How can a real estate professional help me?

Although you may feel hesitant to pay the fee associated with using a real estate agent's services, you'll likely be glad you did. Real estate agents have the skills and experience to guide you through the home buying or selling process and to make every step along the way, from browsing the listings to closing the sale, a little easier.

In addition, if you're a buyer, using an agent will give you access to the most current information and listings. As a seller, you'll gain the advantage of advertising in the Multiple Listing Service, the most comprehensive home listings guide available.

From helping you to select the homes most appropriate for your needs to recommending mortgage lenders, home evaluators and moving companies, you'll likely find your real estate agent to be your greatest asset along the way.

How are real estate agents and real estate brokers different?

Real estate agents work for brokers and typically have less training than their employers. Both brokers and agents are licensed by the state and must complete continuing education courses to maintain their status. Although you will most likely deal with a real estate agent when buying or selling property, listings are always placed under brokers' names.

What is the difference between a buyer's market and a seller's market?

A seller's market occurs when housing is in high demand, but few homes are on the market. Because of competition among buyers, sellers often receive more than the asking price for their home. When demand is low and there are more homes on the market than there are interested buyers, prices drop, creating a buyer's market.

What do all of the acronyms in the home listings mean?

• assum. fin. - assumable financing
• dk - deck
• gar - garage
• gard - garden
• expansion pot'l - expansion potential
• fab pentrm - fabulous pentroom
• FDR - formal dining room
• frplc, fplc, FP - fireplace
• grmet kit - gourmet kitchen
• HDW, HWF, Hdwd - hardwood floors
• hi ceils - high ceilings
• In-law potential - could have a separate apartment
• lsd pkg. - leased parking area
• lo dues - low homeowner's dues
• nr bst schls - near best schools
• pvt - private
• pwdr rm - powder room (half-bath)
• upr - upper floor

What is a real estate bubble?

A real estate bubble exists when the interest portion of a minimum-down mortgage costs more per month than would the rental cost of a similar property.

How can I find the values of recently sold homes?

Your real estate professional can help you search recently sold listings to learn more about home values in your area or in the area you plan to relocate. If you decide to research on your own, Internet search engines and real estate Web sites can give you a good idea of home prices.

What happens if I move into a new home before my old home sells, and I can't afford the payments on both mortgage notes?

More often than not, mortgage lenders require that you complete your mortgage obligations on your first home prior to closing on a new one. To avoid this problem, consider making your offer contingent on the sale of your first home within a set time frame.

How does an interest only loan differ from other loan types?

Interest-only home loans offer consumers the benefit of making interest-only payments for a set duration of time. As a result, homeowners opting for this choice enjoy lower overall payments.