Buyer's Quiz❓

good morning ☕️

this week’s letter has:
1️⃣ listing.
a new york times’ quiz to test your real estate knowledge.
Information on rent & purchasing affordability across the nation.

Listing of the week
📍177 SOMERSTOWN RD, MILLWOOD, NY 10546

the property is a 6,000+ sq. ft. home built in 2010 on 6+ acres located in the hamlet of millwood, ny.
💰 listed at $2,790,000 - annual taxes of $30,793
💧Utilities & features: municipal water, septic, hydro-air/radiant heat, central a/c.

NEW YORK TIMES - QUIZ
“SEARCHING FOR A HOME”

the new york times’ RealEstate publication on 11/12/2023 contained the below quiz to encourage buyers to have “a basic understanding of how to apply for a loan and inspect the property”.
correct answers at the bottom of the quiz.

1. which are more expensive to buy, but have lower monthly costs?
a. co - ops
b. condos

 2. how much total commission is usually charged by the real estate agents on a sale?
a. 3%
b. 6%
c. 9%
d. 10%

3. who pays closings costs?
a. seller
b. buyer
c. both buyer & seller.

4. which requires verification of pay stubs & tax returns?
a. mortgage pre-qualification
b. mortgage pre-approval

5. what’s the difference between a home inspection & a home appraisal?
a. an inspection involves examining the house from the inside, while an appraisal is done online.
b. A buyer does an inspection, while an appraisal is done by a trained professional.
c. An inspection focuses on the home’s condition; an appraisal focuses on the homes value.
d. they are the same.

6. what time of year are you most likely to get a deal on a home?
a. fall-winter
b. winter-spring
c. spring-summer
d. summer-fall

7. if you don’t have a down payment, how can you qualify for a mortgage?
a. you can be approved based on excellent credit and the value of your assets.
b. you can ask really nicely.
c. you can apply for a number of specific government-backed loans.
d. you can’t. down payments of at least 5% are always required to be approved for home loans.

answers: [1-B, 2-B, 3-C, 4-B, 5-C, 6-A, 7-C]

HOUSING AFFORDABILITY