What questions to ask a realtor when buying a house?

When buying a home, ask your realtor about their experience (sales volume, buyer focus, local expertise), their process (communication, showing homes, offer strategy), and the property's specifics (condition, history, neighborhood factors), plus get referrals for inspectors/lenders to ensure a smooth, informed transaction.

What questions should I ask a real estate agent when buying a house?

1. Why is the property being sold? 2. How long has the property been on the market? 3. What's the asking price, and how does it compare to similar properties in the area? 4. Is the price negotiable? 5. What is included in the sale (appliances, fixtures, etc.) ? 6.

What is the 3 3 3 rule in real estate?

Three months of savings, three months of mortgage reserves, and three property comparisons give you confidence and flexibility. When you follow the 3-3-3 rule, you're not just buying land, you're building a plan that could protect your investment, your lifestyle, and your financial health.

What is a red flag when buying a house?

Red flags when buying a house include visible issues like foundation cracks, water stains, mold, musty smells, poor DIY renovations (crooked cabinets, cheap finishes), and neglected yard, signaling hidden problems with structure, drainage, or maintenance, plus neighborhood issues (many "For Sale" signs, busy roads) or unclear seller reasons for moving, all pointing to potential costly repairs or future headaches. Always get a professional inspection to uncover issues with the roof, electrical, plumbing, and structural integrity before buying. 

What is the 80/20 rule for realtors?

So to help those in business and specifically in real estate, it's good to know where to focus your efforts. And knowing can make all the difference. The 80–20 principle, also known as the Pareto Principle, suggests that 80% of your results come from 20% of your efforts.

5 Questions to Ask an Open House Agent | Real Estate Buyers Guide

What scares a real estate agent the most?

One of the biggest problems real estate agents face is talking to clients. More real estate agents than you think to struggle with their fear of working with another person. They might think they'll say something that ruins the client relationship. These are the inner fears that creep up in most careers.

What is the 3-3-3 rule in sales?

It's simple but powerful. With this rule, you: -Focus on just three key messages about your brand or product -Choose three core audience segments to target -Invest in three marketing channels where your audience spends time Why does this work so well? It forces you to simplify and clarify what matters most.

What are the 4 C's when buying a home?

Lenders consider four criteria, also known as the 4 C's: Capacity, Capital, Credit, and Collateral. What is your ability to pay back your mortgage?

What to avoid when buying a house?

6 Mistakes to Avoid When Buying a House

• Making Credit Inquiries. Every time a business checks your credit score — what's called a “hard inquiry” — it takes a little ding. ...
• Opening a New Line of Credit. Owning a new home means lots of new expenses. ...
• Missing a Payment. ...
• Moving Money Around. ...
• Changing Jobs. ...
• Leasing or Buying a Car.

What salary do you need for a $400,000 mortgage?

To afford a $400,000 mortgage, you generally need an annual income between $100,000 and $135,000, but this varies significantly with your down payment, interest rate, and debts; a larger down payment (like 20%) lowers required income to around $100k, while less (5-10%) pushes it closer to $130k-$145k, with lenders looking for housing costs under 28-36% of gross income.
 

What is the lowest commission a realtor will take?

Traditional agents usually earn somewhere between 2.5 or 3 percent of a home's sale price, meaning the more the home sells for, the more they earn. Low-commission Realtor fees, on the other hand, can be as low as 1 or 1.5 percent.

How much of a house can I afford if I make $70,000 a year?

With a $70,000 salary, you can generally afford a house between $210,000 and $350,000, but your actual budget depends heavily on your credit score, existing debts, down payment, and current mortgage rates, with lenders often following the 28/36 rule (housing costs under 28% of gross income, total debt under 36%). A good starting point is keeping your total monthly housing payment (PITI) under $1,633, but a lower Debt-to-Income (DTI) ratio and larger down payment increase your buying power. 

What is the number 1 rule in real estate?

