Shawna Guzmán

FAQS

Your Questions Answered

• When is the best time to sell my home?

  The best time of the year to sell your home is during the spring and summer months.

  According to the National Association of Realtors (NAR), transactions during May, June, July, and August make up about 40% of annual home sales. And homes that sell in June and July typically sell for a higher price than homes sold in other months.

• How do I determine the selling price of my home?

  The best way to set a selling price for your home is via a Comparative Market Analysis (CMA), which can be performed by a real estate license holder.

  A CMA takes these factors into consideration:

  • Current, sold, and expired listings in your area
  • Number of beds and bathrooms in your home
  • Square footage of your home
  • Necessary repairs or renovations in your home

  Together this information can give you a strong indication of your home’s fair market price.

• How should I prepare my home to sell?

  The most important things to do to your home itself are cost-effective repairs and design changes that make your home feel neutral and spacious. These changes can include:

  • Painting the interior
  • Installing new kitchen hardware
  • Power washing the exterior of the home
  • Moving infrequently used items to storage to declutter
  • Depersonalizing your home by removing family photos

  Every change you make should add more to the value of your home than it costs. Otherwise, it’s not worth your time and effort.

  Major repairs and renovations aren’t likely to be worth it, but this isn’t a universal rule. Consulting with a real estate agent can help you determine what makes the most sense for your home.

• Should I sell my current home before buying a new one?

  It depends on your personal preferences and your financial situation. Selling before buying can alleviate some of the stress of buying and selling simultaneously.

  If you live in a seller’s market, where the demand for homes is high, selling your home could also be a quick process. In this case, you can likely sell for a great price and possibly work in a rent-back agreement with your buyer, in which you pay them to stay in the home a bit longer after the sale goes through.

  If you’re living in a buyer’s market where the demand for homes is low, however, it might be hard to sell quickly. In this case, you might consider opening a home equity line of credit (HELOC) or pursuing a bridge loan. Both of these options can help you put money toward your dream home before it gets taken off the market, even if you haven’t sold your old home yet.

• How long will it take to buy a home?

  This will vary greatly from sale to sale, but the average time to close on a home purchase loan was 50 days as of May 2021, according to ICE Mortgage Technology.

  Leading up to the sales process, of course, you need to spend time looking for a home. The average buyer searched 4.5 months for a home in 2019, including 4.4 home tours, according to Zillow. Your mileage may vary depending on how fast you can find the house you want.

  Once you’ve submitted an offer on a house, the seller usually has 72 hours to make a decision. If they accept, a sales contract is executed and your mortgage lender begins processing your loan. (Tack on more time if the seller rejects your offer or submits a counteroffer.)

  The loan will then typically move through the following steps:

  1. Application
  2. Documentation and processing
  3. Appraisal
  4. Underwriting
  5. Closing

  To speed up the loan process, be responsive to your mortgage lender when they request a document or need additional information, and gather the required paperwork early.

• Why should I buy, instead of rent?

  A home is an investment. When you rent, you write your monthly check and that money is gone forever. But when you own your home, you can deduct the cost of your mortgage loan interest from your federal income taxes, and usually from your state taxes. This will save you a lot each year, because the interest you pay will make up most of your monthly payment for most of the years of your mortgage. You can also deduct the property taxes you pay as a homeowner. In addition, the value of your home may go up over the years. Finally, you'll enjoy having something that's all yours - a home where your own personal style will tell the world who you are.

• How long will it take to rent my property?

  If your property is market-ready and priced at market rates, your average wait time is about 26 days. If your home is not in market-ready condition or not priced at a competitive rate, it can take much longer. Vacancy periods can also be affected by the general vacancy rate in the area, and the time of year, since properties tend to rent faster at certain times of the year such as summertime.

• Why shouldn't I manage my property myself?

  Here are a few reasons you might not want to manage your own property:

  1. Risk: Problem tenants can quickly escalate situations, resulting in potential losses if not handled properly. Failing to word a document properly or moving too quickly in many situations can lead to lengthy and costly hearings and delays.
  2. Time: Rental management requires a large amount of time. Standard tasks such as documentation and accounting, as well as maintenance or repair scheduling can quickly lead to time-consuming research.
  3. Convenience: Property management fees are tax-deductible, which makes it much more affordable than most realize. You also can focus on what is truly important in your own life, instead of the headaches of properly handling your property.

• How long will it take to buy a home?

  This will vary greatly from sale to sale, but the average time to close on a home purchase loan was 50 days as of May 2021, according to ICE Mortgage Technology.

  Leading up to the sales process, of course, you need to spend time looking for a home. The average buyer searched 4.5 months for a home in 2019, including 4.4 home tours, according to Zillow. Your mileage may vary depending on how fast you can find the house you want.

  Once you’ve submitted an offer on a house, the seller usually has 72 hours to make a decision. If they accept, a sales contract is executed and your mortgage lender begins processing your loan. (Tack on more time if the seller rejects your offer or submits a counteroffer.)

  The loan will then typically move through the following steps:

  1. Application
  2. Documentation and processing
  3. Appraisal
  4. Underwriting
  5. Closing

  To speed up the loan process, be responsive to your mortgage lender when they request a document or need additional information, and gather the required paperwork early.

• Why should I buy, instead of rent?

  A home is an investment. When you rent, you write your monthly check and that money is gone forever. But when you own your home, you can deduct the cost of your mortgage loan interest from your federal income taxes, and usually from your state taxes. This will save you a lot each year, because the interest you pay will make up most of your monthly payment for most of the years of your mortgage. You can also deduct the property taxes you pay as a homeowner. In addition, the value of your home may go up over the years. Finally, you'll enjoy having something that's all yours - a home where your own personal style will tell the world who you are.

• How long will it take to rent my property?

  If your property is market-ready and priced at market rates, your average wait time is about 26 days. If your home is not in market-ready condition or not priced at a competitive rate, it can take much longer. Vacancy periods can also be affected by the general vacancy rate in the area, and the time of year, since properties tend to rent faster at certain times of the year such as summertime.

• Why shouldn't I manage my property myself?

  Here are a few reasons you might not want to manage your own property:

  1. Risk: Problem tenants can quickly escalate situations, resulting in potential losses if not handled properly. Failing to word a document properly or moving too quickly in many situations can lead to lengthy and costly hearings and delays.
  2. Time: Rental management requires a large amount of time. Standard tasks such as documentation and accounting, as well as maintenance or repair scheduling can quickly lead to time-consuming research.
  3. Convenience: Property management fees are tax-deductible, which makes it much more affordable than most realize. You also can focus on what is truly important in your own life, instead of the headaches of properly handling your property.