Quiz: Are You Ready to Be a Better Homebuyer than Your Competition?
The Lighter Side of Real Estate • February 21, 2023
You have to go to school and pass a real estate exam in order to become a real estate agent to help people buy a house, but you don’t need to do either of those things as a home buyer. All you have to do is rely on the knowledge and experience of your agent, and you’ll be fine.
However, your agent can be a lot more effective and help you get better results if you know a few things ahead of time! Some of the “right” things you should do are probably different than what you might think is the “right” thing to do.
Here’s a quick quiz to see how savvy you are without even going to real estate school or spending years in the field! The answers will be at the bottom…but no peeking!
(Don’t sweat it if you get some answers wrong on this quiz; even getting an answer wrong will teach you something. It’s better to learn from mistakes now than to make them when you’re in the process of buying a house!)
- True or false: You need a 20% down payment to buy a home.
- True or false: You don’t need perfect credit to buy a house.
- When you want to see inside a house you should
a) Call the listing agent to see the house.
b) Knock on the door and see if the owner can show you around.
c) Use the virtual tour and submit an offer.
d) Have a dedicated buyer’s agent you’re working with schedule a day and time to show you the house. - When should you get pre-approved for a mortgage?
a) Before you even start looking at houses.
b) Once you find a house you want to make an offer on.
c) Never; it’s not necessary.
d) After your agent has asked you to do so for the 11th time. - Which of the following shouldn’t you go out and buy before your mortgage is approved and you’ve closed on your new home?
a) Groceries.
b) A new car.
c) A nice gift for the agent who is helping you buy a house.
d) A bottle of champagne to pop open on the day of your closing. - How long should you wait to go see a house once it is listed?
a) Go as soon as you and your agent can possibly go to see the house.
b) Wait until there is an open house.
c) Give it a few weeks so the owner doesn’t think you’re anxious, excited, or even all that interested in the house, so you have more leverage to negotiate.
d) Wait until they reduce the price at least once. - Once you find a house you like, which of the following should you do?
a) Sleep on it, and give it some thought before rushing in with an offer.
b) Keep looking at every house on the market until you’ve seen them all. Then wait a couple of weeks to see if any more come on. If it’s still on the market, then you can make an offer.
c) Don’t wait; make an offer on the house right away.
d) Check your horoscope to see if it’s a good time for you to make an offer. - Your home inspection can be done by:
a) A friend or relative who is a contractor, or has at least bought two homes in their life.
b) You and your agent, using a checklist of things to look for.
c) A licensed home inspector.
d) A real estate appraiser chosen by your mortgage lender - Which of the following things found during a home inspection should you ask the homeowner to address?
a) Carpet that has pet stains.
b) A furnace that isn’t working
c) Squeaky door hinges
d) An old stove that is working fine, but probably going to need to be replaced in a few years. - What is the purpose of the appraisal?
a) So you can see how accurate the Zestimate for the house actually was.
b) To make sure the house is in good condition and everything is working properly.
c) For the seller to figure out if your offer is acceptable or not.
d) For the lender to make sure the house is worth what you’re paying for it, before agreeing to lend you the money to buy it.
OK, let’s see how you did on the quiz! Here are the correct answers:
- False. You don’t need a 20% down payment in order to buy a house. There are mortgages that require as little as 3.5% down!
- True. While having excellent credit is helpful, there are plenty of mortgage programs for people with credit scores that aren’t perfect.
- d) Have a dedicated buyer’s agent you’re working with schedule a day and time to show you the house. (It’s better to have one dedicated agent representing your interests as a buyer, than it is to call the agent who is listing any house you want to see.)
- a) Before you even start looking at houses. (It helps you know what you can afford so you avoid wasting time and disappointment by looking at houses you can’t buy.)
- b) A new car. (In fact, don’t make any large purchases or take on any new credit until your loan is approved or closed.)
- a) Go as soon as you and your agent can possibly go to see the house. (If it’s a house you’re interested in, there’s bound to be other buyers interested. The quicker you can get there, the better…regardless of whether the market is “hot” or not.)
- c) Don’t wait; make an offer on the house right away. (Refer back to the explanation for #6…)
- c) A licensed home inspector. (Doesn’t matter how many houses someone you know has bought, or how handy they are, only a licensed home inspector should do your home inspection.)
- b) A furnace that isn’t working. (Home inspection requests should be kept to issues that are operational or structural in nature, not cosmetic, minor, or a potential future issue.)
- d) For the lender to make sure the house is worth what you’re paying for it, before agreeing to lend you the money to buy it. (Coincidentally, the appraiser’s value can be as inaccurate as a Zestimate at times, but your agent can help you contest it, or request a second appraisal if it is way off from what you’re paying.)
