The real estate landscape continues to evolve, and so do the questions prospective buyers, sellers, and investors have. In 2024, digital tools, fluctuating markets, and shifting priorities have brought fresh inquiries to the forefront of public curiosity. This blog addresses the most commonly Googled questions about real estate, providing clear and insightful answers to guide you through this dynamic market.

Mortgage rates are one of the most-searched topics in real estate. As of 2024, average rates for a 30-year fixed mortgage are hovering around 6% to 7%, depending on the lender, loan type, and your credit profile. While these rates are higher than the historic lows seen a few years ago, they are still considered manageable compared to decades past.

To secure the best rate, it’s crucial to maintain a strong credit score, shop around for lenders, and consider locking in a rate if you anticipate further increases. Consulting with a mortgage broker or financial advisor can also help you explore options like adjustable-rate mortgages (ARMs) or government-backed loans.

The value of your home depends on several factors, including location, market trends, property condition, and comparable sales in your area. Homeowners often turn to online tools to get a rough idea of their home’s worth.

While these tools provide a starting point, they’re not a substitute for a professional appraisal or a comparative market analysis (CMA) conducted by a real estate agent. For a more accurate estimate, consult a local expert who understands your neighborhood’s specific dynamics.

In real estate, "contingent" refers to a property that has an accepted offer but includes conditions that must be met before the sale can proceed. Common contingencies include financing approval, a satisfactory home inspection, or the sale of the buyer’s current home.

If you’re interested in a contingent property, know that the sale isn’t guaranteed, and there may be an opportunity for you to submit a backup offer. Working with an experienced real estate agent can help you navigate such scenarios effectively.

Choosing the right real estate agent is one of the most critical decisions you’ll make in your real estate journey. To find a good agent, start by seeking recommendations from friends, family, or colleagues who’ve had positive experiences. You can also research online reviews and ratings.

When interviewing potential agents, ask about their experience in your desired market, communication style, and approach to negotiations. A great agent should provide local expertise, personalized attention, and a track record of successful transactions.

Pre-approval and pre-qualification are both steps in the mortgage process, but they differ in depth and significance.

• Pre-qualification: This is an initial assessment where a lender evaluates your financial information to estimate how much you might be able to borrow. It’s less formal and doesn’t involve a credit check.
  
  
• Pre-approval: A more rigorous process, pre-approval requires submitting documents like pay stubs, tax returns, and bank statements. The lender will also perform a credit check. A pre-approval letter carries more weight with sellers, as it demonstrates you’re a serious and qualified buyer.

The traditional rule of thumb recommends saving 20% of the home’s purchase price for a down payment. However, many buyers in 2024 are using alternatives. Some loan programs, such as FHA loans, allow down payments as low as 3.5%, while VA and USDA loans may offer zero-down options for eligible buyers.

Keep in mind that a smaller down payment may require private mortgage insurance (PMI), which adds to your monthly costs. Weighing the trade-offs between upfront affordability and long-term financial impact is essential when deciding how much to save.

Closing costs are the fees and expenses associated with finalizing a real estate transaction. These typically range from 2% to 5% of the home’s purchase price and can include:

• Loan origination fees
• Appraisal and inspection fees
• Title insurance
• Escrow fees
• Property taxes and insurance premiums

In some cases, sellers may offer to cover part of the buyer’s closing costs, depending on market conditions and negotiation dynamics. Reviewing the breakdown of costs with your lender or agent ahead of time can help you prepare financially.

A home inspection is a crucial step in the buying process, as it helps identify potential issues with the property. Key areas to examine include:

• Roofing and foundation
• Plumbing and electrical systems
• Heating, ventilation, and air conditioning (HVAC)
• Appliances and fixtures
• Exterior elements like siding, windows, and drainage

If significant issues arise, you may have the opportunity to renegotiate the purchase price or request repairs. Attending the inspection and asking questions can give you a better understanding of the property’s condition.

The most Googled questions about real estate in 2024 reflect a blend of timeless concerns and emerging trends. Whether you’re a first-time buyer, seasoned investor, or curious homeowner, staying informed can help you make confident decisions in today’s competitive market.

If buying a home in Bend is your ultimate goal, trusted broker Christy Evans can help you achieve it. With over 100 closed sales and a solid reputation as a top-producing agent in Bend, Christy is more than ready to guide you through a seamless home-buying journey. Reach out today to get started!