How to buy real estate in Philadelphia, one-on-one with an estate agent
By Simon Hradecky, created Friday, April 21, 2020 07:47:52Talks about real estate are the biggest source of concern to many Americans.
They can get a sense of the value of your property, but the real issue is how much they are willing to pay for it.
“It’s really hard to figure out how much to pay,” said Alison Wojcicki, a real estate agent in New York.
While real estate agents are aware that they will get paid, how much is still a mystery.
According to the National Association of Realtors, there are about 40,000 local real estate sales a year in the US, and it’s estimated that there are more than 15 million properties on the market in the country.
In the past year, the US has seen a huge surge in demand for homes, with more than 3.5 million new homes being built, according to the Real Estate Board of Greater Philadelphia.
What are the real costs?
Many buyers are wary of paying more than what they think they should be paying.
Some may be unaware that the real cost of buying a home is less than the purchase price.
This is because when a house is sold, the seller’s purchase price is usually set by the county and the state, but is not based on the home’s value.
For example, a house sold in the Los Angeles County, California, would typically be valued at $600,000, while the home would be valued by the buyer at $2.5m.
However, the county would have to approve the purchase because of its current housing needs, said Chris Hines, vice president of research at the National Realty Association.
The buyer could have an affordable mortgage that is financed by the mortgage, but many buyers will find that the loan terms are far more expensive than they expected, said Chris Johnson, an agent in Portland, Oregon.
Homes are typically bought for less than they are worth, and if a home was worth $100,000 or more, then the lender could take the home, even if the buyer paid more for it than they anticipated.
“They’re really looking for a house that they could really use, and they really think they’re going to get something that they’ll love and use for their life,” Johnson said.
If a home isn’t worth as much as the buyer originally thought, the lender will probably consider selling it, he added.
“That’s why there’s this huge number of houses on the real estate market that have been foreclosed on in the last couple years,” Johnson explained.
For example: In 2017, $100,500 was the median price of a home in the United States for new homes, according the real-estate site Trulia.
That’s a huge increase from the year before, when the median house price in the city was $50,000.
But Johnson said many buyers think they are going to be able to get an affordable loan.
As a result, many buyers might be thinking about purchasing a house, only to find out the loan is far more than the price they were initially expecting.
There are two main types of real estate loans: traditional mortgages and adjustable rate mortgages.
Traditional mortgages are the most common type of loan available to home buyers, but there are other types available.
Traditional mortgages have an upfront payment that is typically lower than the value that the property will sell for.
The lender has to pay the buyer back in a long-term fixed loan that covers a fixed percentage of the purchase value, but can be extended at any time.
An adjustable rate mortgage is an adjustable monthly payment that increases as the home price increases, usually with an initial payment of 15% or more.
Most of the time, this type of mortgage is paid by the lender, but it can be paid directly by the borrower, Johnson said, adding that he’s often approached by buyers who don’t realize that the initial payment will have to be paid back in full.
Other than the upfront payment, a traditional mortgage is more likely to be a cheaper option than an adjustable rate, but still more expensive.
“It doesn’t always work out for the homeowner,” Johnson added.
“The interest rate is the difference between what you’re paying now and what you could be paying in the future.”
What is the real difference between a fixed and variable mortgage?
The difference between the two types of mortgages is the variable rate.
Fixed rate mortgages are loans that are fixed for a period of time.
For example, if a homeowner has a mortgage that’s for 30 years, the interest rate on the loan could be between 2.25% and 4%.
Variable rate mortgages can be adjustable.
Variable interest rates, or VIs, are fixed