Buying, selling, or investing in real estate can feel overwhelming, especially when you’re making big decisions that affect your future. That’s why the Ellen DeWitt Real Estate team at ellendewittrealestate.com has compiled answers to the most common real estate FAQs. From first-time homebuyer questions to seller tips and market trends, here’s everything you need to know—straight from trusted local experts.
Understanding the Basics of Real Estate
What does a real estate agent actually do?
A licensed real estate agent represents your interests during a property transaction. Whether you’re buying or selling, your agent handles property listings, negotiations, market research, and paperwork. At Ellen DeWitt Real Estate, we go a step further—helping clients make data-driven decisions based on local market insights and years of industry experience.
Do I really need an agent to buy or sell a home?
Yes. Working with an experienced agent can save you both time and money. Agents provide access to MLS listings, handle negotiations, and ensure your transaction follows all legal and contractual requirements. Without one, you risk overpaying, missing disclosures, or making costly mistakes.
Buying a Home – Questions Every Buyer Asks
How much should I save before buying a home?
A good rule of thumb is to have at least 10–20% of the purchase price for a down payment, plus extra funds for closing costs, inspections, and potential repairs. A qualified lender or mortgage advisor can help estimate your specific budget based on income and credit.
What are closing costs?
Closing costs are fees paid at the end of a transaction, typically 2–5% of the home’s purchase price. These include title insurance, lender fees, appraisal charges, and legal documentation. The Ellen DeWitt Real Estate team can provide you with a detailed estimate before you finalize your offer.
Should I get pre-approved before house hunting?
Absolutely. Mortgage pre-approval gives you a clear picture of your buying power and shows sellers that you’re a serious buyer. It also streamlines the negotiation process, especially in competitive markets like Milo or other areas where homes sell fast.
Selling a Home – Common Seller Questions
What’s the best time to sell a house?
While spring and early summer are typically strong seasons, the “right time” depends on your local market conditions. Ellen DeWitt Real Estate uses up-to-date market analysis tools to help determine when your home will attract the best offers.
How do I set the right asking price?
Pricing is both art and science. Setting a price too high can scare away buyers, while pricing too low may cost you potential profits. Our agents at ellendewittrealestate.com use comparative market analysis (CMA) reports and neighborhood trends to help you list confidently and competitively.
Should I make repairs before listing my home?
Yes, small updates can make a big difference. Fix leaky faucets, repaint walls, replace old fixtures, and enhance curb appeal. Ellen DeWitt Real Estate professionals often suggest which updates provide the best return on investment before listing.
Financing and Market Concerns
What credit score do I need to buy a home?
Most lenders require a minimum credit score of 620 for conventional loans, but higher scores often qualify for better rates. FHA loans can go lower, but you may pay more in interest. It’s best to check with your mortgage lender early in the process.
How are interest rates affecting the market?
Interest rates play a major role in affordability. When rates rise, monthly payments increase, which can impact demand. Our Ellen DeWitt Real Estate experts continuously monitor rate changes to help clients time their decisions strategically.
Is it a buyer’s or seller’s market right now?
Market conditions shift frequently based on supply and demand. A “buyer’s market” means there are more homes available, while a “seller’s market” means homes sell quickly and often above the asking price. You can always check the latest local updates on the Ellen DeWitt Real Estate Blog.
Investing in Real Estate
Are rental properties a good investment?
Yes, especially in areas with steady job growth and rising housing demand. A well-located property can generate passive income and long-term appreciation. Our team can help you identify strong investment opportunities in local neighborhoods.
What’s the difference between residential and commercial investing?
Residential real estate includes single-family homes and small multifamily units, while commercial investments cover larger complexes or retail spaces. Each has unique risks and rewards—our Ellen DeWitt Real Estate advisors guide clients through both.
How do I start investing in real estate?
Start small with a single rental property or duplex. Learn the basics of property management, financing, and taxes. Partnering with a knowledgeable agent from Ellen DeWitt Real Estate helps reduce risks and improve returns.
Legal and Practical Questions
What’s earnest money?
Earnest money is a deposit made by a buyer to show serious intent to purchase a property. It’s typically 1–3% of the offer price and is held in escrow until closing. If the buyer backs out without valid cause, they may lose this deposit.
How long does it take to close a home sale?
On average, closing takes 30–45 days, depending on financing and inspections. Working with an experienced team like Ellen DeWitt Real Estate can help keep the process smooth and on schedule.
What happens during a home inspection?
A licensed inspector examines the property’s condition—roof, foundation, plumbing, electrical, and more. The results can be used to negotiate repairs or adjust the final offer price. We recommend always scheduling an inspection before closing.
Working with Ellen DeWitt Real Estate
At ellendewittrealestate.com, we combine professional expertise with a personalized touch. Whether you’re buying your first home, selling a family property, or exploring investment options, our agents are here to guide you every step of the way.
Conclusion
Real estate FAQs help simplify what can feel like a complex journey. Whether you’re planning to buy, sell, or invest, having clear, trusted answers gives you confidence. At Ellen DeWitt Real Estate, our team is committed to transparency, expertise, and results. Visit ellendewittrealestate.com for more insights, or connect directly with our local professionals to start your real estate journey today.
