Frequently Asked Questions
If you're looking to buy a home in the Sandpoint area or considering selling your home, you may have questions. Our top local Realtors have answered some of the most frequently asked questions in residential real estate.
1. Do I have to sign a buyer representation agreement to see homes in Sandpoint?
Yes. As of August 2024, federal law requires a signed buyer representation agreement before touring homes. We offer both short-term (for one showing) and long-term agreements, depending on your comfort level. Most buyers choose the longer agreement once they see how we work.
2. When should I start the home buying process in Sandpoint?
Start early! Whether you're buying in Sandpoint, Sagle, or Coeur d'Alene, we recommend starting the process at least 3 months in advance. This allows time to get pre-approved, define your goals, and understand the current real estate market conditions.
3. What can I expect when buying a home in Sandpoint?
We guide buyers from start to finish-whether you're a first-time homebuyer or relocating. You'll receive a tailored game plan, access to preferred lenders and inspectors, and full-service support to help you buy with confidence in North Idaho.
4. Is a home inspection necessary for new construction in Idaho?
Yes. Even new construction homes in Sandpoint or Coeur d'Alene can have issues. We always recommend a professional home inspection to catch overlooked items before you close.
5. How do you help buyers relocating to Sandpoint from out of state?
We provide a free relocation guide, virtual showings, Zoom consultations, and a network of local professionals to make your move seamless. From logistics to local insights, we've got you covered every step of the way. Ask for our relocation guide!
6. When do I need to sign a buyer agreement in Sandpoint?
You must sign a written buyer representation agreement before touring any homes with a real estate agent-either in person or virtually. This does not apply if you're attending an open house on your own or simply asking a Realtor about their services.
7. As a buyer, do I have to pay my Realtor out of pocket?
Not always. Your agreement will outline the payment terms, but you can still request the seller to cover your Realtor's fee as part of the offer. This is often negotiated in the form of a seller credit, especially in markets like Sandpoint and Coeur d'Alene.
8. Do I still have to pay closing costs if I'm buying a home with cash in Sandpoint?
Yes, cash buyers still have closing costs-though usually less than those financing with a mortgage. Typical costs include escrow fees, title insurance, recording fees, prorated property taxes, and sometimes a buyer's agent commission. Even without a loan, buying a home in Sandpoint with cash isn't entirely free of fees.
9. What credit score do I need to buy a house in Idaho?
Most lenders in Idaho require a credit score of at least 620 for conventional loans, though FHA loans may allow scores as low as 580. A higher credit score can get you better interest rates and terms. We'll connect you with a trusted lender to evaluate your options.
10. How much money do I need to buy a home in Sandpoint?
You'll typically need 3% to 20% for a down payment, plus 2% to 5% of the purchase price in closing costs. For a $500,000 home, that could mean $25,000 to $50,000 total. We'll help you estimate your costs and explore any first-time buyer programs that apply.
11. How long does it take to buy a home in Sandpoint, Idaho?
The average home purchase in Sandpoint takes 30 to 45 days from accepted offer to closing. Add 1-4 weeks for your home search and prep time, depending on your financing and goals. We guide you through each stage to keep things on track.
12. What's the difference between pre-qualification and pre-approval?
Pre-qualification is an estimate based on basic financial info, while pre-approval involves a full credit and income review by a lender. Pre-approval holds more weight with sellers and is recommended before you start house hunting.
13. Can I back out of buying a home after my offer is accepted?
Yes, but only under certain conditions. If your offer includes contingencies (like inspection or financing), you can exit the deal within those windows. Without contingencies, backing out may mean losing your earnest money. We'll make sure you understand every deadline and clause before you commit.
BUYER SECTION
1. As a home seller in Sandpoint, do you offer any additional services?
Yes. At Elite Realty Partners, we offer a complimentary pre-home inspection to our sellers. We believe in full transparency, and having a pre-inspection not only builds buyer confidence but can also speed up the selling process. It shows potential buyers that you stand behind your home and helps prevent surprises during escrow.
2. What kind of marketing should I expect when selling my home in Sandpoint?
Our real estate marketing includes high-resolution photography, videography, and drone footage for every listing. We create custom lifestyle videos and advertise across all social media platforms. Your home is listed on the MLS, third-party websites, local magazines, and national platforms such as WSJ, Robb Report, and Mansion Global. We also offer access to a professional home stager and international marketing exposure on 80+ global sites.
