Watch our informative video that outlines just some of the key people you will work with when you start your home search.
At M HOME REALTY, we recognize the fact that many Buyers will find the home you ultimately buy and that you’ll then need us for everything that takes place to get you into that home quickly and efficiently.
HOME BUYING STATISTICS
- 91% of all home buyers search for homes online
- Buyers spend, on average, three weeks searching before contacting a real estate agent. Technology now allows first-time home buyers to search for homes, see many photos and details of properties, check the latest mortgage rates, estimate loan their payments and apply online.
- A very large percent admit that they found their house themselves.
Even though many buyers will find the home of their dreams by driving by or searching websites like ours, we believe you should be represented by a buyer’s agent. A buyer's agent is a licensed real estate agent who represents a buyer during the course of their home purchase. Their job is to help find a qualified buyer a home, give advice on the neighborhood and homes, negotiate the sales price, coordinate home inspections and communicate directly with your lender as needed. Most often there are two agents involved in each real estate transaction and it's crucial to know the role of each agent involved.
Do I Need A Buyer's Agent?
This is a question we hear quite often when discussing the home buying process with buyers. One reason a buyer may opt out of using a buyer's agent is they think that by negotiating directly with the seller's agent, it will reduce the final sales price of the home, as only one agent would need to be compensated.
The seller's agent only represents the seller, and will negotiate against the buyer to make more money for the seller. That’s their duty. How do the agents get paid? The seller's agent makes a commission agreement with the seller before the property goes on the market (usually 6%). The commission is set and does not change, even if an unrepresented buyer purchases the home without using a buyer's agent. However, when a buyer has representation, the seller's agent will split the listing commission (50/50) with the buyer's agent. So, negotiating directly with the seller's agent does not save the buyer money. In fact, it helps the listing agent make more money by keeping the entire commission and worse yet, the buyer is completely unrepresented during the whole process.
How Does A Buyer's Agent Represent Me?
A buyer's agent will represent you during contract negotiations. The negotiation period is the key for you to get a competitive sales price, so having experienced buyer's agent is crucial. A buyer's agent will show you comparables (recent similar sold homes) in the area and use local market conditions to help determine a competitive offer. Many homes on the market are overpriced today. So, arbitrarily offering “a little less” on a property just does not suffice anymore. A buyer could still be overpaying!
In addition, a buyer's agent will help find a great home inspector and recommend qualified contractors for repairs. Some home inspectors can miss important repairs that could potentially cost a buyer thousands over time if not discovered. An experienced buyer's agent will be familiar with the inspection process, and based on their past experiences, will be able to negotiate effectively with the seller. Other home purchasing problems may arise during the loan process, such as appraisal issues and loan conditions. In all these situations, it is important to have good representation.
Do You Think You Should Use A Buyer's Agent?
By carefully considering the above points, you may see the importance and benefit of being represented while purchasing a home. A home is too important of an investment to risk having buyer’s remorse and entering into a possible money pit soon after closing. Having an experienced buyer's agent is a must before you begin your home search.
Please Contact Us so we can begin to help you find the right home, at the right price.
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