Most Googled real estate questions – answered!
Google can be incredibly helpful for so many things – from cooking to health to the latest trends, many turn to this powerful tool for the information they need. And real estate questions are no exception! So, here are some of the most frequently Googled real estate searches and my answers based on over 30 years of real estate experience.
Common Seller Questions
Why do I need a home inspection? When making the largest purchase of your life, you want to take as much guess-work out as possible. Home inspectors in Alberta are licensed, bonded and are experts in identifying issues that might be an expensive surprise. Knowing potential problems allow you to make the decision to move on to another home, amending the price to reflect the work needed or ask the seller to remedy the issue before closing.
Can I reject an offer? Yes, if the terms, like price, possession date or conditions don’t work for you then you can outright reject the offer. You also have the option to counter back the offer with terms that work for you. I always recommend attempting to work with an offer versus a rejection.
How is my home value determined? A variety of factors are used to come to a list price including: location, square footage, age, the condition of the home, upgrades and comparable recently sold properties in your neighbourhood.
What is a conditional sale? This is when you have an offer on your property but there are conditions to be met before the sale is “firm”. If the conditions are not met, then the deposit is returned to the buyer and home is fully back on the market. Common conditions include: financing, home inspection and condo document review.
How long will it take to sell my property? This depends on current market conditions. If priced right and in a seller’s market, it could sell relatively quickly. The March 2023 stats for Calgary showed an average days-on-market (DOM) of 42 days – my personal DOM stat is 8.7 days.
Common Buyer Questions
What do I need to qualify for a mortgage? First, you will need the required minimum downpayment – check with your mortgage broker to find out the exact figure. In addition to your downpayment, the bank will need proof of employment, proof of income and will check your credit score.
How long does it take to buy a home? This can vary based on the possession date agreed upon by the seller and buyer and the conditions in the offer. A vacant home could be yours in as little as 2-3 weeks however a tenant occupied home may need a 3 month notice to be served before possession can occur.
Do I need a REALTOR® to buy a new-build? While it isn’t required, it is certainly recommended and there are industry practices that could significantly affect your ability to even be represented. For example, if you visit a showhome on the weekend and register your name with the sales associate then you are no longer even able to be represented by an agent for your purchase, unless you want to pay the commission out of your pocket. I highly recommend contacting me before you set foot in a sales centre to make sure you have the protection you want in your future transaction.
Why should I work with a REALTOR®? The largest transaction in your life needs an expert. Being a full-time real estate professional for over 30 years, I know the market, how to craft a contract that protects you and have the knowledge & connections to guide you through every step of the buying and selling process. And don’t you deserve the best?!
Were all of YOUR real estate questions on the list? Don’t hesitate to reach out to me for answers to all your real estate queries and visit me on Facebook and Google for more real estate tips and tricks!