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What To Save for When Buying a Home

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Knowing what to budget for when buying a home may feel intimidating — but it doesn’t have to be. By understanding the costs you may encounter upfront, you can take control of the process.

Here are just a few things experts say you should be thinking about as you plan ahead.

1. Down Payment

Saving for your down payment is likely top of mind. But how much do you really need? A common misconception is that you have to put down 20% of the purchase price. But that’s not necessarily the case. Unless it’s specified by your loan type or lender, you don’t have to. There are some home loan options that require as little as 3.5% or even 0% down. An article from The Mortgage Reports explains:

“The amount you need to put down will depend on a variety of factors, including the loan type and your financial goals. If you don’t have a large down payment saved up, don’t worry—there are plenty of options available . . .”

A trusted lender will go over the various loan types with you, any down payment requirements on those, and down payment assistance programs you may qualify for. The more you know ahead of time, the easier the process will be. And the key to getting the information you need is working with a pro to see what’ll work best for your situation.

2. Closing Costs

Make sure you also budget for closing costs, which are a collection of fees and payments made to the various parties involved in your transaction. Bankrate explains:

“Mortgage closing costs are the fees associated with buying a home that you must pay on closing day. Closing costs typically range from 2 to 5 percent of the total loan amount, and they include fees for the appraisal, title insurance and origination and underwriting of the loan.”

When it comes to closing costs, a trusted lender can guide you through specifics and answer any questions you may have. They can also give you a better idea of how much you should be prepared to pay so you can cruise through your closing with confidence.

And as you plan ahead for closing day, be sure to budget for your real estate agent’s professional service fee too, in case the seller doesn’t cover it. But don’t worry, you’ll work with your agent ahead of time to agree on what this is, so you won’t be surprised at the finish line.

3. Earnest Money Deposit

And if you want to cover all your bases, you can also consider saving for an earnest money deposit (EMD). According to Realtor.com, EMD is typically between 1% and 2% of the total home price and is money you pay as a show of good faith when you make an offer on a house.

But, it’s not an added expense. Instead, it works like a credit and goes toward some of your upfront costs. You’re simply using some of the money you’ve already saved for your purchase to show the seller you’re committed and serious about buying their house. Realtor.com describes how it works as part of your sale:

It tells the real estate seller you’re in earnest as a buyer . . . Assuming that all goes well and the buyer’s good-faith offer is accepted by the seller, the earnest money funds go toward the down payment and closing costs. In effect, earnest money is just paying more of the down payment and closing costs upfront.”

Keep in mind, this isn’t required, and it doesn’t guarantee your offer will be accepted. It’s important to work with a real estate advisor to understand what’s best for your situation and any specific requirements in your local area. They’ll advise you on what moves you should make so you can make the best possible decisions throughout the buying process.

Bottom Line

The key to a successful homebuying savings strategy? Being informed about what you need to save for. Because, when you understand what to expect, you can plan ahead. With an expert agent and a trusted lender, you’ll have the information you need to move forward with confidence.

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Agent Value

If Your House Isn’t Getting Offers, Read This.

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Online searches for “can’t sell house” just hit an all-time high according to Google Trends. So, if your house has been sitting on the market without any bites, you’re not the only one. But it’s also not the end of the road. 

Homes are selling every day, so you can turn this around. You just need to take another look at your approach.

a graph of a house priceIf you’re feeling this pain, know this: an online search engine isn’t where you should go for your answers. It’s much better to talk to your agent. Because a search engine doesn’t know your market or your house. But your agent does.

While a quick search or an AI platform may give you some tips on what to try, only an expert agent can actually diagnosis what’s going on – and how to fix it.

For example, your agent knows most homes that struggle to sell today are usually being held back by one (or more) of these three things.

1. Presentation: Buyers Will Compare Everything

When inventory was tight a few years ago, buyers overlooked imperfections because they had to, or they’d lose out to another bidder. Now? That’s no longer the case.

Today’s buyers scroll through dozens of listings in just minutes. They compare condition, updates, lighting, finishes, layout, and more – all side by side. If your home feels dated, cluttered, or in need of repairs, buyers will notice and it’ll knock your house right off their list of contenders.

