In a world where some homes are selling faster than you can refresh your favorite real estate app, the edge often goes to the most prepared buyer, not necessarily the one with the biggest budget.
As a home buyer, you might get overwhelmed with how the market is right now! Don't worry though, your Realtor has the knowledge and experience to get you through! However, your agent can be a lot more effective and help you get better results if you know a few things ahead of time!
Here's a quick quiz to see how savvy you are without years in the field! And don’t worry, answers are at the bottom. But no peeking! ;)
1. True or False: You need a 20% down payment to buy a home.
2. True or False: You need perfect credit to get a mortgage.
3. When you want to see a home, you should:
a) Call the listing agent directly.
b) Knock on the door and ask to take a look.
c) Watch the virtual tour and submit an offer.
d) Ask your dedicated buyer’s agent to schedule a showing.
4. When should you get pre-approved for a mortgage?
a) Before you start browsing seriously.
b) Once you’ve found the one.
c) Never, it’s not required.
d) After your agent reminds you for the umpteenth time.
5. Which of the following should you not buy before closing on your new home?
a) Groceries
b) A new car
c) A thank-you gift for your agent
d) A bottle of champagne to celebrate closing day
6. How soon should you go see a house once it hits the market?
a) Immediately, as soon as your agent is available.
b) Wait for the open house.
c) Give it a few weeks to see if the price drops.
d) Wait until all the excitement dies down.
7. Once you find a home you love, what should you do?
a) Sleep on it, it’s a big decision.
b) Keep browsing. You might find something better.
c) Write an offer ASAP.
d) Check your horoscope first.
8. Who should do your home inspection?
a) A handy friend or relative
b) You and your agent, with a checklist
c) A licensed home inspector
d) The appraiser your lender uses
9. Which of the following is a legitimate issue to ask the seller to fix?
a) Pet-stained carpet
b) A furnace that isn’t working
c) Squeaky doors
d) An older stove that still works fine
10. What’s the real purpose of the appraisal?
a) To check the Zestimate’s accuracy
b) To make sure the home is in perfect shape
c) To help the seller gauge your offer
d) To assure the lender the home is worth what you’re paying
Answer Key:
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1. False – You don’t need 20% down. Many loan programs require as little as 3.5% and some zero!
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2. False – Perfect credit isn’t a must. There are loan options for a range of credit scores.
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3. d – Your buyer’s agent should coordinate all showings - it ensures your interests are being protected.
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4. a – Pre-approval before you start looking puts you in a stronger position and saves time.
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5. b – A new car or any large purchase could tank your approval. Wait until after closing!
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6. a – See the house as soon as possible. In today’s market, waiting can mean missing out.
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7. c – If it’s the right house, don’t delay. Acting fast matters.
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8. c – Always hire a licensed home inspector to evaluate the property.
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9. b – Stick to health, safety, and functionality issues in your repair requests.
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10. d – The appraisal is for the lender, to confirm the home’s value matches the loan amount.
So, how did you do?
Even if you missed a few, now you’re armed with some serious homebuyer smarts. And in today’s fast-moving market, a well-informed buyer stands out, and often wins.
Want to talk strategy or get pre-approved? Let's chat! I’d love to help you feel confident and prepared every step of the way.