3. As a seller, can I choose not to pay a buyer's agent commission?
Yes, sellers in Idaho can choose to offer any amount-or nothing at all-to a buyer's agent. However, keep in mind that many buyers cannot afford to pay their own agent's fee on top of closing costs. Offering a competitive buyer commission may increase interest and showings on your property.
4. As a SELLER, can I choose not to pay a buying agent?
You can offer the buyer’s broker any amount you want and can even offer zero dollars. If you choose to pay the other agent zero, the buyer must pay their own agent. While this may seem fair to you, know that this may limit the buyers who can afford your home. Most buyers only have enough money for their downpayment and closing costs but may not have the money to pay their agent too. These buyers may decide not to make an offer on your home due to the additional expense or decide not to tour your home at all.
5. Even if I don't offer to pay a buyer agent, can they still ask me to cover it?
Yes. Buyers may request seller concessions, including funds to cover their buyer agent's fee. Think of it like a closing cost credit. While you're not obligated to agree, it's common in negotiations, especially in Sandpoint's competitive housing market.
6. How does Realtor commission work in Sandpoint?
There is no standard commission rate in Sandpoint (North Idaho). Each brokerage sets its own pricing structure. We're transparent about our fees, which reflect our premium marketing, expert representation, and full-service approach.
7. How do you guide home sellers through the process from start to finish?
We begin with a seller intake form and a discovery call to learn about your goals and timeline. From there, we create a personalized marketing plan, handle staging, professional media, showings, and all negotiations. You'll stay informed every step of the way through our structured selling process.
8. Who pays the Realtor in a home sale in Idaho?
In most Sandpoint home sales, the seller pays both their listing agent and the buyer's agent commissions. However, this is changing. As of 2024, sellers are no longer required to offer a commission to the buyer's agent. Buyers may now be responsible for their agent's fee, but this can be negotiated into the deal as part of the offer.
9. How do I know what my home is worth in Sandpoint?
We offer free home value consultations using real-time market data, comparable sales, and your home's features. Online estimates are just a starting point. A local Realtor gives you an accurate picture of what your home could sell for today.
10. Should I sell my home before buying a new one?
It depends on your finances and the market. Selling first may give you stronger buying power, but buying first may be less stressful if you can qualify for both. We'll help you weigh the pros and cons and make a smart move based on your timeline and comfort level.
11. What are seller concessions and should I offer them?
Seller concessions are closing cost contributions or repair credits you offer to the buyer. In Sandpoint's market, they can make your listing more attractive, especially to first-time buyers. We'll guide you on whether it makes sense based on your goals and the buyer pool.
12. How long does it take to sell a home in Sandpoint?
On average, well-priced homes in Sandpoint sell in 30 to 60 days. Factors like pricing, staging, marketing, and seasonality affect the timeline. We track local trends closely and will position your listing for the best results.
13. What's the best time of year to sell a home in Sandpoint, Idaho?
Late spring through early fall is typically the most active season in Sandpoint, especially for primary homes and vacation properties. However, serious buyers shop year-round. With the right marketing and strategy, we can help you sell any time of year.
Seller Section
1. What does a Realtor do in Sandpoint, Idaho?
A local Realtor helps you navigate the home buying or selling process, negotiates on your behalf, and offers insight into the Sandpoint real estate market. We also connect clients with trusted local vendors and keep transactions on track from offer to closing.
2. Do I need a real estate agent to buy a home in Idaho?
While it's not required, having an experienced agent gives you an edge in the buying process. We help you find the right home, negotiate favorable terms, and avoid common pitfalls, especially in a competitive market like North Idaho.
3. Are buyer representation agreements new in Idaho?
Yes-and no. Some states have required written buyer agreements for years, but as of August 2024, this requirement has become nationwide. If you haven't signed one before, it's likely due to location or past practice. All licensed real estate agents in Sandpoint and across the U.S. are now required to use a written agreement before showing homes.
4. What are contingencies in a real estate contract in Sandpoint, Idaho?
Contingencies are conditions that must be met for a home sale to move forward. Common contingencies include financing, inspections, appraisals, and the sale of a buyer's current home. In Sandpoint, understanding contingencies is essential for both buyers and sellers because they affect the timeline, negotiations, and whether a deal ultimately closes.
5. What are closing costs when buying or selling a home in Sandpoint?
Closing costs refer to the fees and expenses incurred during the finalization of a real estate transaction. For buyers in Sandpoint, this may include title insurance, escrow fees, loan origination fees (if financing), home inspections, and additional costs. Sellers typically pay for title transfer, agent commissions, and sometimes buyer concessions. Costs vary depending on the deal structure, loan type, and location.
