How Long Does It Take to Buy a Home?
For some homebuyers, the process can be extremely quick, taking as little as 30 days total for the whole process. However, on average, a homebuyer will spend 30-60 days shopping and 14-60 days from contract to close.
What is a Seller’s Market?
A seller’s market is when there is a shortage of properties listed for sale on the market and an increased demand for homes by buyers which pushes up sale prices.
What is a Buyer’s Market?
A buyer’s market is when there is an increased volume of houses on the market for sale resulting in reduced buyer demand and declining property prices.
How much do I need for a deposit?
The total amount of deposit you will need is solely dependent on your financial institution/provider and dependant upon a number of factors, for example whether or not you are a first time buyer etc. You may be able to access as much as a 95% loan of the purchase price but that will depend upon your personal financial situation. Your broker or financial provider will be able to advise you in this regard,
Should I sell my current home before buying a new one?
If the built-up equity in your current home is going to be used as a deposit to purchase a new property, naturally your current home will need to be sold first. However, some buyers may decide to retain their home as an investment property if their financial situation allows them to do so.
How many homes should I view before buying one?
As the buyer, that is totally up to you! Whilst some buyers may only attend one open home and fall in love with a property, other buyers might look through numerous properties before they manage to find the right one.
What is an Initial Deposit?
When you make an offer on a property, your agent will require you to pay a small amount (usually around $1,000) which is deposited into their trust account for safekeeping. If your offer is accepted, these monies are applied to the purchase price. If your offer is rejected, the monies are returned to you as the buyer.