For instance, there are some floor plans that might be suitable for your lifestyle but when you go to resell, theyre not going to hit the larger buyer demographic so that can pose a future challenge, shares Grace Henrikson, a top real estate agent in Marysville, WA with over 260 transactions to her name. Whether youre anxious over unexpected closing costs or devastated by the seller taking their antique chandelier, your agent is there to calm your nerves and bring you back to the bigger picture. It can be very scary and intimidating to try and negotiate a house price yourself, especially if you have never negotiated with anyone before. Internal transaction data at HomeLight finds that the top 5% of real estate agents sell homes for as much as 10% more. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. Do Not Sell or Share My Personal Information, 442-H New York Standard Operating Procedures, Organized and submitted the paperwork associated with purchasing their home (87% of buyers with an agent said this service as very or extremely valuable), Took buyers on private home tours (84% said this was highly valuable), Led contract negotiations (84% said this was highly valuable), Working for your interest in the transaction. In short? For listings in Canada, the trademarks REALTOR, REALTORS, and the REALTOR logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. The offers that appear on this site are from companies that compensate us. And most of us are busy enough as it is do you really have the time to take on finding and negotiating for a house as a DIY project in addition to your work and other responsibilities? If I didnt have a good licensed handyman who was reasonable who could come at the drop of a dime, a lot of transactions wouldnt happen. Fleishman says. Why Use a Real Estate Agent In some cases, these professionals may even pencil your appointment for an earlier date out of appreciation for your agents repeat business. Real estate agents know how to communicate effectively and get things done because they know what needs to be done. We'll explore how an agent can make your transaction easier and give you the market access necessary to get the job done. If you wish to report an issue or seek an accommodation, please let us know. Theyll know which negotiation strategies will render most effective for the situation and how to tweak your angle as the situation develops with counteroffers. Share Related Home Buying Process Why use a REALTOR when buying a home? One big point of negotiation in home sales as of late has been giving sellers more time to find their next residence using a rent-back arrangement. Top 11 Reasons Attract Buyers Working with real estate agents Published on March 24th, 2022 9 min read Ashlyn Needham Contributing Author Christopher Rogacz Former Associate Editor, Seller Resource Center Buying All Rights Reserved. NAR statistics show that appraisal issues account for 22% of delayed contracts and 11% of terminated ones, compared to the respective 18% of delayed and 9% of terminated contracts caused by appraisal issues in a more typical year. Our goal is to give you the best advice to help you make smart personal finance decisions. As agents, we look at a transaction with a more experienced, rational eye. But do you want to be the one who books showings in the middle of the workday? Real estate agents are going to help adjust your price based on the facts. They will also help you account for recent upgrades, curb appeal, new developments like shopping districts and restaurants, and your homes condition whether its impeccable or needs some work. We dug into whether there are any serious benefits to working with a real estate agent today and ended up finding some pretty compelling reasons to hire one. Buyers agents are working nonstop right now, says Suits. MoreYou also agree to our Terms of Use, and to our Privacy Policy regarding the information relating to you. WebBenefits of Real Estate Agents for Home Buyers 1. I called my guy and he came over on a Saturday afternoon and he got the whole job done so we could close on time.. A lot of homeowners who are trying to sell themselves chances are, the vast majority have not sold a number of homes, says Nick Hundley, a top real estate agent in Lafayette, Louisiana. A local real estate agent can answer questions, give guidance, and schedule home tours. Why Use a Realtor If you put your house on the market and it fails to get many showings or offers in the first week or two, youve probably overpriced it. Watch How to learn about your market value Watch What are the Buyer's Closing Costs? Rustic, Refined, and Romantic: Is the French Country House Style Right for You? And, finally, at Redfin, we believe in transparency. Exploring the Ins and Outs of This Unique Home Style, Art Deco Houses: Everything You Need to Know About this Timeless Architectural and Design Style, What is Tallahassee Known For? Buying a home is an emotional process. You need to feel comfortable not only with the price youre paying for a home, but also about the terms under which youre acquiring the property. A realtor will work as an advocate on your behalf and, in most cases, will get you a better deal than you could get yourself, thus saving you money. And this is when its especially helpful to have a buyers agent in your corner because an agent will have the market expertise to advise you on how to make a competitive offer. Sellers are happy to let a buyers agent have the code to their lockbox to show their home. Using a Realtor We analyze over 27 million transactions and thousands of reviews to determine which agent is best for you. Why use a Realtor and what are the benefits? So exactly where in the 4,850 square mile radius would you feel at home? Curious what your home is worth? Connect With a Top-Rated Real Estate Agent Near You Heres how to know if it works to your best interests. