From start to finish, buying a home can take 10 to 12 weeks. Once a home your has been selected an offer is accepted, the average time to complete the escrow period on a home is 30 to 45 days.

Interest rates that trend higher. Home prices can drop to meet the level of demand and buyers find great deals.
Short-term drop-in interest rates can give borrowers a temporary edge with more purchasing power. Higher inventory can drive a new subdivision and can create downward pressure on prices of older homes nearby, particularly if they lack highly desirable features. Natural disasters such as earthquakes or flooding can tank property values in the neighborhood where those disruptions occurred.our content goes here.

A stratified market where supply and demand characteristics differ by price point, in the same area normally by city. For example, home sales for properties above $1M may be brisk while homes under $550k may be sluggish. At the same time, home sales activity in mid-priced homes could be entirely different..

Your credit score requires a FICO of 620 or better. Borrowers with higher represent less risk to the lender, often resulting in a lower the down payment requirement and better interest rate.

The national average for down payments is 11%. But that figure includes first time and repeat buyers. An FHA loan requires 3.5% down. VA loans and USDA loans can be made with zero down. VA loans are only made to former or current military servicemembers. USDA loans are only available to low to-middle income buyers in USDA-eligible rural areas. Conventional loans require a 20% down payment.

If the built-up equity in your current home will be applied to the down payment on the new home, naturally the former will need to be sold first.

Home shopping today is easier than ever before. The ability to search for homes online and see pictures, has completely changed the home buying game. But nothing beats visiting a home in-person to see how it looks and feels.

Written offers should stipulate the timeframe in which the seller should respond. Twenty-four hours should be enough.

When you make an offer on a home, your agent will ask for a check. Earnest money is made in good faith to demonstrate – to the seller – that the buyer’s offer is genuine.

Sellers can flat-out accept or reject an initial offer. But there a third path that is quite common, sellers can initiate a counteroffer. Keep in mind, offers and counteroffers can go back-and-forth many times; this is not unusual and negotiations are a part of what Realtors do as a matter of routine.

Yes, inspections are required if you plan on financing your home with an FHA or VA loan. Home inspections are highly recommended because they can reveal defects in the home that are not easily detected. Having a home inspection bring peace of mind to the buyer.

That’s a great idea! Final walk-throughs give buyers a chance to make sure nothing had changed since their first visit. If repairs were requested, as part of the offer, a follow-up visit ensures that everything is squared-away, as expected, per the terms of the contract.

When completing a final walk-through, you will want to check the following:

• Turn on and off every switch and light fixture to ensure they all work properly.
• Run water and check for leaks under sinks.
• Test all appliances.
• Check garage door openers.
• Open and close all doors and windows.
• Ensure all doors and windows lock securely.
• Flush toilets.
• Inspect ceilings, walls, and floors for any damage.
• Run the garbage disposal and exhaust fans.
• Test both the heat and AC.
• Ensure all trash and debris has been removed from the property.
• Run the irrigation system and check each zone to ensure it’s working properly.
• Ensure that all appliances and accesories included with the sale of the home are present and working.