This doesn’t mean you need a full renovation. But it does mean first impressions matter again. To compete today, you need curb appeal. Clean spaces. Neutral colors. Professional photos. If there are scuffs on the walls, obvious repairs, or too many outdated features, it could be what’s holding you back.

2. Pricing: If the Price Isn’t Compelling, It’s Not Selling

This is maybe the hardest one to hear, but what your neighbor sold their house for a few years ago isn’t necessarily the same price you’ll get today. As Selma Hepp, Chief Economist at Cotality, says:

“For sellers, the days of pricing aggressively and expecting instant offers are largely over. Homes that are well-priced and well-presented will still sell, but pricing discipline matters more than it did during boom years.”

Buyers are budget-conscious right now. If your home is priced based on outdated expectations instead of current demand, buyers may still look at your house online… but they likely won’t write an offer. Or, they’ll make an offer that you think is too low.

Pricing too high for this market is one of the top things sellers miss the mark on today. And those who aren’t willing to meet the market where it is or entertain offers may feel stuck.

3. Access: If Buyers Can’t See It, They Can’t Buy It

It sounds obvious but limited showing availability can kill your momentum. If your house isn’t easy to see because you’re restricting showings to evenings only, no weekends, or requiring a 24-hour notice, you’re cutting your buyer pool down by more than you may realize. 

And the more friction you create, the fewer buyers walk through the door.

In a market where buyers have more options, the last thing you want to do is give them a reason to skip your house. Availability matters because if no one sees it, no one buys it.

Don’t Let Search Results Decide Your Next Step

When your house isn’t selling, it’s tempting to spiral and wonder if it’s the market or if something’s wrong with your house. But instead of searching for answers online, here’s what to do.

Sit down with your agent and ask three honest questions:

  • What are buyers looking for in today’s market?
  • What feedback are we getting from showings?
  • Why do you think my house hasn’t sold yet?

That conversation will bring a lot more clarity than any search engine results.

Bottom Line

If your listing feels stuck, it’s not a sign you shouldn’t sell. It’s the market giving you feedback. And feedback is powerful when you use it.

Start with a real conversation with a real agent about what’s working and what’s not. Your agent will be able to tell you which small adjustments could totally change the momentum. Because in this market, the sellers who adapt are the ones who move.

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Agent Value

The Price You Set Can Make (or Break) Your Sale

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There’s one decision you’re going to make when you sell that determines whether your house sells quickly, or it sits. Whether buyers make an offer, or scroll past it. Whether you walk away with the maximum return, or you end up cutting the price later.

And that’s your asking price.

The #1 Mistake Sellers Make Today: Trusting the Wrong Number

If you’re thinking of moving and trying to figure out what your house may sell for, it’s tempting to start with an online home value tool. They’re fast, free, and easy. And you don’t have to talk to anyone. But here’s the problem: they don’t know your house.

And that can be a bigger drawback than you realize.

Where Online Estimates Fall Short 

Online tools often lag behind the market. They look in the rearview mirror, relying on closed sales and delayed information. And in that sense, they’re using incomplete data.

That’s not a miss in how these systems are built. Some information just isn’t available online. Bankrate explains:

While these tools can be a useful starting point, keep in mind that they typically do not provide the most accurate pricing. Algorithms can only rely on the information available; they can’t account for things like a home’s condition or renovations made since the last public information was updated.”

They can’t see:

  • The unique features that make your house special
  • All the work you’ve put in to keep it in good condition
  • Or, how in-demand your specific neighborhood is right now

So, while they may do a good job in some cases, they can’t be as accurate as a local agent who has boots on the ground day in and day out.

In a market where buyers have more options, a seemingly small margin of error can cost you thousands if you price too low, or weeks of lost momentum and time if you price too high.

If you want to sell for the most money and in the least amount of time, you don’t want the fast answer on how to price your house. You want the right one.

That’s why the savviest homeowners today don’t rely on algorithms when it actually matters. They rely on people, specifically trusted local agents.

What an Expert Agent Brings to the Table

According to 1000WATT, sellers overwhelmingly believe real estate agents have the best sense of a home’s true value, far more than any automated tools.

a pie chart with text on itThat confidence isn’t accidental. As Bankrate puts it:

“A professional appraiser or real estate agent can visit the home in person, assess the neighborhood as a whole as well as the individual property, perform more thorough market research, and consider subjective details.”