Share this post
More Options Are Popping Up This Spring Did you try to buy a home last year, but you ended up pressing pause? Maybe you couldn’t find a home that really fit your needs. Or maybe the ones you liked just weren’t affordable. According to a recent survey from NerdWallet, those were the top two reasons buyers gave up on their search in 2025. But this Spring, there's one trend that could help fix both of those frustration points: more homes are hitting the market. The Number of Fresh Listings Is Almost 2x Higher Than a Few Months Ago Data from Realtor.com shows there are nearly 2x as many new listings hitting the market today as there were just 3 months ago. Those are homes the seller just put up for sale ( see graph below): That’s a significant rise. And while we usually see an uptick as we head into the busiest time of the year, this increase was bigger than normal. Jake Krimmel, Senior Economist at Realtor.com, explains : “ New listings jumped 21.2% from February to 439,000, a larger-than-typical seasonal surge . . . March typically sees the biggest month-over-month jump in new listings of the entire buying season, averaging an 18% increase since 2017; this year it exceeded 20%.” That means more sellers are jumping back into the market, and that’s giving buyers more fresh options to choose from. So, if you’d felt like you’d seen everything out there and still nothing was quite right, this may be your moment. With that many “just listed” homes, one of them could be exactly what you’ve been searching for. Where You Have More Options And this trend is happening across most of the country, so you should have more options pretty much whereever you are. Earlier this year, the Northeast had fewer new listings because winter storms delayed sellers from putting their homes on the market. But now, that region is catching up fast. In March, new listings jumped across nearly every state, especially in the Northeast, helping drive a strong national rebound. What Rising Inventory Means for You Right now, there are almost a million homes for sale nationwide. That’s up over 8% compared to last year. With that many homes on the market, there’s a much better chance something will fit what you’re looking for, especially with so many fresh options being added right now. As Odeta Kushi, Deputy Chief Economist at First American, explains : “One of the most encouraging signals heading into the spring home-buying season is the improvement in for-sale inventory levels compared with last year. . . More homes on the market give buyers greater choice and, combined with improved buying power, expand the range of homes they can realistically consider. ” In other words, your search may feel very different this year. Bottom Line More fresh listings are hitting the market right now, and that’s creating real opportunity. If you put your search on hold last year, this Spring may be the time to jump back in. Let’s take a look at what just hit the market and see what could work for you.
The body content of your post goes here. To edit this text, click on it and delete this default text and start typing your own or paste your own from a different source.
Rent or Buy? The Real Tradeoff Most People Don’t Talk About You’ve probably asked yourself lately: Is it even worth trying to buy a home right now? It’s a question a lot of people are asking. With today’s home prices and mortgage rates, renting can feel like the easier path. In some cases, it might even seem like the only realistic option right now. And if that’s where you are, there’s nothing wrong with that. But if you’re weighing the decision, there’s one part of the conversation that doesn’t get talked about enough. It’s what each choice does for your future. What Renting Really Gets You (And What It Doesn’t) Depending on your situation, renting does have some advantages: Lower upfront costs. Less responsibility. More flexibility to move when you want. But even with those benefits, a Bank of America survey found 70% of aspiring homeowners worry about what long-term renting means for their future. And that concern comes down to one thing: you’re not building anything for your future. As Yahoo Finance explains: “Paying rent doesn't build equity. You get a place to live, but no ownership stake, no price appreciation, and no asset to leverage for future borrowing or investment .” So, while renting may feel easier, the flexibility you get comes at a cost. How Homeownership Builds Your Wealth Over Time On the other hand, owning a home is one of the most consistent ways people build wealth over time. Why? When you’re a homeowner, you gain something called equity . That’s the difference between what your home is worth and what you owe. That equity grows with every monthly payment you make. It also gets a boost as home values go up through the years – and it adds up quicker than you may think. Today, the National Association of Realtors (NAR) says the average homeowner’s net worth is 43X greater than that of a renter: The dollars in the visual don’t lie. On average, here’s how net worth compares: Homeowners: $430k Renters: $10k And it’s not because homeowners make wildly different decisions day to day. It’s because over time, one path builds something, and the other doesn’t. So sure, buying comes with some upfront costs and more responsibility. But it’s basically a savings account you can live in. The Gap Is Growing Over Time And here’s something else interesting. That net worth gap between renters and homeowners has been widening over time, not shrinking. If you look back at the reports on net worth through the years, you can see the gap is growing as homeowners gain wealth and renters stay stuck in the rental trap (see graph below): Even in 2025, when home prices were moderating, homeowners still gained even more ground. And that tells you something important: When you can afford it and you’re ready for the responsibility, history shows buying is usually worth it in the long run. Because either way, you’re paying for someone’s mortgage and building someone’s net worth. When you rent, it’s your landlord’s mortgage – not yours. But when you buy? Your monthly payments help build equity. The question is: whose do you want to pay? Yours or theirs? So, Should You Buy a Home Now? The short answer is, it depends on your situation. While the long-term benefits of buying are clear, that doesn’t mean the timing is right for everyone right now. And that’s okay. You should only buy a home once you’re ready and the numbers work for you. But whether you’re looking to buy now or planning for the future, the first step is the same. You should have a quick conversation with a local real estate agent about your goals, timeline, and budget. They can help you run the numbers and see what’s realistic. You may find buying is closer than you thought. And if not, you’ll at least know exactly what it will take to get there. Because the sooner you have a plan , the sooner you can decide when it makes sense, instead of wondering if it ever will. Bottom Line Renting may feel more do-able today. But over time, it could cost you . If you want to ditch renting and start building something for your future, it starts with a simple conversation. Let’s connect, talk about your specific goals, and explore your options – so you’re ready when the time is right for you.