6. What is title insurance when buying a home in Idaho?
Title insurance protects you against past legal claims or errors involving your property's ownership history. In Sandpoint real estate transactions, the buyer typically pays for a lender's title policy (if financing), while the seller may cover the owner's policy. It's a one-time cost that protects your rights to the home.
7. When are property taxes due in Sandpoint, Idaho?
Property taxes in Bonner County, which includes Sandpoint, are due in two installments each year: the first half is due December 20, and the second half is due June 20. During a home sale, taxes are typically prorated between the buyer and seller based on the closing date.
8. How does a home appraisal work in Sandpoint, Idaho?
A home appraisal is an unbiased estimate of a property's value conducted by a licensed professional. Lenders require it to ensure the home is worth the loan amount. The appraiser evaluates recent comparable sales, property condition, location, and features to determine value. In Sandpoint, this step is especially important in fluctuating markets like waterfront or custom homes.
9. Who is the best Realtor in Sandpoint, Idaho?
The best Realtor for you depends on your goals, communication style, and the kind of support you're looking for. At Elite Realty Partners, we focus on personalized service, local expertise, and top-tier marketing. We've been voted Best Real Estate Agency in Bonner County, and we have more 5-star Google reviews than any other firm in Sandpoint. Interview a few agents, then see if we're the right fit for you.
10. How do I choose the right Realtor in Sandpoint?
Choosing the right Realtor in Sandpoint means finding someone who listens to your goals, understands the local market, and brings a strong network to the table. Look at their Google reviews, sales history, communication style, and marketing approach. At Elite Realty Partners, we focus on delivering high-level service, achieving proven results, and tailoring a strategy to your specific needs.
11. What should I look for in a top Realtor in North Idaho?
A top-tier Realtor in North Idaho will have a track record of success, deep local knowledge, strong negotiation skills, and high-quality marketing. Bonus points for having a great reputation, community involvement, and excellent reviews. We bring all of that-and more-to every client we serve.
General Section
12. What questions should I ask when interviewing a Realtor?
Great interview questions include: - How many homes have you sold in the Sandpoint area? - What's your marketing strategy for my home? - How do you communicate during the process? - Can I see recent client reviews? The right Realtor won't just answer these questions-they'll welcome them. We do.
13. Do I need to work with a local Realtor when buying in Sandpoint?
No, but it is strongly recommended. A local Realtor knows the neighborhoods, schools, and market trends that national sites can't show you. When buying a home in Sandpoint, working with a local real estate agent can uncover opportunities and prevent costly mistakes.
14. What happens after my offer is accepted on a home in Sandpoint?
Once your offer is accepted, you'll move into the escrow period. This includes scheduling a home inspection, finalizing your loan (if applicable), completing the appraisal, reviewing disclosures, and preparing for closing. We'll guide you through each step to ensure nothing is missed.
15. What is earnest money and how much should I offer?
Earnest money is a deposit made to show you're serious about buying a home. In Sandpoint, it typically ranges from 1% to 3% of the purchase price. It's held in escrow and credited toward your closing costs or down payment. A strong, earnest money offer can help your offer stand out.
16. What is a final walkthrough and why is it important?
A final walkthrough happens just before closing. It's your last chance to confirm the home's condition matches what was agreed upon-repairs are complete, nothing has been removed that should stay, and no new issues have popped up. It protects you before funds are transferred and the deal closes.
17. Can I work with more than one Realtor at a time?
Technically yes, but most Realtors in Idaho work under exclusive agreements. This means you commit to one agent during your home search. It's best to interview agents before signing and choose someone who matches your style and goals. At Elite Realty Partners, we welcome that conversation upfront.
18. What does dual agency mean in Idaho real estate?
In Idaho, dual agency (called limited dual agency with assigned agents) means one brokerage represents both the buyer and the seller in the same transaction. Specific agents are assigned to each party to maintain confidentiality. We will explain your rights and options clearly if this situation comes up.
19. Should I buy land and build or buy an existing home in Sandpoint?
It depends on your budget, timeline, and goals. Buying land gives you customization and long-term potential, but often takes more time and upfront planning. Buying an existing home is faster and may offer better value in the short term. We'll help you evaluate both based on your needs and the market.
20. What's the difference between waterfront and water access property in North Idaho?
Waterfront property means your home directly borders a lake or river. Water access usually means you have shared access to the water through a neighborhood dock or easement. Both are common in North Idaho, but pricing and lifestyle differ. We'll help you understand the options clearly.