16 Most Common Real Estate Questions
Buying or selling a home comes with a lot of questions, and we understand how overwhelming it can be to sift through all the information out there. That’s why we’ve put together short, straightforward answers to the 16 most common real estate questions. While every situation is unique—and there’s often a “but” or “it depends” to consider—these answers will give you a solid starting point. And if you need more personalized advice, don’t hesitate to book a free 1-hour consultation with one of our knowledgeable agents.
Questions from Home Buyers
How much money should you have before buying a house?
We always recommend looking at two budgets before buying a house: a comfortable monthly mortgage budget and a cash budget for the purchase. The cash budget includes your down payment, closing costs, and moving expenses.
Down Payment: Ideally, you should have at least 20% of the home's price saved. Some loans allow smaller down payments, as low as 3-5%, but 20% helps you avoid extra fees like mortgage insurance.
Closing Costs: These typically range from 2-5% of the home's price. Sometimes you can negotiate with the seller to cover some of these costs.
How much do homes cost in Philadelphia?
In Philadelphia, home prices can range from around $200,000 for a modest rowhouse to over $1 million for luxury homes in areas like Rittenhouse Square or Chestnut Hill. Suburban or rural areas of Pennsylvania may have homes priced between $150,000 and $400,000. Philadelphia has many diverse neighborhoods, so once you know what you're looking for, you'll find options that fit your budget and lifestyle.
When is the best time to buy a house?
There’s no bad time for the right home. The best time to buy is when you're financially and emotionally ready. While spring is a popular season for home buying, competition can drive prices up. Sometimes, buying in less competitive seasons can be a better strategy.
What credit score do I need to buy a house?
Most lenders require a credit score of at least 620 to qualify for a conventional loan, but the higher your score, the better your chances of getting a lower interest rate. FHA loans can sometimes allow for scores as low as 580, while VA loans may not have a minimum score requirement, though lenders often expect 620 or higher.
How long does it take to buy a home from start to finish?
The home buying process typically takes 30 to 60 days, depending on factors like the loan approval process, inspections, and negotiations. However, this timeline can vary depending on the market, your readiness, and any unexpected issues that arise during the transaction.
Should I sell my current property before buying a new one?
It’s possible to sell your current home and buy a new one in the same month, but it can be stressful. If your home is in demand, you might be able to negotiate a rent-back agreement, where you can live in your sold home for a few months while searching for a new one. This way, you avoid paying two mortgages at once.
What should I know about home inspections in Philadelphia?
In Pennsylvania, if you choose a home inspection, you have 17 days to complete it. The inspection is your chance to assess the property. If issues arise, you can renegotiate terms (like asking for repairs or a credit) or even cancel the deal. Remember, there’s no pass or fail—the inspection is just a tool to help you understand the property.
Should I work with a lawyer instead of a real estate agent?
In Pennsylvania, most real estate paperwork is standard. A lawyer can help with legal issues, but a real estate agent is better equipped to guide you through the market, negotiate deals, and manage the process. If there are legal complications, a lawyer can step in to protect your rights.
Why Do I need a realtor to buy a home?
Buying a home is one of the most important and complex decisions you'll make. A realtor can help you navigate the process, negotiate on your behalf, and protect your interests. Their expertise can make the experience much smoother and less stressful.
Do I owe any money to the realtor if I decide not to buy a house?
Unless you’ve signed an exclusive buyer’s agreement that specifies a fee, you usually won’t owe anything if you don’t go through with a purchase. At Venture Philly Group, there are no charges if the sale doesn’t happen—you owe nothing.
Can I work with multiple agents?
If you haven’t signed an exclusive agreement, you can work with multiple agents. However, this can complicate things and lead to confusion. It’s generally better to work with one agent you trust. Take the time to research and interview agents before deciding who’s the right fit for you.
Questions from Home Sellers
Can I sell my home without a realtor?
Absolutely! Some people think selling without an agent saves money on commission. However, in 2024, homes sold with an agent had a median price of about $330,000, while homes sold by the owner (FSBO) had a median price of $225,000. If you sell on your own, you'll be responsible for everything—setting the price, marketing, showing the home, negotiating with buyers, and handling all the paperwork.
How do I prepare my house for sale?
To get the most from your sale, it's smart to prepare your home. The key steps are decluttering and making it clean, open, and neutral so buyers can envision it as their own. Staging can also help buyers imagine themselves living there. It’s wise to make small repairs, especially in the kitchen, as it's one of the most important rooms for buyers. Don’t forget about the exterior—curb appeal matters! And lastly, professional photos are essential to make your home stand out online.
How long does it take to sell my house?
It depends. Some homes sell even before they officially hit the market. On average, homes in Philadelphia stay on the market for about 48 days in 2024. This can vary based on market conditions, property type, pricing, and marketing strategies.
How do I price my home for the best outcome?
Start by looking up recent sales in your neighborhood. It’s also helpful to check homes that have been on the market for over 60 days to learn from their pricing mistakes. There's no such thing as an "underpriced" home—competition can drive the price up. On the other hand, an overpriced home might sit on the market too long. Pricing is too important to get wrong, so getting a professional opinion from someone who knows your local market is highly recommended.
What is the best time to sell?
Research shows that spring, especially May, is the best time to sell. March, April, and June are also great months because the weather is favorable, and homes tend to look their best. Many families prefer to move in the summer to avoid disrupting the school year, while winter usually sees a slowdown in sales.
