The real estate market is on fire and it is time to strike while the iron is hot. Compared to last year, new listings are up more than 22%.
Listings are moving fast as sales increased at a 19% clip from the year prior.
There are many reasons why the real estate market is strong. One of the primary reasons is that mortgage rates continue to hover near record lows.
Fannie Mae predicts that mortgage rates stay below 3% for the entire year. Now is the time to get a buyer’s agent and purchase your dream home.
Read on to learn what a buyer’s agent does and why you may want one.
What Is a Buyer’s Agent?
Most people understand what a real estate agent is. However, very few understand that there are different types of agents.
Some agents specialize in selling or listing homes. A buyer’s agent helps you find a home and get it under contract.
When you select a buyer’s agent, the process begins with finding your new home. Your agent starts by learning what you are looking for.
Every buyer has a wish list and things that are more important than others. Some are looking for a finished basement while others need four bedrooms or more.
There is a misconception that buyer’s agents are only valuable for existing homes. However, this manausa.com article makes a great case for why buyer’s agents are necessary for new construction as well.
What Are the Benefits of Using a Buyer’s Agent?
Of course, you could opt to buy a new house on your own without professional assistance. However, this decision prevents you from receiving many benefits that a buyer’s agent offers.
For starters, your agent is going to routinely send you new home listings. They do the research for you. Every time a new listing hits the market, you will get a notification.
They have access to multiple listing services. This means that the agent has a more complete listing of available homes than you can find on the internet.
Your agent has invaluable input and advice on the areas that you are looking at. They know all about qualitative factors like school rankings and crime.
Another benefit to using a buyer’s agent is that they can help negotiate the sale price. Very few buyers have experience negotiating a big contract.
Your home may be the most expensive item that you ever buy.
With this experience on your side, your agent can negotiate down the sale price. Also, they can fold in certain repairs discovered during the inspection.
Lastly, you don’t have to pay a buyer’s agent fee. The seller is responsible for the real estate commission.
This percentage of the sale price is then distributed to the buyer and seller’s agent.
Your Real Estate Experience
There are many benefits to bringing on a real estate buyer’s agent. At zero cost to you, this agent brings a wealth of experience to your real estate experience.
If you enjoyed this article about hiring a buyer’s agent, check out our blog for more great content.