In the "I can do it myself to save money" culture we live in today, you can learn almost everything you need to learn from the almighty Google. But if you're lured into undertaking the difficult job of buying a home without a real estate agent helping you along the way, make the effort to reconsider! You'll find several factors why having a buyer's agent is essential to the home buying process and it really is crucial that you take a hard look at the facts. In our experience in Realty, a home buyers agent will pay for themselves many times over.
Let's start with all the most apparent reason. Based on the National Association of Realtors (NAR), 88% of sellers sold their homes last year with the help of a seller's agent. Only 12% sold by owner. If 88% in the sellers you're likely to come across have a real estate agent assisting their each and every move, what does that mean for you if you try to go it alone? The answer is you are at a supreme disadvantage. Realtors are legally obligated to get their clients the very best prices. They are in it for owners. They are getting paid by owners. A seller's agent will never have a buyers best interest in mind. In the event the home seller has a professional expert helping them you need one as well. It is like playing in a professional football game where everybody has padding but you. You as a buyer, going it alone will get slaughtered.
Let's say you perform a real estate search and fall head over heels in love with a property that is listed for $300,000, Without hesitation, you place a bid on this property for $285,000, thinking you've found the perfect home. But properties in that region (with comparable square footage and the identical quantity of bed and baths) actually range around the $250,000 mark. You simply paid $35,000 more than you needed to. It is a disastrous theoretical circumstance happens every day to buyers without a buyers agent. Here is why: comp's (comparison houses in the same area with the same square footage) are only accessible by realtors. Although some internet sites supply a sub par substitute (Zillow and Trulia), these websites aren't updated in real time and their estimates are precisely that, estimates. There are sites for Realtors that are much more timely and exact.
Yet another crucial reason for having a buyer's agent is the mountain of paperwork which has to be dealt with. And it has exploded. Bargains, more often than not, can fall apart simply because a buyer is taking too much time to finish the required documents in a timely manner. While you're desperately wanting to figure out what you are signing before submitting it, a counter offer from another interested buyer who has a buyers agent may get accepted. A buyer's agent will look after essential paperwork and explain to you what each and every item in the contract means. Realtors not only facilitate the completion of hard to understand forms, they're able to also make certain you are not agreeing to purchase a home that is a money pit.
So just how much will it cost you to buy a house with the aid of a buyer's agent? Absolutely nothing. The seller's agent splits their commission with the buyer's agent so nothing comes out of your pocket. You will not hear this from realtors who are listing the house, only by Realtors who have your best interest in mind. A 'real Realtor" will also explain this to you but a sellers agent will not. Why should they?