The "1% rule" in real estate is a quick guideline for investors: the potential monthly rent should be at least 1% of the property's purchase price (including necessary repairs) to indicate a potentially profitable rental investment, helping to cover costs and generate cash flow. For a $200,000 house, you'd aim for $2,000 in monthly rent, but it's just a screening tool, requiring deeper analysis of expenses like taxes, insurance, and maintenance, and its effectiveness varies by market.
 

How to prepare to talk to a realtor?

Key Takeaways

1. As a potential buyer, learn your financing options or get pre-approved for a mortgage.
2. If you are selling your home, study the market to have a good grasp of the prices of homes in your area.
3. Prepare your home properly for the real estate agent's visit by cleaning and de-cluttering.

What are the most important questions to ask when buying a house?

When buying a house, ask about the property's condition (age of roof, major systems, renovations), neighborhood specifics (noise, traffic, amenities), financial details (closing costs, utilities, included appliances), seller motivation, and potential hazards like flooding; also, question your lender about loan types, fees, interest rates, and rate locks, while thoroughly vetting your agent's experience and fees. 

What the most you can negotiate when buying a house?

There's no simple answer to how much you may be able to negotiate the price on a home. In a hot seller's market, the seller might receive multiple above-asking offers. In markets where buyers are tougher to find, though, you have more power.

What is the biggest red flag in a home inspection?

The biggest red flags in a home inspection are foundation cracks (especially horizontal or wider than 1/4 inch), structural issues like sagging floors or stuck doors, outdated electrical systems with aluminum wiring, old plumbing with galvanized pipes or water damage, roof problems like missing shingles or sagging, ...

What is the 5/20/30/40 rule?

The 5/20/30/40 rule is a real estate budgeting guideline for homebuyers, suggesting the home price should be 5x annual income, you should aim for a 20-year mortgage, make a 30% down payment, and keep the monthly payment (EMI) under 40% of your net income, ensuring affordability, less interest, and financial stability. It helps balance upfront costs, long-term debt, and monthly cash flow for a less stressful homeownership experience.
 

What devalues a house the most?

5 things to avoid that can devalue your home

1. Rough renovations. Renovation projects are likely the first thing that comes to mind when people think about increasing equity. ...
2. Unusual renovations. ...
3. Extreme customization. ...
4. An untidy exterior. ...
5. Skipped daily upkeep.

What is the 30/30/3 rule for home buying?

The 30/30/3 rule is a conservative guideline for home buying, suggesting you shouldn't spend over 30% of your gross monthly income on housing, save at least 30% of the home's price for a down payment and buffer, and keep the total home price to no more than 3 times your annual income to ensure financial comfort and resilience, preventing overextension in uncertain markets.
 

What is the 2 2 2 credit rule?

The 2-2-2 credit rule is a guideline for lenders, especially for mortgages, suggesting borrowers should have at least two active credit accounts, open for at least two years, with at least two years of on-time payments, sometimes also requiring a minimum credit limit (like $2,000) for each. It shows lenders you can consistently manage multiple debts, building confidence in your financial responsibility beyond just a high credit score, and helps you qualify for larger loans. 

What is better, under contract or contingent?

Bottom Line Up Front. Homes under contract have an accepted offer, but there's still time to put in a competing one. Contingent home sales are on hold, but only for as long as it takes to meet stipulations. Pending homes are on their way to a final sale, barring any extraordinary circumstances.

What are the 3 F's in sales?

How do you handle sales objections with the 3 F's method? The 3 F's method – Feel, Felt, Found – involves empathizing with the customer (feel), sharing similar experiences of others (felt), and offering a positive outcome or solution (found).

What is the 2 2 2 rule in sales?

What is the 2-2-2 outreach strategy? This simple yet powerful approach structures your follow-ups into three key touchpoints: 2 days, 2 weeks, and 2 months after a purchase. By following this framework, your team can create a seamless customer experience that keeps shoppers engaged and encourages them to return.

What is the rule of 3 in pricing?

The Power of Three in Pricing Strategies

The most visible application of the rule of three in business is tiered pricing models. Offering three pricing tiers — Basic, Standard, and Premium — helps businesses balance value and attract different customer segments.