are flexible with our tenants by allowing them out of their lease if they chose to buy with one of our agents! As an added bonus, we are offering to put 10% of our net commission towards closing costs for our current tenants.
Whether you’re a first timer or an experienced home buyer,
let our family help your family find your next home!
CALL US TODAY 970.507.8655
SOLD!! 5050B County Road 600
Congratulations to Bill & Midge Zinser on the sale of their lot at 5050B County Road 600. Britney Chaisson and Rick Riojas partnered in the sale of this lot on both sides of the transaction. We are very excited for the buyer, Brian Nellist, and wish him the best in his future endeavors!
Two Closings by Britney Chaisson This Week!!
We would like to congratulate Marcia Vitrano on the sale of her home at 35 Chipper Ct. Thank you for your continued loyalty in using Britney Chaisson and NextHome Rocky Mountain Realty for all of your real estate transactions! We would also like to congratulate Annette Martin on the purchase of 35 Stymie Ct. We are thrilled you chose NextHome Rocky Mountain Realty to manage your new purchase as a long term rental!
Congratulations to Bennie & Elizabeth Garcia!
We are pleased our agent, Terrence Limebrook, was able to help Bennie & Elizabeth find and purchase 240 Glade Dr. Bennie and Elizabeth have also chosen Terrence to list their home at 22 Brassie Ct, and we greatly appreciate their continued loyalty to NextHome Rocky Mountain Realty!