Home ownership is a major financial decision and a significant financial transaction. It’s for this reason 85% of buyers turn to a real estate agent or broker to help them navigate the complicated process of looking for and purchasing a home. Experts on your side who are looking out for your best interests make sense for most buyers.
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Purchasing A Home Can Save You Money
The costs of working with their own agent are typically covered by the seller. There are generally two types of commissions involved: a gross commission paid by the seller to their listing agent, and a net commission paid to the buyer’s agent. There are instances when a buyer’s agent will pay his or her agents directly if they are willing to enter into buyer’s agency agreements, so it is important to discuss the terms of commission payments with your agent.
Assess the fair market value of the property
A good agent will be able to point you in the right direction when you’re ready to put in an offer, based on the house’s fair market value and current market conditions. In order to figure out your home’s value, they’ll run a comparative market analysis (commonly abbreviated as CMA), based on comparable, recent sales in the area.
Offer a price that is reasonable
It’s your agent’s job to know the local market, so they can tell you when asking for a better deal is reasonable. Your agent should be familiar with these fluctuations, as market conditions change from month to month and season to season. Even though you’re buying in a sellers market, that doesn’t mean you can’t negotiate – all it depends on is the specific home, the price and the seller.
Get access to listings more quickly
Zillow and agent sites let you search most public listings, both those listed by agents and those that are for sale by owners (FSBOs), but agents are constantly turned into what’s on the market, so they spot new properties even faster than you.
Getting to know other agents
An agent may not yet have a listing on the local MLS for a variety of reasons. Possibly, the seller is undergoing renovations and will put their house on the market after the holidays. You may be able to learn about upcoming homes from your agent before they appear on the MLS, because of their connections with other local agents.
Adapt your shopping support to your needs
Home buying can be a stressful experience, especially for first-time buyers. Veteran buyers also find it hard to keep up with the process. An excellent buyer’s agent will search for properties that fit your criteria, negotiate and draft contracts, advocate on your behalf, and generally oversee the process. If you’re putting so much money on the line, having an experienced agent can be very helpful.
Expert negotiating power is at your fingertips
It can be exciting, stressful, and emotionally draining to buy a house. Your passion may compromise your ability to secure what you desire if you negotiate without negotiating experience. The real estate agents know how to frame requests so that sellers are more likely to comply, and they can accomplish all the negotiating while maintaining a good rapport with the listing agent and seller – something that can prove beneficial if issues arise later on in the deal.
Get help with paperwork and processes
Contracts for a home purchase can be ten pages long or longer, and they can include many contingencies. You can ask your agent for information such as mold, lead paint, radon levels, and average utility bills as part of your disclosure package.
A number of tools are available to agents that make signing piles of paperwork much easier. Due to the widespread use of digital signatures and email delivery systems, you won’t need to visit your agent’s office numerous times during the normal 30-45-day escrow period to sign documents. In some cases, you may even be able to complete the closing from your home thanks to this technology.