Buying

Things Your Real Estate Agent Will Never Tell You

Things Your Real Estate Agent Will Never Tell You

To buy or sell a home is a huge decision, both emotionally and financially.  Most people when it comes to do either work with a real estate agent to help them through the process.  Real estate agents are trained in all aspects of real estate transactions so they can help with things like negotiations, evaluations and walking in your through the sale process.  However not all real estate agents are created equal, some are fantastic and others not so forthcoming.

Here are some things that your real estate agent will never tell you. 

  1. If you live in a highly desirable area or it’s a seller’s market you don’t really need an agent to sell your home. Some markets move so quickly that you can sell your home within day.  This is rarely the case however.
  2. Commissions are always negotiable. They may tell you that it is fixed at a certain percentage but there is always room for negotiations. You can also completely avoid commission if you sell the house yourself.
  3. You don’t have to move out of your home in order to sell it. Most home sell quicker when they are properly staged, giving a buyer the feeling of what it is like to live there.
  4. Kitchens don’t really sell houses. Yes all buyers will look at your kitchen but there are dozens of other factors involved in the buying decisions.
  5. Small boutique real estate firms can sell your house just as well as a large firm.
  6. Always hire a home inspector before you buy a home, no matter what the realtor says. Keep in mind that even a home inspector won’t tell you everything about your house.
  7. Many realtors, although not all, want the deal done quickly rather than holding out for a better offer. Yes, they do get a smaller commission but they don’t have to spend any more time or money on marketing and can move on to the next house.
  8. Yes, there might be a better deal in the future but nothing is guaranteed.
  9. Agents can be paid from the buyer and the seller on the same house so be careful of a conflict of interest.
  10. Unless you are buying a house to flip your house should be in move-in condition when you take possession.

Selling or buying your home is far easier when you work with a reputable realtor, but you should still keep your eyes wide open and be a part of the transaction.

Tips for the First Time Home Buyer

Tips for the First Time Home Buyer

The first time you buy a home the whole process can be intimidating to say the least.  Working with a realtor and a mortgage broker can help clear up some of the confusion surrounding a real estate transaction.  Here are some tips for the first time home buyer to make the process a lot easier for you.

What are Your Goals

The first thing that a realtor is going to ask you about is your long term goals and why you want to buy a house.  Is it an investment, you want to stop paying someone else’s mortgage and start paying your own.  Do you want to start a family and need more room?  Or are you looking for an investment property to help you build wealth.  Understand your reasons before you start looking at houses.

Finding the Right House

This is hands down the most difficult part of the whole home buying process.  In a competitive market it is even worse.  Be prepared to look at a fair number of houses you don’t like and make offers that won’t be accepted.  Have patience and try not to get too frustrated.  Working with a realtor can help ease the process a great deal.

Get Pre-Approved

There are dozens of different options for financing a home, even if you have less than stellar credit.  There are government programs that you may qualify for that won’t make you put down 20%.  Some states also have their own incentives to help first time buyers get into their first home.  You should speak with a mortgage broker who can find the right programs and get you preapproved before you start shopping, it will give you a budget to work with.

Putting in an Offer

Once you have found a house in your price range that you like it is time to put in the offer.  Again a realtor can help you put together an offer along with the conditions that should accompany your offer.  Some offers can include conditions like the seller pays the closing, or that it is conditional upon a home inspection.  The seller can accept, reject or make a counter offer. This is all part of the negotiation process until you either reach a deal or you start looking for another house.

A realtor can help you find a home in the neighborhood that you want to live in and at a price that works with your pre-approved mortgage.  They will walk you through the entire purchasing process until you finally arrive at your new home with your moving boxes.  Buying a house is a ton of confusing paperwork and having someone help you work your way through all of that can make buying a house a pleasure.