In today’s evolving real estate market—shaped by higher interest rates, changing inventory levels, and shifting buyer demand—it’s more important than ever for buyers and sellers to approach the process thoughtfully and strategically. Whether you’re preparing to purchase your first home or getting ready to list a property, asking the right questions can help you make informed decisions and set realistic expectations. Here are some key questions every buyer and seller should consider—and how your real estate broker can help you answer them.
For Buyers:
1. What can I realistically afford given today’s interest rates?
Mortgage rates have risen significantly compared to just a few years ago. Understanding how this affects your monthly payment—and what price range makes sense for your budget—is essential. Work with your broker and lender to calculate affordability based on current financing terms.
2. What is the current level of inventory in my target area, and how quickly are homes selling?
Knowing whether you’re in a buyer’s or seller’s market can help shape your offer strategy. Your broker can provide local market data, including average days on market and list-to-sale price ratios.
3. Are there homes that have been on the market longer than average—and why?
Properties that have sat unsold may offer room for negotiation, but it’s important to understand why they haven’t moved. A good broker can help you evaluate whether it’s a pricing issue or something more substantial.
4. What’s the long-term potential of this neighborhood?
Beyond the property itself, buyers should think about the future of the area. Ask about school quality, planned developments, property tax trends, and historical appreciation. Your broker can help research and interpret this data.
For Sellers:
1. What’s the current buyer demand like in my neighborhood?
Buyer behavior can shift quickly, and your broker can offer up-to-date insights on showing activity, competitive listings, and the pace of sales in your area.
2. What improvements or updates should I consider before listing?
Minor cosmetic updates or repairs can make a big difference in presentation. Ask your broker what changes will provide the greatest return and help your home stand out.
3. How should we price the home based on market conditions?
Pricing too high can lead to longer time on the market, while underpricing may leave money on the table. Your broker can help evaluate comps and develop a pricing strategy based on current trends.
4. What’s our plan if the home doesn’t sell quickly?
It’s smart to prepare for various outcomes. Discuss with your broker potential next steps, such as a price adjustment, marketing refresh, or incentive offers if your home lingers on the market.
Final Thoughts
Whether you’re buying or selling, asking the right questions—and working closely with a knowledgeable broker to find the answers—can make a major difference in your real estate experience. At Paragon Property in Chicago, we believe in empowering our clients with the tools and insights they need to make confident, informed decisions in any market. If you’re preparing for your next move, we’re here to help guide you every step of the way.