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. Thats why 89% of buyers use a real estate agent or broker to help them navigate the complicated home search and purchase process. Its a consuming process that will evolve according to reception at open houses and reactions from potential buyers. 2. With years of experience exploring their territory, agents are your best resource for deep local knowledge you cant find online. A seasoned realtor can give a seller the scoop on whats going on in their local market, beyond what theyll find on Redfin or Zillow. They know a good thing when they see it and a bad one, too. Signing contracts and legal documents for your new home isnt the same as ticking the box on another one of Apples Terms and Conditions agreements youll actually need to read and understand all of it. There is a lot of paperwork involved in selling a home, and it can be very confusing for those who are not familiar with the process, says Martin. No one else in the deal is going to be looking out for you or your best interests! They can help you avoid paying too much for a house, can use negotiation strategies to get you a better deal and ensure you are fulfilling all contractual obligations so you dont end up in legal or financial hot water. HomeLight, Inc. 100 1st Street, Suite 2600, San Francisco, CA 94105. He holds a master's degree from the Graduate School of Design at Harvard University. Any questions you have for them about the house will produce answers that have the sellers best interest at heart, not yours. How to Remove Wallpaper: A Step-by-Step Guide for DIYers, How to Prepare Your House for a Hurricane: 10 Tips for Homeowners, Why is My House So Dusty? Indeed, most real estate agents get paid through commissions. The majority of homebuyers do work with a Realtor 86 percent in 2022, according to NAR data. One great reason for hiring a real estate agent is because theyre well-connected with other industry professionals. One of the leading causes holding 27.19% of potential buyers back is an inability to find a house they like in their price range. Approximately 12% of people are planning to buy a house this year which admittedly isnt a lot according to a recent GOBankingRates survey. Sometimes were just not aware of the things we should look for or ask about, and while its often fine to bumble along and figure things out as we go consider that the homebuying process may not be the ideal time for a self-guided journey. Why use a realtor The best way to get an offer accepted at a price thats in your favor is to know the market intimately and a local realtor does. In addition to gaining another set of eyes on the inventory youre browsing online, your agent has direct access to the MLS, the members-only database for property data where home listings first appear before syndicating to online real estate sites. It is really easy to want to buy a million dollar house, but you only have a $200,000 budget. Gain access to listings faster. Use a Realtor to Purchase a New Construction Home Christopher Rogacz is an associate editor for HomeLight's Seller Resource Center based in Washington, DC. Here are the reasons why you should know the difference. Do you need a real estate agent to sell your home? Agents on our platform may also introduce sellers to our Simple Sale platform if they are looking for a low-hassle, speedy sale. After he spotted the For Sale by Owner sign across the street from his childrens school, top Los Angeles real estate agent Todd Jones knocked on the door to check in. Agents also have tools that make signing stacks of paperwork much less tedious. If you buy a house with unpermitted work, you need to obtain retroactive permitting or live with the risks. Our agents are paid a salary and receive bonuses based on client satisfaction we want you to be 100 percent satisfied with the home you purchase. We'll explore how an agent can make your transaction easier and give you the market access necessary to get the job done. Even better, real estate agents share cultural knowledge like which spots boast the best happy hour deals or how the atmosphere in town changes with the seasons so you can get a taste for the local flavor. Realtors pick much more from a house showing than you can. They also have first-hand knowledge of the real estate market. The seller generally pays their listing agent a gross commission, which is then split between the listing agent and the buyers agent. Heres a closer look at the benefits of using a real estate agent rather than going it alone. so you can trust that were putting your interests first. Our experts have been helping you master your money for over four decades. Find a top real estate agent in your area to help you buy your dream home. