Why you need a Buyer’s Agent when purchasing a home, Pt. 1

There are many reasons it makes sense to have a Buyer’s Agent working for you when you’re in the process of purchasing a home – 10 reasons, to be exact.

According to Re-Max Executive Realty Realtor Bill Gassett, “Having a professional on-hand to look out for your best interests is essential. A buyer’s agent will help ensure that you get the best possible results—and will make it more likely that you can achieve the outcome you are seeking.”

He continues, “Unfortunately, some buyers think that going directly to the listing agent gives them a leg up on a purchase. Wrong! The listing agent works for the seller. They have an allegiance to the seller throughout the transaction. Their goal is to get the seller the most money possible. A seller’s agent can give you ZERO advice.”

Let’s look at the first five of ten reasons to work with a Buyer’s Agent.

  1. It won’t cost you a dime.

As Gassett states, “Hiring a buyer’s agent won’t cost you anything. Buyer’s agents don’t work for free. But they also don’t get paid by the buyer. They get paid by the seller. Typically, the buyer’s agent and the seller’s agent will split the commission on a home sale.”

  1. Your agent has his finger on the pulse of the market.

“The real estate market is in constant flux,” Gassett shares. “Unless you are a professional real estate agent, it’s difficult to be fully aware of everything going on in your local market. That’s why you hire a buyer’s agent—because he or she will have the market knowledge you need to get the best results from your purchase.

“The agent can advise you on what kind of offer is likely to get you the home you want. Your agent can give you an informed opinion on where they see the local real estate market headed. Are prices rising or dropping? Are inventory levels going up or down? Are you likely going to be involved in a bidding war because there are so few homes on the market? If that’s the case, your agent understands how to help you be in the best position to win,” he concludes.

  1. Your buyer’s agent will research the area and the neighborhood.

Gassett notes, “Buyers often put a lot of focus on the home they are excited about buying but forget about their surroundings. How is the neighborhood? How is the city or town to live in? Are there any known problems nearby that may give a buyer second thoughts?”

  1. Your agent has extensive experience looking at houses.

Nothing replaces real-world experience, Gassett continues. “While it’s vital for you to do your research in the home buying process, you can only absorb so much information and advice. Fortunately, with an agent, you have someone who has viewed probably hundreds of homes. He or she can give you valuable insight into what a home lacks and what it has that is desirable. Your agent will be able to tell you what resale value will be like in the future. Will the home appreciate well or be a laggard?”

  1. Your buyer’s agent can advise you on financing and even help you find a lender.

States Gassett. “The agent will likely have one or more mortgage brokers that he or she likes to work with, so you can discuss your financing options with the agent and ask for recommendations on mortgage brokers.

“One thing to keep in mind about financing—it is typically best to work with a local mortgage company. Local companies know the market better than those without any local presence. They tend to be easier to work with and more likely to be helpful.”

Next time, five more reasons to work with a Buyer’s Agent. Until then…