This past year has been a rollercoaster of a real estate market. Six to eight months ago, many of you were rushing to get your home on the market and others desperately trying to get their offer accepted. However, that has quickly changed as we are now adapting to a different market as interest rates continue to rise. As we shift into the fall market, now is a good time to slow down and circle back to the basics.

There are a lot of questions that come up during a real estate transaction when you are thinking of buying or selling your home. We have compiled the questions we get asked the most to share and hopefully educate you a little more on the details that go into the life of a sale.

1. Assessed value vs market value?

Essentially the “market value” determines how much a house is worth in a sale and how much a buyer will pay; it’s determined by comparable properties and appraisals. Whether you’re buying a house or selling a house, this is a critical number.

The “assessed value” serves a different purpose. Specifically, it is used to calculate property taxes. As a buyer, the assessed value will give you an idea of what you can expect to pay in those property taxes each year.

2. How long will it take to sell my home?

Real estate is living and breathing. How long it would take to sell a home in the last month or even last week’s market will differ from today.

There is never a guaranteed timeframe. The supporting data we typically look at is an “average of days on market” from previous pending and sold data.

Today, in Enumclaw’s market it takes an average of 28 days to sell a home. By the time you’re reading this it is likely this number will be different again. It’s even different from neighborhood to neighborhood and city to city. Some areas are more desirable than others which plays a role into the amount of time a house sits on the market.

3. Do’s and don’ts of touring a home

Don’t use the bathroom: Unless it is an absolute emergency, it’s best to not use someone’s private space. If you can, make a pit stop at a public restroom before your appointment.

Shoes off: Usually it is common courtesy to take off your shoes, it also goes to show the seller you want to buy the house. Sellers appreciate that you respect their home and doing little things like that can go a long way.

When to look (and when to not): Do look inside closets, kitchen cabinets, pantries, appliances (if they are staying) but do not look inside dressers, nightstand drawers, medicine cabinets, or anything else personal to the seller.

Be aware of cameras: Many homeowners have outside security cameras and hidden cameras inside for security purposes. Be aware of what you say and be sure not to say anything negative or discuss negotiating points inside the home. Someone could be listening!

Do ask questions: Ask your real estate broker questions as they come up and if they do not know, they can reach out to the correct parties to get answers for you!

4. How long from getting an offer to closing?

Typically a transaction will take 30-35 days to close if the buyer is obtaining financing. It generally takes that long for the buyer’s lender to verify all their financial information and move them through underwriting to fund the loan. If a buyer is using cash to purchase a home, all parties can usually close in as fast as two weeks.

5. What is earnest money and how does it work?

Earnest money is a good faith deposit that demonstrates a buyer’s seriousness about buying a home. Earnest money is generally 1 to 3% of the sales price and in most cases acts as a deposit on the property a buyer is looking to purchase. A buyer deposits earnest money usually a few days after a contract is accepted.

6. Who will be involved in my buying/selling process?

It takes a village to complete the transaction of a home. Typically, it all starts with a seller who reaches out to a real estate broker who works with a title and escrow team. During this timeframe a photographer and/or videographer is hired to capture the highlights of the house for marketing. When a buyer enters the picture, they will have with them a lender , an appraiser , and usually a home inspector .

A lot of the communication between these professionals happens behind the scenes but nonetheless it is important to be acquainted with these parties, these are just a few of the professionals involved in your transaction.

We hope that this provided a little bit of insight into the world of a real estate transaction. Whether you are new to buying and selling a home or a well seasoned vet, this information is always good to keep in your back pocket for when the right time comes.