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. 1. 11 Reasons You Need a Real Estate Agent to Buy a Home, Despite the Internet 1. What Exactly Is a Realtor? Curious What Your Home Is Worth? You can and should take the time to find someone you trust and feel comfortable talking to. The sellers agent may downplay the inspectors findings to protect their clients side of the deal. iStockphoto /sjlocke In tough times, most people are looking to cut costs any way they can. What I attempt to do in circumstances like that is to focus on either the end result or why they decided to sell their home in the first place, adds Hundley, the top Louisiana real estate agent. And if youve recently overheard a work colleague gloating about how they easily bought a house without a real estate agent, one of those questions might be whether you actually need to hire an agent at all. editorial integrity, Down the line, the addition will cause you the same pain when its your turn to sell unless you invest in bringing the space up to code. how much activity has the home seen? A skilled agent can also gain pricing insights by talking to the listing agent. Why Use a Real Estate Agent Its Hard to Say, But Housing Experts Weigh In, The 35 Steps to Building a House: Your Start-to-Finish Guide, 10 Things to Know About Home Warranties When Selling a House, How to Sell My House Fast in Missouri: Cash Offer Options, How to Sell My House Fast in Indiana: Cash Offer Options, 5 of the Top We Buy Houses for Cash Companies in Santa Barbara, 7 of the Top We Buy Houses for Cash Companies in Massachusetts, How to Sell My House Fast in Rhode Island: Cash Offer Options, expand room size in online listing photos, lower property values for the whole neighborhood, homes situated too near to emergency rooms lose 3.2% in value, 24% of home buyers spent between 46 and 60 minutes in a home before making an offer, illegal to exceed the maximum tank service capacity, 15 pages for small homes to 70 pages for larger homes, 180 pages of never-ending legal jargon and fine print, 20% of recent buyers felt that paperwork was the most difficult step of the home buying process. Your agent will make sure youre fulfilling your end of the deal, which can help you avoid costly missteps. Here arethe reasons why you should know the difference. When you understand the significance of the issues, you can make an informed decision on requesting concessions such as asking the seller to carry out repairs or provide repair credits towards your closing costs. Effective agents Real Estate Company Share As people get ready to buy or sell a home, some wonder why they need to hire a Realtor. process and giving people confidence in which actions to take next. Valuing a House: What Is It Really Worth? What Is A Builders Agent? In this case, you could face fines for failure to obtain the first permit unless the city has laws protecting innocent purchasers. If youre open to it, a real estate agent can introduce you to areas and homes that may not have been on your radar. When the viewing rolls around, your agent will keep an eye out for foundation cracks, signs of water damage, or a dated HVAC system to help you objectively weigh related costs with your emotional attachment. This is helpful not just for the purpose of locating homes that suit your layout preferences, but for finding those that match your budget, too. Scrolling through home sales websites may offer a helpful overview of whats available around your local market but they arent a deep dive into market conditions and inventory. If this is whats causing you to agonize over whether to hire a real estate agent, youre not alone. When you have an agent, its literally their job to handle these things for you. A great buyers agent will know what the right price actually means. Heres some examples of value threatening features your agent can spot: For as many value dragging considerations, there are surprising property-value boosters, such as proximity to an NFL stadium or to popular chains like Starbucks, Whole Foods, or Trader Joes. A recent survey found, 24% of home buyers spent between 46 and 60 minutes in a home before making an offer, while another 28% spent just over an hour to a maximum of two hours in a home before making an offer. Adding all of those responsibilities to your own plate while youre also dealing with a day job, and likely trying to figure out buying a new home as well, can be overwhelming. Some municipalities base the septic system size on the number of toilets connected while others go off the amount of bedrooms in the home. Buying and Selling a House at the Same Time: Where to Begin. Real estate agents rolodexes are full of reliable contractors, inspectors, real estate attorneys, and lenders proven to get the job done right, on schedule, and