5 Most Googled Questions About Real Estate in 2023
From market trends to interest rates, here are the most Googled real estate questions of the year.
Finding a brand new home can be one of the most rewarding experiences of your life. Not only do you have the opportunity to find a dream home you love, but it could also give you the opportunity to explore different neighborhoods within the city. If you live in Charlotte, there are many spectacular neighborhoods just minutes from the downtown core. Whether you thrive in busy enclaves or residential pockets of the city, Charlotte has something for everyone.
For those who love the hustle and bustle of downtown but prefer a more tight-knit community, there's Plaza Midwood. Combining eclectic charm with modern amenities, Plaza Midwood is one of Charlotte's trendiest neighborhoods, known for its low-key bars and chic coffee shops. Take in a live show at Snug Harbor or peruse Book Buyers for quality used books. There's always something new around every corner in Plaza Midwood.
Exploration is the perfect way to learn some of the ins and outs of your local market; it's also a great way to answer some of your most burning real estate questions. Every month, millions of people turn to Google for answers to nearly every real estate question under the sun. So, what are some of the most popular questions real homebuyers have asked Google? Here are some of the most Googled real estate questions of 2023.
Should I buy or rent?
This is easily one of the most popular real estate-related Google searches. It is also one of the most common dilemmas prospective buyers face. Historically, paying rent has been seen as throwing money away or paying off your landlord's mortgage, yet there is so much more nuance to this topic than simply whether renting is good or bad. Your decision to buy or rent is highly personal, with many underlying factors to consider. Do you have enough money saved for a down payment? Are you financially secure in your job? Are you confident you will live in the same place for at least three to five years? Are you ready for the responsibility of homeownership? These are just some of the many questions you should consider before purchasing your first home.
What type of home is right for my budget?
For many first-time buyers, one of the biggest concerns is affording your dream home. So when prospective buyers ask what type of home they should budget for, they want to know what they can reasonably afford without being financially overwhelmed. This answer depends heavily on how much you want to pay per month and how much money you have in savings.
Overall, condominiums and townhouses are much cheaper to maintain than single-family homes since most condominiums and townhouses are part of HOAs (homeowners associations). Properties that are part of HOAs will typically have some costs covered, such as lawn care or garbage pick-up. This, of course, comes out of HOA fees, but overall, less maintenance is involved. On the flip side, being part of an HOA means you will have an extra monthly expense with fees and annual dues. The type of home you choose also depends on the age and condition of your home; newer homes are less likely to need extensive repairs.
Should I buy an old or a new home?
Another classic dilemma many first-time homebuyers face centers around the age and condition of their dream home. Should they purchase an older home or a newer home? Again, this depends on many factors. If you love the aesthetic of old homes, buying an old fixer-upper and putting your personal touches on the space can be tempting. The lower purchase price of older homes adds extra incentive to build sweat equity. And while restoring an old house can be a rewarding experience, it often comes at a cost. Older homes are far more likely to have underlying problems, which are more expensive to repair than newer homes. That said, newer homes can also have problems. Regardless of which direction you go in, get a home inspection prior to closing on the property.
How much should I put on a down payment?
If you are a first-time homebuyer, you are likely wondering whether or not homeownership is within reach. One of the biggest determining factors over whether or not you can afford to buy a home comes down to finances.
Do you have enough money saved for a down payment? How much money do you need for a down payment? That depends on the type of loan you are taking out. If you are a service member, you can take out a VA loan, which does not require a down payment. If you are not a service member, another popular government loan is an FHA. FHA loans typically require a 3.5% down payment. Conventional loans, one of the most common types of loans, usually require a 10%-20% down payment, but some programs will allow you to put down as little as 3%. Whichever loan type is right for you will depend on how much you have saved and how much interest you want to pay over the life of your loan.
How can I find a home to buy?
If you are searching for your ideal dream home, you may wonder where to begin the process. How do you find a home to buy? One of the first steps you need to take is to get pre-approved for a home loan. Once you are pre-approved, you will know how much you have to spend and what neighborhoods you can afford to live in. From there, consult a local agent. Choose a Plaza Midwood real estate agent you feel comfortable working with and who knows your desired area well. Once you have chosen a real estate agent, they can help you find the home of your dreams.
Find your dream home in Charlotte
Are you ready to find your dream home in Plaza Midwood? If you are searching for houses for sale in Charlotte, then you are one step closer to achieving your dream. Let the Charlotte Living Realty Group guide you on your home-buying journey. Whether you're searching for your starter home or a forever oasis, our team will help you every step of the way. Contact us to begin your house hunt today.