And those details matter. A skilled local agent doesn’t just pull reports. They know what’s happening right now:

  • What buyers are paying this month, not last month, or even last year
  • How your home compares to the current competition in your neighborhood
  • Which features add value based on what buyers are willing to pay for today
  • How to price your house to create urgency in this market

And once an agent steps foot in your house, they may even find your online estimate undershot your value. So, if you stuck with the estimate you got online, you’d actually be leaving money on the table. And no one wants that.

Bottom Line

While online tools can give you a rough starting point, only a local expert can give you a price that actually works.

If you want to know the right number for your house, not just the easiest one to find, connect with a local real estate agent.

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Agent Value

Why Some Homes Sell Quickly – and Others Don’t Sell at All

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A few years ago, inventory hit a record low. Just about anything sold – and fast. But now, there are far more homes on the market. Listings are up almost 20% from this time last year. And in some areas, supply is even back to levels we last saw in 2017–2019. For sellers, that means one thing:

Your house needs to stand out and grab attention from day one.

That’s especially true when you consider why the number of homes for sale is up. Here’s how it works. Available inventory is a mix of: 

  • Active Listings: homes that have been sitting on the market, but haven’t sold yet
  • New Listings: homes that were just put on the market

Data from Realtor.com shows most of the inventory growth lately is actually from active listings that are staying on the market and taking longer to sell (see the graph below).

The blue bars show active listings. These are the homes that are sitting month to month and not selling. The green bars are new listings, the homes that were just put on the market. And it’s clear there are fewer new listings compared to how many are staying on the market unsold.

a graph of sales growthSince you don’t want your house to be one of the ones that take a long time to sell, let’s break down where things can go sideways and how to set yourself up to sell quickly.

Why Some Homes Sell and Others Sit

The secret to selling in today’s market is simple. Make sure your house is easy for buyers to say yes to as soon as it is listed. 

Price it based on current conditions (not what your neighbor sold for 3 years ago). Make important repairs. And highlight the best things about your house. If you do that, it will sell in any market – sometimes even faster than you’d think. Because the truth is, homes that are priced right today are still selling. 

It’s the homeowners who are clinging to outdated expectations that are seeing their house sit and their listing go stale. According to Redfin and HousingWire, here are some of the most common reasons sales stall out:

  • Priced it too high from the start
  • Skipped necessary repairs before listing
  • Didn’t stage the house well
  • Sellers won’t negotiate with buyers
  • Limited availability for showings
  • Ineffective marketing or listing pictures

Most of those things didn’t matter as much just a few years ago. When inventory was at a record low, sellers could skip the prep, name their price, and still walk away with multiple offers over their asking price.

But today’s market is different now that inventory has grown. And that means your approach needs to be different too.

You don’t want to try out old strategies and aim too high just to see what sticks. Your first few weeks on the market are everything. That’s when your listing gets the most attention – and when pricing or presentation mistakes hurt the most. Get it wrong up front and your house will sit…and sit. Get it right, and it’ll be snatched up before you know it.

The Right Agent Helps Your House Stand Out

Selling quickly isn’t about luck. It’s about knowing how to play to the market you’re in. And that’s where your agent comes in.

A great agent will analyze your local market, suggest a price based on the latest comparables sold in your neighborhood, and create a marketing plan that makes buyers pay attention from day one. They’ll also walk you through any repairs you need to make or whether you need to bring in a staging company. As the National Association of Realtors (NAR) explains:

“Home sellers without an agent are nearly twice as likely to say they didn’t accept an offer for at least three months; 53% of sellers who used an agent say they accepted an offer within a month of listing their home.”

That’s the power of getting it right (and getting expert help) from the start.

Bottom Line

There are more homes for sale today, but that doesn’t have to work against you.

When your house is priced right, shows well, and is marketed effectively, it will sell. Connect with an agent if you want to know how to make that happen in your market this fall.

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Copyright © 2020-2025 Mark Sincavage. All rights reserved.  
The information contained, and the opinions expressed, in these article are not intended to be construed as investment advice. Let's Talk Real Estate, Mark Sincavage, and Keeping Current Matters, Inc. do not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Let's Talk Real Estate, Mark Sincavage and Keeping Current Matters, Inc. will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.