When you’re considering buying or selling a home—or both—you’re talking about what is probably one of the most significant investments you’ll ever make. No one wants to risk making a mistake with something this important. That’s why it’s a good idea to get your questions answered before you enter the housing market as a buyer or a seller. Here are some common questions people have about real estate, plus answers that shed light on key aspects of the journey.
1. What’s the difference between a real estate agent and a REALTOR®?
Many people outside the real estate industry use these terms interchangeably, but there is one main distinction. REALTORS® are real estate professionals who are active members of the National Association of REALTORS® (NAR). These agents and brokers are bound by the association’s code of ethics and have access to exclusive tools and resources provided by NAR.
Real estate agentsare professionals who are licensed by the state to help people buy, sell, or rent property. Licensing requirements vary by state but generally include completing a certain amount of relevant coursework and passing an exam.
Bottom line: Whether you enlist the help of an agent, a broker, or a REALTOR®, don’t underestimate the importance of having an experienced professional on your side as you navigate your real estate journey. Nestfully can connect you with someone who knows your market and is ready to serve.
2. What is a “good” mortgage rate?
If you’ve been biding your time to enter the housing market when mortgage rates have settled down, it might be time to adjust your expectations. According to Bright MLS Chief Economist Dr. Lisa Sturtevant, “rates are going to remain volatile through the end of the year and into next year as the market responds to fresh economic data and to anticipated policy initiatives from President-elect Trump.” While rates are expected to come down in 2025, it’s probably going to be a gradual process rather than the quick drop hopeful buyers have been holding out for. Rates above 6% are widely seen as the new normal.
That said, what constitutes a “good” mortgage rate can be subjective depending on your financial situation and household budget. If your desire to purchase a home outweighs the downside of having a higher monthly payment than you’d like, it probably doesn’t make sense for you to wait out the Fed in hopes of lower mortgage rates.
3. Is it better to buy or to rent?
Still on the fence about buying versus renting? You’re not alone. Affordability has long been a major obstacle for prospective homebuyers—and renting comes with plenty of checks in the pro column. Still, the question depends largely on where you live. While recent research has shown that renting is the cheaper option in most markets, there are notable exceptions in certain areas, including some markets in the upper Midwest, parts of New England, parts of Texas, and—somewhat surprisingly—parts of Florida.
As with the question about “good” mortgage rates, this one is largely subjective. Your decision to rent or to buy will need to factor in more than just the bottom line, but also your needs, preferences, finances, lifestyle, short- and long-term goals, and a variety of other unique considerations. Before you make the call, talk it over with your agent, who will have helpful insights that apply to your specific market.
4. Is now a good time to buy or sell?
As with most major life decisions, it’s easier to make the call when you know you’re not going to end up making the wrong one. Determining an “optimal” time to put your house on the market or kick off your home search in earnest isn’t as simple as you might have hoped. It’s a good time for you when it’s a good time for you.
It’s also important to get up to speed on all the key factors that influence the housing market, including mortgage rates, home prices, inventory, and economic trends. Once you’ve done your homework, it’s a good idea to call in a real estate pro to help you evaluate the matter and make the best-informed decision possible.
5. I have more questions. Where can I turn for answers?
For answers to the questions you have—and even to the ones you haven’t thought of yet—turn to Nestfully. Just a couple of clicks will connect you with an experienced real estate professional who understands your local market and is ready and willing to guide you through every step of the buying, selling, or renting experience. Find your agent today.
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