13 Most Googled Questions About Real Estate in 2022

13 Most Googled Questions About Real Estate in 2022

Do you need to upsize, downsize, or relocate to a new home? Whether or not you wish to buy or sell a property, your head is undoubtedly buzzing with questions. What follows is a collection of the 13 most googled real estate questions of 2022. From tips on applying for a mortgage to whether or not the real estate market will crash, this guide is your go-to resource for buying or selling a home.

1. Should I buy or rent?

One of the most pivotal questions real estate seekers face is whether or not they should buy or rent. With advantages and disadvantages on both sides, it can take time to decide which is the better option. Renting might be a good option if you seek greater mobility and less maintenance upkeep. However, if you are positive you know where you want to live, you want more freedom to customize your home, and you want to benefit from the rising home appreciation rates, then buying might be the better option. 

2. What type of home is right for my budget?

When searching for the right home, you must find one that fits your budget. There are a variety of single-family homes and multi-family condos to explore within various price points. Consider your lifestyle to determine which type of home would fit most closely. For example, if you are starting a family, you might want a spacious home with a large yard. However, if your kids have just flown the nest, then you might be looking for a smaller property. You can then meet with your financial advisor to determine which price range of homes you can start searching for.

3. Should I buy an old or new home?

Whether you are a first-time or veteran home buyer, you might be wondering if you should seek out an old home or a new one. For older homes, you can often look back at the history to see how the house and the neighborhood have fared over the past few decades. In addition, you can expect older homes to have timeless architectural designs, such as Georgian and historic row house styles. However, newer homes are often equipped with energy-efficient appliances, more spacious interiors, and lower maintenance costs. Deciding whether to buy old or new requires an assessment of your various needs and lifestyle.

4. How can I find out which local amenities are close to my neighborhood?

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The best way to find out which amenities are close to your prospective neighborhood is by using Google Maps. Consider using the map and street views to find out what stores, restaurants, and other entertainment options are nearby. 

5. When should I apply for a mortgage?

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When you find the home of your dreams, you want to be well-prepared to make a competitive offer that will stand out against other potential buyers. It’s essential to get pre-approved before beginning your house hunt. Getting pre-approved will not only give you a price range to focus on, but it will also allow sellers to take your offer seriously, as they will be able to see that you are financially prepared to purchase. 

6. Can I save money on my mortgage?

Many home buyers wonder if there is any way to save money while paying off their mortgage. One of the easiest ways to save money is by making an extra payment annually, which can also reduce the life of the loan. Another way you can save money is by refinancing the mortgage to obtain a lower interest rate.

7.  How much should I put down on a down payment?

Home buyers generally need to put down 20% of the home's total price as a down payment. However, you can pay less than 20%, but the lender would require you to purchase Private Mortgage Insurance (PMI). You can also put down more than the traditional 20%, which can help reduce the life of the loan.

8. How can I search for homes?

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After determining your must-haves, such as price, location, size, style, and age, your real estate agent will use the Multiple Listing Service (MLS) to find a home that checks all the boxes. Try to keep your search as broad as possible to keep as many options available. As you wade through the listings, you can narrow down your search until you find the perfect one for your lifestyle!

9. Can I buy a home in a seller’s market?

There is increased competition in a seller’s market as many buyers compete for the few homes available. Though it is not optimal, buying a home in a competitive market is possible. By getting pre-approved and making aggressive offers, you might be able to buy a house at a good deal. In addition, you must be ready to move quickly when the right opportunity presents itself. 

10. How to find the fair market value of my home?

Whether you are buying or selling, you need to know what the fair market value of your home is. The way to do that is by getting your home appraised. During a home appraisal, attributes such as size, age, style, location, and amenities will help to determine the home’s value. As a seller, you can use this to help you come up with a fair but competitive price. As for buyers, your lender will require an appraisal to ensure that the loan amount is not more than the home's value. 

11. Can I back out of real estate contracts?

Contracts are legally binding. The most straightforward way buyers and sellers can get out of a contract is when there is a contingency. For example, buyers can proceed with the sale pending the inspection results if there is a home inspection contingency in place. Without a contingency, you might still be able to back out, but you would need to persuade the other party or prove that the contract is fraudulent. Before signing any real estate contract, be sure that it is something you wish to do, as it can be hard to back out of one. 

12. Should I hire a real estate agent, and how much should I pay them?

While it is certainly possible to buy or sell a home without a realtor, 86% of buyers and sellers used a real estate agent to assist them in 2021. Having a real estate agent by your side can help streamline the buying or selling process. Buyers’ and sellers’ agents each typically receive commission rates of around 3% of the sale price. 

13. What is the real estate market like?

With the volatile nature of the real estate market, it would be no surprise that this question is one of the most googled real estate questions of 2022. After a competitive past few years, many real estate markets across the country are cooling down due to rising interest rates and volatile economic conditions. Furthermore, with the median home prices rising, buyers are carefully considering their next move. Work with your local agent to assess the recent market fluctuations and more accurately predict where the housing scene may be headed in the coming months.

Want more answers about the most googled real estate questions of 2022? Schedule a consultation with award-winning realtor Jeremy Kershbaumer, who can provide expert guidance every step of the way. From Jupiter, Florida, real estate to New Jersey and Pennsylvania, Jeremy can help you find your dream home or sell your current one for top dollar!

*Header photo courtesy of Unsplash

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