Whether this is your first or tenth home purchase, shopping for a new home is…
When you are ready to make a new home purchase, the first thing to consider is who you want on your team. A Realtor or real estate agent can be your advocate throughout the process. While it is not required to have a Realtor or real estate agent when buying a home, working with this knowledgeable professional can result in a smoother process and get you into the perfect home faster.
When you’re preparing to embark on the exciting journey of purchasing a new home, one of the first decisions to make is assembling your team. While it’s not mandatory to work with a Realtor or real estate agent, having their expertise and support can streamline the process and help you find your dream home more efficiently. In this article, we will explore the role of a Realtor and the advantages they bring to your home buying experience.
Understanding the Role of a Realtor:
A real estate agent who has successfully completed the required licensing exams is known as a real estate agent. This professional acts on behalf of the buyer or seller and assists with contract preparation, arranging inspections, and providing documentation to your lender. If the agent is a member of the National Association of Realtors and adheres to their high ethical standards, they earn the title of Realtor. Additionally, a real estate broker has further education and licensing. Throughout the home buying process, any of these professionals can represent your interests.
The Benefits of Working with a Realtor:
Collaborating with a Realtor or real estate agent offers numerous advantages, with their extensive knowledge of the local housing market being a key benefit. By communicating your preferences and budget, they can promptly search for suitable neighborhoods, homes with desired features, and properties within your price range. Furthermore, their familiarity with the legal aspects of purchase contracts ensures that you are safeguarded against unfavorable deals, potential hazards, and unscrupulous individuals.
Your Realtor will skillfully negotiate the sales terms with the seller, covering important aspects such as purchase price, contingencies that allow for termination without penalty, repairs or maintenance inclusions, as well as allowances for upgrades and fixes. As the purchase offer is a legally binding document, having an experienced professional like a Realtor prepare it before submitting it to the seller can provide added peace of mind.
Compensation and Value:
Realtors typically work on a commission basis, earning a percentage of the home’s purchase price, usually around 3%. If the seller also employs a Realtor, the total commission is typically 6%. While this may result in a higher overall price, the expertise and guidance that a Realtor brings to the table often make this additional cost worthwhile.
Finding a Realtor:
When you’re ready to begin your home search, seeking referrals in your local area is an excellent way to find a reputable Realtor or real estate agent. Consider reaching out to coworkers, neighbors, and friends who have firsthand experience working with a Realtor. Personal recommendations from trusted individuals are invaluable when selecting a professional who suits your needs.
Working with a Realtor or real estate agent can greatly enhance your home buying experience. Their comprehensive knowledge of the local market, expertise in negotiating sales terms, and legal proficiency are indispensable assets throughout the process. By seeking recommendations and referrals, you can find a Realtor who aligns with your preferences and ensures a smoother path to finding your perfect home.