FAQs

These FAQ's (frequently asked questions) and a lot more are asked to Realtors® everyday!

Too much information can overwhelm a prospective buyer or seller.  This is why we take the time to explain the necessary ‘terms’ in understanding the real estate market:

Q. What is a Sellers Market?

A.  One of the reasons why it’s called a ‘sellers market’ is because the supply of homes is low and the demand is high.  Therefore, the home owner (seller) has the advantage over the buyer (seller has more control than the buyer when negotiating the terms for the sale of a property).

Q.  How much money do I need to buy a house?

A.  The down payment required is mainly based on your credit.  You may be able to put as little as 0% down or as high as all cash.  The primary goal for a borrower is to have the option in shopping for loans. Each loan and lender is unique; therefore, make sure you compare apples to apples in finding the best loan suitable for you! 

Q. What are closing costs?

A. Closing costs are costs necessary to complete your loan transaction.
Such costs include credit report fee, appraisal fee, title insurance, escrow, etc.  Remember, some lenders even offer loan programs where you can roll the closing costs into your new loan amount.

Q.  What is a FICO score?

A.  The three credit bureaus rate people’s credit based on numbers and those calculated numbers are your FICO score.
           
Q.  What is NAR and CAR mean?

A.  The term NAR is short for the National Association of Realtors® and the term CAR is short for the California Association of Realtors®.

Realtors® go through a great deal of training and testing to become licensed, but it doesn’t stop there.  Like most professional industries Realtors® need hours of continuing education to maintain their licenses. 

Your local Realtor® is your best source for your local market.

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