If you’re like most people, whether you’re buying your first home or you’re a repeat buyer, you have a few questions about the process. That’s true whether you’re buying a home in Scottsdale’s DC Ranch or elsewhere – and these are some of the most common questions our agents get.
4 Common Real Estate Questions
Your DC Ranch Realtor® will always be happy to answer your questions, but if you’re not at that stage yet, this list of common real estate questions will help you out.
#1. What’s the first step to buying a home in DC Ranch?
The first thing you should do if you’re interested in buying a DC Ranch home is to get mortgage preapproval. A preapproval tells you just how much you qualify to borrow so you can look in the right price range. It also shows a seller that you’re qualified to buy, so when you find your dream home and make an offer, you can include your preapproval letter; that way, the seller can confidently take his or her home off the market for you.
#2. How long will it take to buy a home in DC Ranch?
The average time it takes to buy a home for sale in DC Ranch – or anywhere else, for that matter – is between 30 and 45 days. However, some of that depends on how quickly you can get your lender the documentation it needs (like tax returns and pay stubs). Other factors that can affect how long your transaction takes can include things like property appraisals, home inspections and negotiations. For example, if you make an offer on a home but the inspection shows that it needs serious repairs, you may spend a significant amount of time negotiating the repairs with the seller.
#3. What are the differences between a buyer’s market and a seller’s market?
You’ll often hear real estate agents talk about buyer’s markets and seller’s markets, and the type of market you’re in will affect how easily you’ll find a home, how much you’re likely to pay for it and how much you’ll have to negotiate.
The term buyer’s market means that buyers have a bit of an advantage. There are more homes in the market than there are buyers, which means you have a larger selection. It can also mean that you can offer less than you ordinarily would, because the sellers don’t have as many buyers coming through.
The term seller’s market means sellers have a bit of an advantage. There are more buyers in the market than there are homes for sale, so the other buyers are, in a way, your competition. Sellers can wait for a better offer to come along and may have an advantage in negotiations.
#4. How much do I need for a down payment?
The higher your down payment is, the lower your monthly mortgage payments will be. Most lenders want you to put down 20 percent – and if you put down less, you’ll most likely have to buy private mortgage insurance. Private mortgage insurance, or PMI, can significantly raise your monthly payments. You’ll usually have to pay it until you’ve built 20 percent equity in your home.
Are You Buying a Home for Sale in DC Ranch?
If you’re buying a home for sale in DC Ranch, you’ll love being so close to nature (and many more great trails).
Call us at 866-613-8356 or contact us online to talk about your options and tell us what you want from your next home. We’ll help you find it.
While you’re here, please explore homes for sale in these DC Ranch neighborhoods:
- Country Club Village homes for sale
- Desert Camp Village homes for sale
- Desert Parks Village homes for sale
- Silverleaf Village homes for sale