for a fair price. Whats more, a buyers agent will be able to guide you through everything that needs to happen after the contract is signed and youre officially on your way to owning a home. Appraisals are going to be required in any transaction where the buyer is using a mortgage to finance the deal. Benefits of Real Estate Agents for Home Buyers. We analyze over 27 million transactions and thousands of reviews to determine which agent is best for you. Networking is key. Using a Real Estate Agent What if you knew about a program that could let you write an ultra-competitive cash offer, or even trade in your current home to eliminate that pesky sales contingency? We maintain a firewall between our advertisers and our editorial team. highly qualified professionals and edited by Bankrate.com is an independent, advertising-supported publisher and comparison service. How to Save Money for a House. An independent study from 2016 to 2017 bears this out: FSBO homes sold for an average of 5.5% less than agent-marketed sales. But an agent has something no buyer particularly a first-time buyer does: a wealth of experience and tips on the homebuying process. Especially for first-time buyers, the home purchase process can be overwhelming. Using a Real Estate TREC: Info About Brokerage Services, Consumer Protection Notice. So whos opinion do you listen to? New construction can be overwhelming, because there are an endless number of choices to select, says Miles. His background is in journalism, architecture, urban policy, and housing. 5. What do Realtors do other than showing you homes and arranging paperwork? Work with a Realtor to get the best professional advice out there. Finally, we were able to get about $2,500 more in concessions from the seller. On the flip side, you could list at a price thats far below market value and end up underselling the property by a significant margin. Bankrate follows a strict Even experienced buyers struggle to keep up with all the details. Who Pays for Home Inspections and Repairs: The Buyer or Seller? Theyll rely on data like its square footage, number of beds and baths, and what other similar homes have recently sold for in the area. Your home search is an agents day job (so you can keep yours).. Sure, you can set up alerts for new homes that go on 2. A Realtor can help you make the right choices for your budget. After all, its tempting to avoid paying more than you have to, especially in this economy why pay a Realtors commission on top of all the other closing costs? An experienced Realtor will be able to help you determine the right asking price for your home based on recent sales of similar homes in your area, he says. The next time you wonder: Why hire a real estate agent? This knowledge can help you avoid a home thats more of a fixer-upper than youre looking for, and also help you avoid inspection issues before closing. What if the home doesnt appraise at your offer price? Buying a home typically requires a variety of forms, reports, disclosures, and other legal and Offer objective information and opinions. Market conditions change month by month and season by season, and your agent should be well-versed in these fluctuations. Connect with a top agent to find your dream home. Will the septic tank support the size of the home? On top of that, the agent hosting the open house represents the seller. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. Use A Realtor realtor.com If you are represented by an agent, this is not a solicitation of your business. Real estate agents provide a lot of the value they always have while offering new benefits, too. Having a real estate agent in your corner will help facilitate that. This means that youll have to visit the property when either the seller or the sellers agent is available, making scheduling showings both time-consuming and difficult. How toFind a Realtor Get tips on finding and choosing a Realtor to help you navigate through the home buying or selling process. a REALTOR Using a Realtor With a real estate agent, youll have an experienced advocate and negotiator. 3. Agents can get you a better deal. Skip the searching and find your next bank in minutes with BankMatch. Thats why its so important to find an agent you click with: Interview several candidates before hiring one, and dont be afraid to ask questions. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. Real estate agents are not lawyers, but they do know how to write legally binding contracts for the purchase and sale of real property in accordance with state regulations. What Exactly Is a Realtor? Your home search is an agents day job (so you can keep yours).. Sure, you can set up alerts for new homes that go on 2. Ashlyn Needham is a freelance writer with years of experience covering real estate and home improvement topics. A lifelong Chicagoland native, Bergman enjoys mountain biking, hiking and good coffee. Real estate agents will do the paperwork for you. All of our agents reviews (good and bad) are published on our site, so you can see what other buyers and sellers have said and make your decision accordingly. But without that knowledge, finding the right provider can be challenging. Using a Real Estate Failing to know the importance of certain line items could cost you a lot of money down the road. This means that your agent will keep you on track with your due diligence which includes all the research, inspections, appraisals, and steps required by your lender to finalize your mortgage loan. At HomeLight, our vision is a world where every real estate transaction is simple, certain, and satisfying. The closing process can be lengthy and complicated, with a lot of back-and-forth and a lot of waiting. Its entirely possible and likely, even that you wont pay a dime for the services of hiring a real estate agent to buy your home. 11 Reasons You Need a Real Estate Agent to Buy a Home, Despite the Internet 1. Having a real estate agent in your corner will help facilitate that. You can also explore HomeLights network of experienced agents all over the country and dont be afraid to chat with a few! They wont. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. If your agent knows the listing broker of a home youre interested in, they can dig up useful insider information on the property (i.e. I had a seller who had a termite issue, and we didnt find out until two days before closing. This consent applies even if you are on a corporate, state or national Do Not Call list. Find Agent. With a real estate agent, youll have an experienced advocate and negotiator. editorial policy, so you can trust that our content is honest and accurate. As new solutions emerge in the world of proptech (property technology) and fintech (financial technology), savvy agents are taking advantage and using the latest developments to help deliver better outcomes for their clients. At Bankrate we strive to help you make smarter financial decisions. Realtors pick much more from a house showing than you can. REDFIN IS COMMITTED TO AND ABIDES BY THE FAIR HOUSING ACT AND EQUAL OPPORTUNITY ACT. Real estate agents owe certain duties to the clients they represent, which means they have a legal and ethical obligation to serve your needs, which can include: Buying a home is exciting, stressful and often emotional. What is a Barndominium? Why Use a Real Estate Agent When youre trying to buy a home in a sellers market (which are the conditions weve seen in the wake of the COVID-19 pandemic), you can expect a limited inventory of available homes and a high likelihood of multiple-offer scenarios when you do find one youd like to purchase. Patent pending. Having an agent on the buy-side is free. A great buyers agent spends their time searching for homes that fit your criteria, negotiating and drafting contracts, advocating on your behalf and generally overseeing the process. Its natural to have mixed feelings about selling a house. Effective agents Real Estate Company Share As people get ready to buy or sell a home, some wonder why they need to hire a Realtor. Buying and selling a home are next to getting married and having a baby all the reasoning goes out the window, sometimes, people get very emotional, says Janice Overbeck, a top real estate agent in Marietta, Georgia. Theres a lot more to consider than just a pretty kitchen, and an agent could potentially save you money by pointing out a major issue with a home before you get to the offer and inspection stages.. Read in-depth credit card reviews to find out which cards have the best perks and more. Because agents tour so many homes and attend numerous inspections, they know the warning signs for expensive issues like failing roofs and water damage. All rights reserved. With a professional real estate agent, sellers go into negotiations at a potential disadvantage. If you want a three-bedroom detached home, what should you expect to pay? Thats $58,000 more in the pockets of sellers using an agent more than enough to cover the cost of commissions and still have a healthy profit. A home purchase is one of the largest transactions most buyers will ever make, and it takes support from a trusted professional during every step of the process to make that transaction successful.. Web7 Reasons to Work With a REALTOR Act as an expert guide. The better the agent understands your needs, the better the chance that those needs will be met. For many people, its the largest transaction of their life and its often done during other major life changes, like an expanding family or a job relocation. With a little time researching the internet and a few chats with friends, these people feel they can tackle almost any project. For example, just because youre buying in a sellers market, it doesnt mean you wont be able to negotiate it all comes down to the individual home, price and seller. A buyers agent, meanwhile, will know that termites tend to be an issue with homes of a certain age in this neighborhood, or that this particular house may not appraise as high as youd hope because the kitchen renovation is simply above and beyond that of any comparable homes. An experienced agent will have recommendations for handymen, plumbers, painters, general contractors, floorers basically, any type of service youd need to spruce up your new home.